NEW YORK, Nov 6 — Malaysia’s surge from once a nascent developing economy to what it is now is described by some US experts as an “advanced emerging economy”, is a reminder that the country is transiting to becoming a full developed nation by the year 2020, a goal that is embedded in the Malaysian
government’s Vision 2020.
The level of development and sophistication characterising Malaysia’s economy today was also highlighted by Datuk Seri Abdul Wahid Omar, the Minister in the Prime Minister’s Department, who is currently visiting New York with a delegation of 14 Malaysian companies showcased under the Invest Malaysia USA (IMUS) 2013 roadshow to attract portfolio investors from the United States to Malaysia’s capital market.
Abdul Wahid is also accompanied by Datuk Tajuddin Atan, the Chief Executive Officer of Bursa Malaysia, and Datuk Abdul Farid Alias, President and Chief Executive Officer of the Maybank Group.
Maybank, Malaysia's largest bank, has organised IMUS 2013 in collaboration with Bursa Malaysia. “In line with the goal of making Malaysia a developed country by 2020, we underlined our objectives to increase the country’s per capita income from US$6,750 (RM21,425) to US$15,000 in 2020.
Currently, we are around US$10,000 and are on track to achieving the US$15,000 income target by 2020. This is an all-inclusive income growth we are trying to achieve,“ Abdul Wahid said in an interview with Bernama in New York.
Abdul Wahid, who is rated as one of Malaysia’s leading financial experts and was the president and chief executive officer of the Maybank Group before he was appointed the Minister in the Prime Minister’s Department, reinforced the Malaysian government’s “deep commitment” to improving the earnings of all Malaysians, including the low-income earning Malaysians.
“Our goal will be to achieve sustainability. By sustainability, we do not just mean the environment-friendly and judicious use of the country’s natural resources such as oil and gas, but also the overall economic management of the country.
“Our guiding principle is to ensure Malaysia’s economic growth, yet at the same time not lose sight of our economic responsibility to reduce the budget deficit and achieve a balanced budget by the year 2020,“ he explained.
Abdul Wahid spoke of the “dramatic transformation” of Malaysia’s economy which had moved from an agro based through manufacturing to a services economy.
“The services sector contributed about 55 per cent to the economy and has exceeded the manufacturing sector,” he said. — Bernama