Today, I was asked at a press interview what can be done to make our economy dynamic again? If political uncertainty is the main contributor to negative flow of investment into the country? What can Najib Razak do? And a host of other issues...
I outline three major concerns: first, rising cost of doing business and inflation is discouraging domestic investment; second, lack of policy direction due to political impasse and three, lack of private sector initiative to help energise the economy. Each of the concerns can be discussed in further details.
However, my intention here is not to merely share with you what I think of the economy. I know most of us have our own worries and grouses.
I was also asked about lack of skilled workers in the country and what can be done to attract these workers to come back. My answer is there is more to just attracting these workers with tax free cars, spouse visa (for those with foreign spouse) and other incentives.
We have to deal with our economic structure. If businesses continue to focus on cost competitiveness then they will not be willing to fork out competitive salary (even world-class salary) to attract our best brains to come home. We also need to create a dynamic and stimulating environment to accommodate these knowledge workers.
I spoke about a need to work on a new agenda. I would like to take a small step here on my blog to encourage feedback and views on what can be done to catalyst our economy. What is our next wave? What do we need to do? What should the new prime minister and his administration do to make Malaysia an economic powerhouse in the region?
Let me hear from you.