HONOLULU, Nov 14 (Bernama) – Asia-Pacific Economic Cooperation (APEC) leaders were taken up by the New Economic Model (NEM), which has emerged as a “game changer” to Malaysia’s economy, especially in generating increased foreign investments to the tune of US$60 billion and creating 40,000 job opportunities rather quickly.
Prime Minister Datuk Seri Najib Tun Razak, in interventions with regional leaders during the APEC Summit here Sunday, said they showed keen interest in Malaysia’s novel and holistic approach towards economic reforms which differed from their own countries.
“Other countries make reforms in their respective bureaucracy, but we make reforms as part of a bigger vision based on the NEM and we have long-term planning for 10 years,” he said when commenting on the achievements of the APEC 2011, which ended Sunday.
Malaysia has detailed economic development programmes, said Najib, who is also Finance Minister.
“Though other countries introduce reforms, the reforms have no links with a comprehensive vision like what we have in Malaysia,” he said.
In presenting Malaysia’s case study, he said: “Our long-term vision is based on our mission to transform Malaysia into a developed and a high-income nation.
“…and I explain that we enacted the New Economic Model as a game changer that will lead us to realise our nation’s vision through the Economic Transformation Programme and Strategic Reform Initiatives (SRIs) under which private sector programmes provide positive feedback if we provide opportunities via the National Key Reasult Areas (NKEAs),” he said.
Najib said internal reforms implemented by PEMUDAH and PEMANDU led to “convergence of ideas between the public and private sectors.”
Changes to structural regulations and reduction in bureaucratic procedures also led to improved Malaysia’s World Bank ranking from 26th to 21st two years ago and to 18th currently, he said.
Najib said leaders attending the 19th APEC Summit here themed “Economic Growth and Increasing Employment” stressed it was important that “we as a region, find an approach and work towards continuously expanding the Asia-Pacific economy, among others, through increased trade and investment via the liberalisation policy and establishing free trade areas (FTAs) under the Trans-Pacific Partnership (TPP) being negotiated now.”
He said APEC member countries should also introduce reforms, including internal changes and avoid obstacles to the private sector and to businesses, which would delay or become an hindrance to their economic growth.
Najib said despite the rather gloomy outlook given the sovereign debt crisis in Europe, the APEC Summit chaired by US President Barack Obama was a success in that “the spirit of cooperation among leaders gives us some hope that Asia-Pacific can still be an area of growth.”
“But we have been reminded that we cannot isolate the problems in Europe because if it deteriorates, it will certainly affect the whole world,” he said.
The Prime Minister said the International Monetary Fund (IMF) hesd Christine Laggard, in her presentation to APEC leaders, explained that the IMF had slashed its growth forecast for the global economy this year to four per cent.
“Nonetheless, there are still big downside risks if the sovereign debt crisis is not handled wisely by the European countries,” he said.
Later that day, Najib and his wife, Datin Seri Rosmah Mansor, hosted a dinner for more than 300 guests, who included the Malaysian community and students in Hawaii, officials from the East-West Center and more than 20 peace corps volunteers who served Malaysia during its formative years in the early 60s.
Najib and Rosmah left for Malaysia at 12.05am Monday from the Hickham Air Force Base on a private aircraft.
Source : Bernama