NEW MALAYSIAN ECONOMY MUST ADDRESS WEALTH DISTRIBUTION, SAYS FORMER MINISTER

KUALA LUMPUR, Dec 24 (Bernama) -- The new Malaysian economy must address the
issue of wealth distribution as pursuit of high income alone will not be
acceptable in future Malaysia, according to Rafidah Aziz.

The former international trade and industry minister, who managed the
ministry for over 20 years, said the new growth model for the Malaysian economy
needed to give a lot of emphasis to the important aspect of equality.

Rafidah said this when she delivered the keynote address at the two-day
Investment Forum 2009 which was held in Langkawi recently, said organiser MIDF
Amanah Investment Bank Bhd in a statement Thursday.

Another speaker, Dr Zainal Aznam Yusof, said while Vision 2020 and the
high income economy were the end-objectives of growth, the main objective was to
achieve developed country status which included other social standards and
achievements.

Zainal Aznam, who is a member of the National Economic Advisory Council,
also said that the World Bank had identified 13 countries which managed to
sustain growth and per capita income from 1971 to 1997.

"Malaysia is one of the countries in this group, registering a growth rate
of seven per cent per annum. Only six countries, excluding Malaysia, managed to
lift themselves into the high income economy group," he said.

He added that while knowledge and technology were key inputs to the new
growth model, other factors such as human capital accumulation, intangible
capital, innovation, and research and development were crucial elements.

-- BERNAMA