Malaysia adopts a balanced foreign policy approach between the West and East and stands clear of any sort of position that is deemed provocative, says Prime Minister Datuk Seri Anwar Ibrahim.
Speaking at the Special World Economic Forum’s (WEF) opening plenary session: A new vision for global development on Sunday (April 28) , Anwar, who is also the Finance Minister, also pointed out that despite the complex situation affecting the Middle East, particularly the anger and frustration over the Gaza crisis, the economies of Muslim countries should not be affected.
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Speaking at the Special World Economic Forum’s (WEF) opening plenary session: A new vision for global development on Sunday (April 28) , Anwar, who is also the Finance Minister, also pointed out that despite the complex situation affecting the Middle East, particularly the anger and frustration over the Gaza crisis, the economies of Muslim countries should not be affected.
Read more at https://tinyurl.com/2strprwa
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00 Let me then go to Prime Minister Ibrahim.
00:02 Malaysia has done pretty well. Growth is back.
00:07 You're also benefiting from the changes in the global value chains
00:12 where we see more near-shoring, also called French shoring.
00:17 You become one of the nations with big semiconductor,
00:21 at least cheap as industry.
00:24 But you're also dealing with productivity issues at home.
00:30 And listening now to Madam Gergieva,
00:34 what is your take on the current geoeconomic and geopolitical situation?
00:41 It is complex also in your region. So what is your vision?
00:46 Thank you. Those difficult, complex global questions
00:52 should be addressed to the MD of IMF.
00:54 But anyway, I must begin by expressing a profound gratitude to the Kingdom
01:00 and the leadership of King Salman and Crown Prince Muhammad.
01:04 Because coming from a majority Muslim country in emerging economies,
01:09 the initiative taken by the Kingdom cannot be underestimated.
01:15 The importance is profound because the Kingdom is seen to be the leading voice
01:21 on Islam, on progress, on development. This did not happen in the past.
01:28 So when they start focusing on the issues of development, of globalization,
01:33 of digital transformation, of energy transition, that by itself has appealed
01:40 to the concerns and the support of many of these countries.
01:45 Many of our Muslims look up to the initiative.
01:48 That's why I think I must give credit. And Minister, please convey that we see
01:54 this in this light. So you must continue to play this role to engage,
02:00 particularly those in the developing economies, emerging economies.
02:04 Notwithstanding the complex situation, the turbulent times affecting the region,
02:10 particularly the anger, frustration over the Palestinian issue with the Gaza crisis,
02:17 that shows complete abdication of responsibility, particularly countries in the West.
02:23 But notwithstanding that, the Kingdom wants not to be completely distracted.
02:29 The issue is important, it's fundamental to us, but at the same time,
02:33 we have to survive. The economy has to be strong.
02:37 The fundamentals have to be built. So Malaysia is again fortunate.
02:42 In a region that is probably, possibly most peaceful in the world
02:48 and the fastest growing economy. And we then, particularly Malaysia,
02:55 now start focusing on issues. Firstly, I think, Kristina, you made
03:00 the very important reference to the issue of governance, fiscal responsibility,
03:06 because without that, countries cannot move. You must start with certain priorities
03:12 because countries can grow, has enormous potential.
03:16 We had that experience in the 1990s. In fact, the World Bank and the IMF considers
03:22 this as an Asian miracle. I quite dispute that, but notwithstanding,
03:27 it was spectacular. We have seen spectacular progress.
03:31 But we also have to learn from the flaws of endemic corruption,
03:36 of gross inequality between the rich and the poor,
03:40 the propensity to adopt unbridled capitalism to the extent that you ignore
03:47 the plight of the masses deprived from basic opportunities.
03:53 So we have to steer that policy, issue of governance, of fiscal responsibility,
03:58 at the same time, do not lose sight of the key priorities,
04:04 which is relevant in this session, the issue of globalization, of interdependence.
04:10 We adopt a very fierce foreign policy position to engage and depend on the support,
04:19 collaboration, investments from the West, United States, Europe,
04:24 at the same time, maintain excellent bilateral relations with China, Korea, Japan,
04:31 and more importantly, with China because of the potential.
04:38 And of course, we have to grapple with these sensitivities,
04:41 which is not our problem, it's the problem of the rest.
04:45 And I've said it probably quite pronounced in Australia when asked,
04:49 I said, "Please do not impose your problem upon us because we are in an emerging economy
04:53 with enormous problems of our own." We have to now grapple with the issue
04:57 of digital transformation, and so you mentioned about these semiconductors.
05:02 We are fortunate because we have been now at the focus.
05:06 The focus in the past has been always in the back end,
05:08 but with the new investments coming in from America, from Germany, from China,
05:14 the focus has shifted to the front end, which means new challenges.
05:19 We train, we have to train differently.
05:21 We have to refocus on the issue of technological, technical training,
05:25 and TIVETS, which was somewhat ignored in the past.
05:31 We have to excel in some of the research area, which is challenging and new.
05:37 And I should conclude by saying that for these sort of forums,
05:41 it is critically important to us, and I choose to come precisely because of that,
05:46 to show that the initiative to combat the Kingdom and the issues being addressed
05:51 and focused, of course, with the support of the World Economic Forum,
05:57 would be of enormous benefit to us and ASEAN as a region.
06:04 Thank you.
06:05 (Applause.)