SIGNING CEREMONY
OF THE
MEMORANDUM OF UNDERSTANDING (MOU)
BETWEEN
THE ECONOMIC PLANNING UNIT
AND
THE OXFORD BUSINESS GROUP

SPEECH BY
Y.B. TAN SRI NOR MOHAMED YAKCOP
MINISTER IN THE
PRIME MINISTER’S DEPARTMENT

PUTRAJAYA
12 JANUARY 2010

Mr. Andrew Jeffreys
Editor-in-Chief
Oxford Business Group;

Y.Bhg. Dato’ Noriyah Ahmad
Director General
Economic Planning Unit
Prime Minister’s Department;

Distinguished Guests

Ladies and Gentlemen.

Assalamualaikum Warahmatullahi Wabarahkatu and good afternoon.

1. It gives me great pleasure to be here today to officiate the signing ceremony of the Memorandum of Understanding between the Oxford Business Group and the Economic Planning Unit.

Ladies and Gentlemen,

2. The Oxford Business Group (OBG) is widely recognised as a leading publisher of comprehensive and analytical reports of political, macroeconomic and sectoral developments, including banking, capital markets, energy, infrastructure, industry and insurance. OBG's series of publications are well renowned as the leading source of economic information on nearly 30 countries across the Middle East, Africa, Asia, Eastern Europe and the Caribbean.

3. In 2006, Malaysia through MIDA had collaborated with OBG for a report on Malaysia. Today we strengthen our collaboration with the signing of an MOU between EPU and OBG, for the publication of The Report: Malaysia 2010. It is particularly timely for such a collaboration, given the Economic Planning Unit is presently formulating the Tenth Malaysia Plan.

4. The Tenth Malaysia Plan is especially significant given it covers the period of 2011 to 2015. This period is critical in determining whether Malaysia will achieve Vision 2020. Firstly, in the context of the global financial crisis, it will be during this period that Malaysia will need to achieve a robust recovery and return to a trajectory of high growth. Secondly, and perhaps more importantly, the Tenth Malaysia Plan period is key for Malaysia to achieve significant progress towards embracing a new economic model, necessary for our transformation into a high income economy. It is not just a question of achieving high growth but also one of the quality of growth. The momentum of economic growth going forward, will need to be driven by productivity and the Malaysian economy needs to be increasingly knowledge intensive and innovation led.

5. The Tenth Plan will therefore be an ambitious plan, it will encapsulate the policy direction and developmental priorities for Malaysia’s transformation ahead. The formulation of the Tenth Malaysia Plan is made even more challenging given significant uncertainty and volatility continues to cloud over the global economic outlook. However, we are not embarking on this path alone. Indeed, a key thrust of the 10th Malaysia Plan will be forging effective public private partnership. Daunting as the outlook may seem, I remain confident as Malaysians have always risen to the challenge. We have not only survived past crises but emerged stronger.

6. Whilst a new economic model, by definition involves a paradigm shift, we are not starting from a zero base. Our confidence in achieving Vision 2020 is premised on the many strengths that Malaysia has to build on. We have a young, skilled and dynamic workforce. We are global leaders in resource based industries, whether in terms of palm oil production or rubber glove manufacturing. We can further leverage on these strengths by deepening downstream activities. The new economic model will also build on our existing competitiveness in manufacturing and strengthen the cluster by moving up the value chain, such as in electronics. At the same time, our services sector continues to expand strongly and there remains significant potential to be unlocked from our strength in Islamic Finance and Tourism.

Ladies and Gentlemen,

7. The Report: Malaysia 2010 is expected to be released in June 2010 after the announcement of the Tenth Malaysia Plan. It will contain an assessment of the Malaysian economy and give an independent view of the policies and strategic directions embarked upon to achieve a high income economy.

8. This collaboration and cooperation with OBG is part of our proactive engagement approach to ensure our policies and priorities are well understood, particularly by the investor and business community. Malaysia is committed to continue strengthening its attractiveness as an investment destination and place to do business. Some of our initiatives have borne fruit, evidenced by the improved position of Malaysia from 24 last year to 21 in 2009 based on the World Bank’s Doing Business survey.

9. There is much more being done and will be implemented to further reinforce Malaysia’s competitiveness and ease of doing business. I am confident The Report: Malaysia 2010 will prove invaluable in providing investors and businessmen worldwide with details of the latest economic development features and investment opportunities in Malaysia, in addition to a good insight into the Government’s policy direction and developmental priorities.

10. In conclusion, it gives me great pleasure to officiate this MoU and I very much look forward to receiving my copy of The Report: Malaysia 2010 in due course.

Thank you.

Economic Planning Unit
Prime Minister’s Department
12 January 2010.