ID :
20961
Wed, 09/24/2008 - 10:39
Auther :
Shortlink :
https://oananews.org//node/20961
The shortlink copeid
GLCs AND GLICs MUST FOCUS ON DELIVERING PROFIT AND GROWTH, SAYS PM
PUTRAJAYA, Sept 24 (Bernama) -- Government-linked companies (GLCs) and
Government-linked investment companies (GLICs) should focus on delivering near-term profit and growth targets as well as ensure positive economic returns to shareholders, Prime Minister Abdullah Ahmad Badawi said Tuesday.
He said it would be wise to identify key investment opportunities early and
quickly pursue them to avoid being left behind.
"Given the possibility of lower investment inflows from abroad, GLCs and
GLICs should act as catalysts for domestic investments," he said in his opening
remarks at the 18th Putrajaya Committee on GLC High Performance Meeting.
Abdullah said: "It should be noted that the challenging economic
environment
affects the private sector and the GLCs alike. Thus, prevailing market
conditions and sentiments should not be made excuses for
non-performance.
"On the contrary, it should be taken as a further impetus for GLCs and
GLICs to strive towards higher levels of performance and efficiency."
The prime minister also urged GLCs and GLICs to continue pushing forward
this transformation agenda to strengthen their competitive positions.
He said the economic challenges that Malaysia currently faced may even
necessitate some of the GLCs and CLICs to accelerate their transformation
initiatives to stay on top of its game.
"At the moment there are many uncertainties caused by the latest financial
market crisis affecting the United States. In this regard, we must brace
ourselves for the possibility of a global recession, which will deeply affect
our position as a trading nation," he said.
Moreover, a global slowdown will also adversely affect investment flow from
abroad, he said.
Abdullah also assured GLCs and GLICs that the government will continue to
support the end goal of creating successful GLCs that are regional or even
global champions in their own right.
"This is a critical objective for Malaysia and all Malaysians as we move
closer towards becoming a fully developed nation by 2020," he said.
The prime minister also said he was proud of what GLCs have achieved since
the launch of the transformation exercise in May 2004, beginning with the revamp
of Khazanah Nasional.
He said much has been done by GLCs and GLICs to enhance their
performance.
"I am pleased to note that many financial, operational and corporate
responsibility objectives have been achieved," he said.
Tuesday's meeting is to enhance corporate social responsibility activities
undertaken by GLCs, thus ensuring they not only improve financial performance
but also contribute actively to the community.
The meeting also marked the launching of the "Sejahtera Programme" by the
prime minister to help the poor cope with the rising cost of living.
Abdullah also launched the PINTAR Foundation to oversee the implementation
of the school adoption programme, PINTAR, as well as a book entitled "White
Book" on best practices in regulatory management for GLCs.
-- BERNAMA
Government-linked investment companies (GLICs) should focus on delivering near-term profit and growth targets as well as ensure positive economic returns to shareholders, Prime Minister Abdullah Ahmad Badawi said Tuesday.
He said it would be wise to identify key investment opportunities early and
quickly pursue them to avoid being left behind.
"Given the possibility of lower investment inflows from abroad, GLCs and
GLICs should act as catalysts for domestic investments," he said in his opening
remarks at the 18th Putrajaya Committee on GLC High Performance Meeting.
Abdullah said: "It should be noted that the challenging economic
environment
affects the private sector and the GLCs alike. Thus, prevailing market
conditions and sentiments should not be made excuses for
non-performance.
"On the contrary, it should be taken as a further impetus for GLCs and
GLICs to strive towards higher levels of performance and efficiency."
The prime minister also urged GLCs and GLICs to continue pushing forward
this transformation agenda to strengthen their competitive positions.
He said the economic challenges that Malaysia currently faced may even
necessitate some of the GLCs and CLICs to accelerate their transformation
initiatives to stay on top of its game.
"At the moment there are many uncertainties caused by the latest financial
market crisis affecting the United States. In this regard, we must brace
ourselves for the possibility of a global recession, which will deeply affect
our position as a trading nation," he said.
Moreover, a global slowdown will also adversely affect investment flow from
abroad, he said.
Abdullah also assured GLCs and GLICs that the government will continue to
support the end goal of creating successful GLCs that are regional or even
global champions in their own right.
"This is a critical objective for Malaysia and all Malaysians as we move
closer towards becoming a fully developed nation by 2020," he said.
The prime minister also said he was proud of what GLCs have achieved since
the launch of the transformation exercise in May 2004, beginning with the revamp
of Khazanah Nasional.
He said much has been done by GLCs and GLICs to enhance their
performance.
"I am pleased to note that many financial, operational and corporate
responsibility objectives have been achieved," he said.
Tuesday's meeting is to enhance corporate social responsibility activities
undertaken by GLCs, thus ensuring they not only improve financial performance
but also contribute actively to the community.
The meeting also marked the launching of the "Sejahtera Programme" by the
prime minister to help the poor cope with the rising cost of living.
Abdullah also launched the PINTAR Foundation to oversee the implementation
of the school adoption programme, PINTAR, as well as a book entitled "White
Book" on best practices in regulatory management for GLCs.
-- BERNAMA
