ID :
184354
Wed, 05/25/2011 - 13:39
Auther :
Shortlink :
https://oananews.org//node/184354
The shortlink copeid
RAJA NAZRIN CALLS FOR HEAVY INVESTMENT IN TRAINING, R&D
KUALA LUMPUR, May 25 (Bernama) -- The Crown Prince of Perak, Raja Dr Nazrin
Shah, Wednesday called for heavy investment in training and education and the
promotion of research and development.
He said if Malaysia was to remain internationally competitive, it needed to
to move up into high-technology and knowledge-intensive industries as future
growth would have to come from productivity gains and technological
breakthrough.
"This is in turn requires the country to vastly improve its human capital
base by investing heavily in training and education and promoting research and
development," he said at the launch of a book and seminar titled "Malaysia:
Policies and Issues in Economic Development" here Wednesday.
The book is published by the Institute of Strategic and International
Studies Malaysia which also organises the seminar.
Raja Nazrin said Malaysia's past growth was driven mainly by large increase
in the use of inputs of labour and capital, but the country's advantage in the
export of manufactured labour-intensive products was fast eroding.
"Malaysian policy-makers are acutely aware of the changes that need to be
made if the country is to continue to prosper.
"This begins with the acknowledgement that policies that have worked in the
past are unlikely to work in the future," he said.
Raja Nazrin said that in order to sustain the economy growth, one should be
given incentives because it was hugely influential and people would respond
accordingly.
"It is only when China and India reformed their incentives structure were
they able to achieve high growth rates," he said.
And for growth to be sustainable, these incentives must be embodied in
institutions.
"The ability to provide the appropriate institutional environment for
markets to flourish and operate efficiently is essential to sustainable
development," he said.
This institutional environment must include the protection of property
rights, the rule of law underpinned by a strong legal system, an independant
judiciary and the protection of the environment.
"There must also be incentives for governments to provide good governance.
"This can be achieved through mechanisms such as the separation of powers,
readily available avenues for the public to monitor public behaviour and rules
that inhibit corruption.
"They all contribute toward the effective and efficient functioning of a
modern economy," Raja Nazrin said.
Shah, Wednesday called for heavy investment in training and education and the
promotion of research and development.
He said if Malaysia was to remain internationally competitive, it needed to
to move up into high-technology and knowledge-intensive industries as future
growth would have to come from productivity gains and technological
breakthrough.
"This is in turn requires the country to vastly improve its human capital
base by investing heavily in training and education and promoting research and
development," he said at the launch of a book and seminar titled "Malaysia:
Policies and Issues in Economic Development" here Wednesday.
The book is published by the Institute of Strategic and International
Studies Malaysia which also organises the seminar.
Raja Nazrin said Malaysia's past growth was driven mainly by large increase
in the use of inputs of labour and capital, but the country's advantage in the
export of manufactured labour-intensive products was fast eroding.
"Malaysian policy-makers are acutely aware of the changes that need to be
made if the country is to continue to prosper.
"This begins with the acknowledgement that policies that have worked in the
past are unlikely to work in the future," he said.
Raja Nazrin said that in order to sustain the economy growth, one should be
given incentives because it was hugely influential and people would respond
accordingly.
"It is only when China and India reformed their incentives structure were
they able to achieve high growth rates," he said.
And for growth to be sustainable, these incentives must be embodied in
institutions.
"The ability to provide the appropriate institutional environment for
markets to flourish and operate efficiently is essential to sustainable
development," he said.
This institutional environment must include the protection of property
rights, the rule of law underpinned by a strong legal system, an independant
judiciary and the protection of the environment.
"There must also be incentives for governments to provide good governance.
"This can be achieved through mechanisms such as the separation of powers,
readily available avenues for the public to monitor public behaviour and rules
that inhibit corruption.
"They all contribute toward the effective and efficient functioning of a
modern economy," Raja Nazrin said.
