• SME News
New Economic Model Needs To Be Anchored In Private Enteprise
KUALA LUMPUR, Feb 8 (Bernama) -- The New Economic Model will work only if the ecosystem is solidly anchored in private enterprise, says Universiti Sains Malaysia (USM) Pro-Chancellor, Tan Sri Dr Lin See Yan.
"For the model to work, the innovation-based economic engine functions best in an ecosystem, that fosters its own incubation and an environment that promotes rule of law and a clear sense of security," he said at the 1Malaysia Economic Conference organised by the Associated of Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), here Monday.
He said the new economic model also works best in an ecosystem that builds unity in the face of diversity, inculcates a fair and open society and embraces family values and a sense of community.
"We need to work much harder and and faster. We must make progress everyday or be left behind other countries," he said, adding that the country, must achieve a high economic growth.
A member of PEMUDAH Datuk Pardip Kumar Kukreja, meanwhile said the new economic model must be relevant to the different segments of society which includes small and medium enterprises (SMEs), as the group is the backbone of the country's economic growth.
There are about 700,000 registered companies in Malaysia, of which 99.2 per cent are SMEs. "When we formulate our policies for the new economic model, we need to give distinct treatment to each segment of our society," he added.
PEMUDAH is the special taskforce established by the government to facilitate business. -- BERNAMA
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