THE announcement by Prime Minister Tun Dr Mahathir Mohamad on the new economic model based on “shared prosperity” is much welcomed. It can be the common vision for Malaysia beyond Vision 2020.
The following factors must be emphasised:
1. Economic growth needs to be given greater impetus and impediments to business should be removed. The public and private sectors need to work together.
2. The model must emphasise economic and environmental sustainability so that Malaysia remains green and clean.
3. It must be inclusive. We need to reduce income inequalities and pursue affirmative action which is needs based.
4. It must also be technology driven. A technology focus will give us a future-oriented economy.
5. It will also prioritise job creation. We need to anticipate what jobs will be needed and develop the skills and competencies to equip youths.
6. The economy must prepare future generations to be successful entrepreneurs. Entrepreneurship skills should be taught in schools and universities.
7. More must be done to increase rural income. This will also help mitigate rural-urban migration.
8. Shared prosperity must not be at the expense of our environment. We need policies to protect our environment.
9. Structural reforms are needed to institutionalise the shared prosperity concept. Reforms are also needed to address debt, development divide and digitalisation.
10. Malaysians can only truly enjoy the benefits of shared prosperity if ethical leadership is institutionalised in our public and corporate governance. Ethics and integrity must be ingrained into our politicians, civil servants and in our businesses.
We need to build not only a new but a better Malaysia which is united, harmonious, inclusive and prosperous.
Congratulations to Tun Mahathir and the Pakatan Harapan for a successful first year in office.
Tan Sri Michael Yeoh
Kingsley Strategic Institute