Tuesday, February 16, 2010

PM: Malaysia must put premium on innovation

Successful businesses are innovators that look beyond the short-term challenges and seek to chart new paths to growth, says Prime Minister Datuk Seri Najib Razak

Malaysia must put a premium on innovation and creativity and take difficult decisions if its new economic model is to succeed, Datuk Seri Najib Razak said.

The prime minister stressed that successful businesses are innovators that look beyond the short-term challenges and seek to chart new paths to growth.

"We must also be innovators of the new economic sub-sectors whether in information technology, green technology or finance, to spark new areas of economic growth for our country."

The country also must take advantage of new, non-traditional markets, said Najib when sharing his thoughts on the principles underlining the new Malaysian economic model at the National Chamber of Commerce and Industry of Malaysia (NCCIM) annual dinner in Kuala Lumpur last Friday.
"Initiatives are in place, for example, to advance the economic integration of Asean member states," he added.

Najib called on the NCCIM and trade organisations to help bring a greater awareness and understanding of global challenges and opportunities to the business community and society at large.

"I strongly stress upon the business community to understand the implications of a more integrated regional economy."

He also asked them to seriously look into the changes a Malaysia company must take to remain competitive in the current economic landscape.

Another principle underpinning the success of the new Malaysia economic model is the courage and judgment to make tough decisions.

"As business leaders, you know that tough times often lead to tough choices. As a government, we will not shirk these choices," Najib said.

"I believe that it is because of the decisions we have made - stimulus packages, economic liberalisation, investments in the right areas and budget savings - that Malaysia will return to growth in 2010 with a lower budget deficit."

There will be more such difficult choices in the coming months and years, Najib said.

Nevertheless, he assured that Malaysians who need help most will continue to be supported.

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