ID :
137606
Sat, 08/14/2010 - 16:29
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https://oananews.org//node/137606
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PRIVATE SECTOR`S ROLE VITAL FOR MALAYSIA TO BECOME HIGH INCOME NATION, SAYS M`SIAN PM
KUALA LUMPUR, Aug 14 (Bernama) -- The private sector plays a vital role in
driving the innovation, creativity and investment needed to boost Malaysia's
global competitiveness and support the goal to become a high-income nation,
Prime Minister Najib Razak said Saturday.
"The private sector transformation is urgently needed because the economy
cannot expand without their commitment and positive participation," he said in
a keynote address at the launch of Chinese Economic Congress here.
The congress entitled "Role of the Chinese Community in Achieving the New
Economic Model and 10th Malaysia Plan Target" is jointly organised by Malaysian
Chinese Association (MCA) and Institute of Strategic Analysis and Policy
Research.
Najib said businesses should not only look for short-term profits but must
be prepared for a longer haul. For this, he said, the private sector must dare
to take risks and invest in new industries, products and services.
Research and development expenditure and technology acquisition should be
regarded as investment as long term profit, he said.
The prime minister said the private sector should also value human capital
by paying the right level of wages and allocate resources to nuture talent.
Under the new economic model, he said, the private sector is essential to
investment and projects that support Vision 2020.
Najib said the achievement of six per cent per annum growth target
highlighted in the 10th Malaysian Plan will require a significant boost in
investment, much of which needs to come from a more dynamic private sector.
"Moving forward, we all have roles to play. We also need the private sector
to transform its thinking and reassess its own entrenched believe," he said.
To achieve the goal, he said, both private and public sectors must work
together and utilise talents of all the diverse community.
"We must encourage genuine partnership between Bumiputera and non-Bumiputera
communities. Through this genuine partnership we can attain our goal towards
equitable distribution of the nation's wealth," he added.
-- BERNAMA
driving the innovation, creativity and investment needed to boost Malaysia's
global competitiveness and support the goal to become a high-income nation,
Prime Minister Najib Razak said Saturday.
"The private sector transformation is urgently needed because the economy
cannot expand without their commitment and positive participation," he said in
a keynote address at the launch of Chinese Economic Congress here.
The congress entitled "Role of the Chinese Community in Achieving the New
Economic Model and 10th Malaysia Plan Target" is jointly organised by Malaysian
Chinese Association (MCA) and Institute of Strategic Analysis and Policy
Research.
Najib said businesses should not only look for short-term profits but must
be prepared for a longer haul. For this, he said, the private sector must dare
to take risks and invest in new industries, products and services.
Research and development expenditure and technology acquisition should be
regarded as investment as long term profit, he said.
The prime minister said the private sector should also value human capital
by paying the right level of wages and allocate resources to nuture talent.
Under the new economic model, he said, the private sector is essential to
investment and projects that support Vision 2020.
Najib said the achievement of six per cent per annum growth target
highlighted in the 10th Malaysian Plan will require a significant boost in
investment, much of which needs to come from a more dynamic private sector.
"Moving forward, we all have roles to play. We also need the private sector
to transform its thinking and reassess its own entrenched believe," he said.
To achieve the goal, he said, both private and public sectors must work
together and utilise talents of all the diverse community.
"We must encourage genuine partnership between Bumiputera and non-Bumiputera
communities. Through this genuine partnership we can attain our goal towards
equitable distribution of the nation's wealth," he added.
-- BERNAMA
