KUALA LUMPUR, April 19 — The United States' (US) tariff announcement has presented Malaysia with an opportunity to carry out a strategic overhaul to further strengthen the national economy, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also the Finance Minister, said that if Malaysia wants to become a developed nation within the Madani framework, it must make a quantum leap, and it will have to overcome challenges like political and social tensions.
Describing the current global economic situation as a “gale of creative destruction,” he said the country needs to find a new way to move forward.
“What is in the best interest of the country (is) not just responding to the immediate challenges, which is also important, but (we) must stay the course.
“Focus on the right investments, (overcoming) inequality as well as innovation,” Anwar said during the fifth series of the Malaysia Madani Scholars Forum organised by the Higher Education Ministry, which was streamed via Facebook Live last night.
He noted that the US tariffs have also spurred the European Union (EU) to expedite trade negotiations with Asean.
“The tariffs have prompted the EU to come to us to speed up the (negotiation) process for a free trade agreement,” Anwar said.
Similarly, an overdependency on established traditional markets is not healthy anymore.
“(Therefore, for) Asean, we are no longer emphasising traditional notions such as Asean centrality and peacefulness, but instead we emphasise Asean intra-trade, investment, and comparative advantages,” he said.
The forum was on “The role of government-linked investment companies in transforming corporations: Balancing profit and social responsibility to create an innovative nation.”
It featured panellists comprising Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, and Malaysia Airports Holdings Bhd non-executive chairman and economist Nungsari Ahmad Radhi.
— Bernama
