M'SIA CANNOT RELY ON PAST STRATEGIES TO REMAIN COMPETITIVE, SAYS NOR MOHAMED

KUALA LUMPUR, July 20 (Bernama) -- Malaysia cannot rely on past strategies,
including low cost structure to remain competitive at global stage, the Dewan
Negara (Senate) told Tuesday.

Minister in the Prime Minister's Department Nor Mohamed Yakcop said
the wave of globalisation and liberalisation has given rise to the emergence of
countries like China, India, Brazil, Russia and Middle East countries.

These countries posed keen competition to Malaysia's efforts to attract more
trade and investment opportunities, he said.

He said this phenomenon brought about bitter challenges but they
nevertheless open up vast opportunities to people who are sensitive and
responsive, he said.

"Hence, we should wake up to seize the opportunities available, including
becoming part of the Asian emergence phenomenon, towards creating a dynamic and
progressive economic track," he said when tabling the 10th Malaysia Plan at the
Dewan Negara (Senate).

Nor Mohamed said the five-year development plan between 2011 and 2015 was a
crucial period for Malaysia to realise the plan to become a high-income nation
and attain developed nation status in 2020.

Nor Mohamed said the 10th Plan will be the prime mover to the New Economic
Model in bringing to the fore various new approaches that will give top priority
to economic growth.

"The journey towards Vision 2020 is only 10 years left. Therefore, the 10th
Plan is the only avenue available to provide continuity to the development
agenda and towards achieving objectives of Vision 2020," he said.

Under the plan, the per capita gross domestic product (GDP) is envisaged to
increase to RM38,850 (US$12,141) or $12,140 ((US$3,794) in 2015 and for that to
happen, the real GDP must grow at six per cent a year, he said.

Nor Mohamed said Malaysia could create a glorious civilization like
Andalusia if everyone cooperate to erase mistrust and implement reforms towards
achieving national economic transformation.

"We can take as exemplary many of the successes and excellence of Andalusia
and to fire up our spirit. The 10th Plan has provided the platform for the
nation to leapfrog for a glorious and excellent future for all," he said.

Nor Mohamed said the government was committed to establish social justice
in nation building, protecting the unfortunate by improving their socio-economic
well-being, so that they can be at the starting grid to taste success.

"For this, we must be bold in implementing transformation. We must be
patient in the face of challenges, we must be creative in making our moves
against the backdrop of economic and financial crises but we must avoid
confidence crisis.

"To succeed, people from all strata of society must work as a 1Malaysia team
with one vision to deliver the best for the nation," added Nor Mohamed, who is
in-charge of the Economic Planning Unit in the Prime Minister's Department.
-- BERNAMA