Showing posts with label political leadership. Show all posts
Showing posts with label political leadership. Show all posts

Monday, October 4, 2010

TMI: Investment won’t return without reforms, says economist... By Yow Hong Chieh

Investment won’t return without reforms, says economist

The Malaysian Insider, October 04, 2010

KUALA LUMPUR, Oct 4 — The Najib administration needs to show the business community it has enough political will to carry out reforms under the New Economic Model (NEM) before investors will consider putting their money here again, a top regional economist said.
Citing capital outflow numbers, DSG Asia chief executive Dr Simon Ogus said foreign and local investors remain unconvinced the government has what it takes to turn Malaysia around, despite the NEM and an ample supply of “smart people” in the country who know what has to be done.

“Do you think Umno recognises that it has to change? It’s not an economic question, it’s a political question,” he told The Malaysian Insider at the Megatrends Forum 2010 organised by Khazanah Nasional here today.

“The business community’s not buying into it yet. If we see those numbers starting to turn around, then you will basically know that there’s follow-through... The numbers show that there’s massive capital outflow,” he said, adding that there has also been a net outflow of foreign direct investment (FDI) in the past three years.

Ogus also downplayed foreign direct investment (FDI), saying it was more important for Malaysia to chase long-term investment from domestic players rather than short-term capital from foreign ones to help raise growth rates.

His views echoed those of former prime minister Tun Dr Mahathir Mohamad, who recently said Malaysia should concentrate on domestic investment if it wanted to achieve Vision 2020, Malaysia’s
blueprint for achieving developed nation status by 2020.

At a CEO forum organised by the Perdana Leadership Foundation last week, Dr Mahathir had urged the Najib administration to abandon its policy of chasing FDI as Malaysia now faced too much competition from “much more attractive” regional rivals, and to instead give a leg up to local companies with the potential to be world-beaters.

“Forget foreigners. The foreigners are the cream on the top of the coffee.

“You’ve got to pursue your own domestic investors to commit to the country — that means live in the country, work in the country, invest in the country, educate their children in the country — and then you import best-of-practice techniques and people from overseas to bring up the human capital,” Ogus said.

The Hong Kong-based economist cautioned that potential growth would be limited if capital was not fully employed, and pointed out that Malaysia’s current account surplus was strong only because there was no investment in the domestic economy.

Ogus explained that increased investment, together with changes in population, was the basis for economic expansion, and said insufficient domestic investment had been responsible for pulling down Malaysia’s growth rates over the past 10 years.

Local companies have increasingly put their money overseas in recent years, while foregoing domestic investments. Malaysian companies invested a net total of US$8.2 billion (RM25.4 billion) abroad in 2009, according to the Unctad World Investment Report (WIR) 2010.

Government officials have downplayed this, arguing that capital outflow only meant Malaysian companies were now more integrated into the regional economy.

The Najib administration is depending on private sector investments to drive the 10th Malaysia Plan (10MP) and has set for it a growth target of 12.8 per cent a year, or RM115 billion annually, for the next five years.

The government has redoubled efforts to attract FDI back into the country, while trying to entice domestic companies to invest in Economic Transformation Plan (ETP) projects worth US$523 billion.

Saturday, July 26, 2008

Obama's Audacity of Improbable Hope

4 years ago, when Barack Obama was given the podium to address the Democrat convention, it raised many an eyebrow. Mainly because, as an African American, he had been given such an accolade, and at such a tender age at that.

At that time I remembered downloading his speech, and comparing it with others including Al Sharpton, John Kerry, John Edwards and Al Gore. Even then, he had shown remarkable talent in rhetoric in an evangelical, inspiring, rabble-rousing, exhortation sort of way...

Since then, I must confess that I have become one of the religiously-converted hordes of Obama-manic fans.

His historical perspective as one who was born into a mixed-race marriage, forms the basis of his contention that for the American dream, his was one of unimaginable "improbable hope." And he has been declaiming this point relentlessly to inspire legions of people who hanker for change, betterment and hope. "This is our moment," exhorts Obama.

I watched him during his recent Berlin address (25 July, 2008). Undoubtedly, although he admitted wryly that he did not look like any of his predecessors before him (he being the first African American or man of colour), he stood shoulder to shoulder with the best and the exceptionally brilliant--200,000 Berliners were on hand to experience his charismatic aura, and to cheer him on.

Obama is certainly captivating and personable. He is without doubt a great orator who effuses with goose-pimpling inspiring rhetoric, but at the same time enunciating many bold expansive ideas which I hope he will be able to implement once he becomes the President.

It is true that many of his rally-calls border on generalities rather than specifics, as some have criticised, but in this world of nebulous moral confusion, 'them-and-us' American exceptionalism and tired battle-weary politics, it is refreshing to have someone like him to continue to offer us hope!

Most importantly, he comes across as a supremely confident statesman, one who is not shy of confronting controversies head-on, one who dares to admit his nation's faults--warts and all, while acknowledging that he still loved America very much, that he can still hope to evoke and provoke change, a rallying-cry to remake the world even...

One of my pet issues on nuclear disarmament received a rare attention boost in his Berlin speech, and gives global citizens the hope that one day our children and our chidren's children can live free from the spectre of nuclear arms and war, forever:




"This is the moment when we must renew the goal of a world without nuclear weapons. The two superpowers that faced each other across the wall of this city came too close too often to destroying all we have built and all that we love. With that wall gone, we need not stand idly by and watch the further spread of the deadly atom. It is time to secure all loose nuclear materials; to stop the spread of nuclear weapons; and to reduce the arsenals from another era. This is the moment to begin the work of seeking the peace of a world without nuclear weapons."

In many ways, the American story is one which is singular and unmatchable in history, even as it continues to metamorphose today. Barack Obama must represent the newest incarnation of an evolving mindset of progressive enlightened Americans.

The many contradictions: the self-serving politics, the gross excesses of mass consumerism, pop culture, the entrepreneurial energies and innovative productivity are quintessential of the American experience. Yet despite it all, it has always put on the forefront, the inalienable and ineradicable right of the individual.

Most importantly, there is always that indisputable possibility for political change that is inbuilt into its rigidly upheld Constitution. Every American demands and acknowledges this right, and would fiercely fight to keep this flame alight.

It is true that the USA is also replete with its occasional gridlock politics of the executive, i.e. the President, the Senate and the Congress, but these partisan vested interests are tempered and safeguarded by a truly independent Judiciary (the Supreme Court). America allows an unprecedented capacity to question itself, to reinvent itself.

It is true that often enough, America tends to overreach itself and its influence, much to the dismay and anger of the watching world. Yet, its near sole superpower status means that it must continue to engage itself in the affairs of other nations.

Sometimes, America's interference is rejected outright especially when these strike too close to the loutish antics and extremes of some autocratic and despotic regimes.

At other times, the world angrily demands that a cautious and isolationist America engages more rapidly and responsibly to prevent further genocidal collapse and catastrophic abuse of humanity, especially of the marginalised and dispossessed minorities such as in Bosnia, Darfur, Liberia, etc.

Some are very grudgingly accepted, but most times American brazenness is rejected because of jingoistic claims of national sovereignty and independence. Sadly, Malaysia has even now sounded such 'nationalistic' clarion calls to stop the US of A from interfering with our laws, our interpretation of it or worse, how we choose to enact these for overtly political purposes... See Malaysiakini's Gov't demands US stop 'interfering'

As the world's sole-surviving (but certainly not flawless) Leviathan, it has an unenviable task to make some sense of this truly multifarious world of precariously perched balance of good and evil: to curb mankind's dalliance with widely disparate and fissiparous destinies, and to temper and deter our insuppressibly innate tribalism and brutishness...

Notwithstanding this, I remain hopeful that our political leadership can rise above itself amidst such a quagmire of floundering and directionless political uncertainty.

At this current juncture of political stalemate, can any Malaysian truly feel optimistic that good and truth will prevail over so much mucky political dissimulations, prevarications, propaganda and outright lies?

Will heart-warming unalloyed ideas and durable ideals once again emerge to uplift the Malaysian spirit to wonder again with hope, and to rekindle that daring to dream for change for the better?

Will we ever be so lucky to see another Malaysian leader of calibre to lead us out of this horrendous mess, with even half the vision and charisma of Obama?

Will this be 'our moment', soon?

I can dream, can't I?

Vero Possumus! (“Yes, we can!”)


“I know my country has not perfected itself. We’ve made our share of mistakes, and there are times when our actions around the world have not lived up to our best intentions."
“People of Berlin, and people of the world, the scale of our challenge is great. The road ahead will be long. But I come before you to say that we are heirs to a struggle for freedom. We are a people of improbable hope. With an eye toward the future, with resolve in our hearts, let us remember this history, and answer our destiny, and remake the world once again.”


A shorter version is published in malaysiakini