Common vision for shared prosperity

Published on 16 May 2019

The recent announcement by Prime Minister Tun Dr Mahathir Mohamad on the new economic model based on “shared prosperity” is much welcomed and a refreshing change. This new economic model, if implemented well and with fairness and justice, will give hope to Malaysians who all aspire for a better shared future. In fact, this shared prosperity model can be the new common vision for Malaysia beyond Vision 2020.

To achieve this vision of shared prosperity, I believe the following key factors must be emphasised and given priority:

1. Growth orientation: To create shared prosperity, economic growth needs to be given greater impetus. The growth momentum must be given a greater push. With faster economic growth, more wealth and prosperity will be created. Impediments to business should be removed. Both the public and private sectors need to work closer together to accelerate growth. A growing economy will also create a feel-good factor as the effects of economic growth trickle down.
2. Sustainable: The new economic model must emphasise economic and environmental sustainability so that future generations inherit a Malaysia that is green and clean. The new economic model of shared prosperity must embrace the United Nations’ 17 Sustainable Development Goals (SDGs), which provide a road map to sustainable development.
3. Inclusive: The new economic model must be inclusive and prioritise the poor and low-income families. Inclusive development will ensure that no one is left behind. We need to reduce income inequalities and pursue affirmative action, which is needs-based, to benefit the poor and disadvantaged of all races and from all regions.
4. Technology-driven: The shared prosperity growth model must also be technology-driven. Innovation and technology will drive future growth as greater emphasis will be given to new technologies like artificial intelligence, blockchain, big data, virtual reality and the Inter­net of things. Focus on technology will give us a future-oriented economy.
5. Employment creation: The shared prosperity economic model would also prioritise job creation. Creating jobs of the future is a challenge. We need to anticipate what jobs will be needed in 10, 20 or 30 years’ time and to develop the skills and competencies to equip our youths for the jobs of the future. We need to also look at re-skilling present workers so that they can be prepared for the jobs of the future.
6. Entrepreneurship: An economy based on shared prosperity must prepare our future generations to be successful entrepreneurs. Entrepreneurship skills should be taught in schools and universities. Entrepreneurial training should also be provided to young workers. Our small and medium enterprises can also thrive with a stronger focus on entrepreneurship.
7. Boost rural income: More must be done to address and increase rural income. This will also help mitigate rural-urban migration. Shared prosperity must not only be enjoyed by urban Malaysians but also by the rural communities.
8. Environment-friendly: Shared prosperity must not be at the expense of our environment. We need policies to protect our environment and also safeguard our common future.
9. Structural reforms: Moving forward, structural reforms are also needed to institutionalise the shared prosperity concept. Structural reforms need to include foreign labour, size of the civil service, and the size of GLCs, reducing the role of government in business and strengthening our key institutions. Structural reforms are also needed to address the 3Ds – debt, development divide and digitalisation.
10. Ethical leadership: Malay­sians can only truly enjoy the benefits of shared prosperity if ethical leadership is institutionalised in our public and corporate governance. Ethics and integrity must be ingrained into our politicians, civil servants and in our businesses.

I am confident that if we place priority on these 10 key success factors, we will be able to help achieve the Prime Minister’s vision of a shared prosperity.

We need to build not only a new but also a better Malaysia which is united, harmonious, inclusive and prosperous. Growing the economy and adopting a human rights-based approach to development will ensure our common future.

Congratulations to Dr Mahathir and Pakatan Harapan for a successful first year in office.

MANDARIN VERSION

丹斯里杨元庆‧共享繁荣──一个共同的愿景

首相敦马哈迪最近宣布了“共享繁荣”的新经济模式，这确实是一个令人耳目一新的改变。这种新经济模式如果能够很好的落实，并秉持公平和正义，将会为所有渴望共享更好的未来的大马人带来希望。事实上，这种共享繁荣模式可能是超越2020年宏愿的大马新愿景。

为了实现这个“共享繁荣”的共同愿景，我相信以下几个关键因素值得关注和考量：

1. 增长方向：为了创造共同繁荣，经济增长必须获得更大的原动力。随着经济快速增长，将创造更多的财富和繁荣。应该撤除对经商的障碍。不论是公共或私人界，都需要紧密合作以加速增长。随着目前国内经济增长放缓，经济增长也将创造一个感觉良好的因素。
2. 可持续性：新经济模式必须是可持续的，强调经济和环境的可持续性，以让大马的下一代可以享有绿色和清洁。新经济模式必须符合联合国17项可持续发展目标（SDG）。该目标为可持续发展提供了路线图。
3. 包容性：新经济模式必须具有包容性。它必须优先考虑穷人和低收入家庭。包容性发展将确保不会有人落在后头。我们需要减少收入不平等并采取积极措施，以让所有种族和宗教的穷人和弱势群体受惠。
4. 技术驱动型：共享繁荣增长模式必须是技术驱动型的。创新和技术将推动未来的增长，因为未来将更专注于人工智能、区块链、大数据、虚拟现实和互联网相关技术。专注于技术将为我们提供面向未来的经济。
5. 创造就业机会：共同繁荣的新经济模式也将优先创造就业机会。创造未来的就业机会是一项挑战。我们需要预测10、20到30年后有哪些工作，并培养技能和能力，让我们的青年为未来的就业做好准备工作。我们还需要考虑重新培训现有的员工，以让他们为未来的新工作做好准备。
6. 企业家精神：以共同繁荣为基础的未来经济模式必须让我们的后代准备好成为成功的企业家以让他们可以创造未来的繁荣。应该在学校和大学灌输创业的精神。也应该向年轻员工提供创业培训。我们的中小型企业也可以通过专注于企业家精神而更上一层。
7. 促进乡区收入：为了确保共同繁荣的概念不仅让生活在城镇和大马人受惠，我们必须做得更多来解决和提升乡区的收入。这也将有助于缓解乡区人口向城镇迁移。共享繁荣不仅让住在城市的大马人受惠，而必须与乡区共享。
8. 环境友好：共享繁荣绝对不能以牺牲环境为代价。我们需要政策来保护我们的环境。环境保护也能够保障我们共同的未来。
9. 结构改革：展望未来，我们还需要进行结构改革来实现共同繁荣的概念。结构改革必须包括外劳、公务员规模、政府相关公司规模、减少政府在插手经商、以及加强主要机构。结构改革能够解决3项问题：债务、发展鸿沟和数码化。
10. 领导伦理：最后，如果领导伦理能够深植在我们的公共和公司治理中，大马人才能真正享受共同繁荣带来的好处。道德和诚信必须根植在我们的政治领袖、公务员和企业家心中。

我相信，如果我们优先处理以上10项成功关键因素，我们将能够帮助实现首相的共同繁荣愿景。我们不仅要建立一个新的，而且还要建立一个团结、和谐、包容和繁荣的大马。发展经济和采用以人权为基础的发展方式，将确保我们共同的未来。

恭喜敦马哈迪和希望联盟政府上任1周年。

Article available on The Star and Sin Chew Daily.