ID :
195154
Fri, 07/15/2011 - 06:31
Auther :
Shortlink :
https://oananews.org//node/195154
The shortlink copeid
UNSTABLE GLOBAL ECONOMIC ENVIRONMENT CAN BE TO MALAYSIA'S ADVANTAGE
KUALA LUMPUR, July 15 (Bernama) -- With the economic environment globally unstable, Malaysia should not despair, but take advantage of it to find new opportunities and niche markets for exports.
Independent strategic and financial consultant Dr Lin See Yan said it is imperative for the country to market itself better and add more value with the brain drain scenario resulting in talent constraints.
He said currently, the global market is very concerned with the spread of the euro zone debt crisis and the contagion effects being very serious, resulting in a drop in investor confidence.
Speaking on Malaysia's position in this global concern, he said the country has to be proactive to create demand rather than wait for it.
"Malaysia is too small in the world and we are essentially price takers, whereby for all our commodities, we don't determine the price but take it as it comes depending on economic activities.
"We are not very good in taking advantage of other peoples adversity. So, what we should do is, while things are unstable around the world, look at opportunities," he said, at the Malaysian Institute of Certified Public Accountants 52nd Anniversary Commemorative Lecture here Thursday.
The former Deputy Governor of Bank Negara Malaysia (Malaysia's Central Bank) said there are prospects for the country to take market share in the current economic environment.
"For example, when Thailand faces political instability, try to capture some of its markets. What's wrong with that? They had no qualms taking our markets when we were down," he added.
Asked if Malaysia was on track to be a high-income nation, Lin who is also a member of the National Economic Action Council (NEAC) Working Group said, the task before the country was enormous.
"Therefore, Malaysia needs to undertake multi-approaches to solve core problems, particularly the education system, to ensure transformation development takes place.
"I think we are falling behind. Of course, everybody says the second half will be better, but talk is cheap you know.
"What is the basis for the second half getting better? At every quarter, it is said, the following quarter will look better, and this is not the way to run our life," he added.
--BERNAMA
Independent strategic and financial consultant Dr Lin See Yan said it is imperative for the country to market itself better and add more value with the brain drain scenario resulting in talent constraints.
He said currently, the global market is very concerned with the spread of the euro zone debt crisis and the contagion effects being very serious, resulting in a drop in investor confidence.
Speaking on Malaysia's position in this global concern, he said the country has to be proactive to create demand rather than wait for it.
"Malaysia is too small in the world and we are essentially price takers, whereby for all our commodities, we don't determine the price but take it as it comes depending on economic activities.
"We are not very good in taking advantage of other peoples adversity. So, what we should do is, while things are unstable around the world, look at opportunities," he said, at the Malaysian Institute of Certified Public Accountants 52nd Anniversary Commemorative Lecture here Thursday.
The former Deputy Governor of Bank Negara Malaysia (Malaysia's Central Bank) said there are prospects for the country to take market share in the current economic environment.
"For example, when Thailand faces political instability, try to capture some of its markets. What's wrong with that? They had no qualms taking our markets when we were down," he added.
Asked if Malaysia was on track to be a high-income nation, Lin who is also a member of the National Economic Action Council (NEAC) Working Group said, the task before the country was enormous.
"Therefore, Malaysia needs to undertake multi-approaches to solve core problems, particularly the education system, to ensure transformation development takes place.
"I think we are falling behind. Of course, everybody says the second half will be better, but talk is cheap you know.
"What is the basis for the second half getting better? At every quarter, it is said, the following quarter will look better, and this is not the way to run our life," he added.
--BERNAMA
