Mahathir optimistic over nation's recovery

Prime Minister Dr Mahathir Mohamad said the new government has been working overtime to re-energise and clean up the mess left behind by the previous administration, with the road to recovery visible now.

Mahathir said the government has instituted crucial reforms to enhance stability, strengthen fiscal management and enhance corporate governance and transparency.

Nonetheless, he said, the government continues to be weighed down by the debt that it was saddled with by the previous administration.

He said while the government has taken steps to address this, it will take time to improve the country's fiscal situation.

"It has been one and a half years now since the government changed. As we uncovered more and more, we saw how Malaysia’s potential was squandered. But we can also now see the road to recovery ahead," Mahathir said this at the Permodalan Nasional Berhad (PNB) corporate summit in Kuala Lumpur today,

Present at the summit with the theme of "Rebooting Corporate Malaysia" were Economic Affairs Minister Azmin Ali and PNB group chairperson Zeti Akhtar Aziz (below).

Mahathir said the government remains committed to undertaking necessary initiatives to achieve the primary goal of restructuring the economy.

To achieve this, the prime minister said that it is imperative that the private sector takes the lead as a key driver of the economy.

Mahathir pointed out that the "reboot" carried out by the government has seen some semblance of normalcy returning into the system of governance and administration.

"Given the symbiotic relations between the government and the private sector, without doubt, corporate Malaysia will need the reboot as well and we believe as the government gets back on track, so will the corporate sector," he said.

Also in the speech, Mahathir said corporate Malaysia must play a bigger role in wealth and value creation.

The prime minister said that part of this process involves enhancing productivity and talent development.

"For the former, there has to be greater leverage on technology and for the latter, the private sector and the GLCs (government-linked companies) need to support the existing education system.

"Also, an important imperative is to empower entrepreneurs who will contribute to a dynamic private sector. 

"We need to also strengthen our existing institutions to generate the kind of talent that both the private and public sector need," he said.

Mahathir also called on corporate Malaysia to look to the Shared Prosperity Vision 2030 as an ideal to be upheld in all aspects.

"This is not mere rhetoric or hollow promises, as it reflects the government’s commitment to ensure that all Malaysians are provided with opportunities to prosper," he said.

- Bernama