Sunday, July 1, 2012

Financial crisis will not resolve in the near term

The crisis in eurozone, the US and Middle East will not be resolved in the near future as these markets are still struggling to find their way out, according to former Prime Minister Tun Dr Mahathir Mohamad.

“I don’t think the eurozone is going to recover quickly. They are still in a state of denial. As for the Middle East, we will lose some of our market as the region is stabilising and there are still a lot of uncertainties.

“These financial climates will not be resolved soon as it is complicated. The way to recover is for them to recognise the causes and situations that they are in,” he said.

Dr Mahathir spoke at the fifth aniversary of The Malaysian Reserve (TMR) recently held in Kuala Lumpur where he graced the event and was invited to share his thoughts on five issues that would affect the local and foreign economies in the next five years.

Dr Mahathir also said that in the globalised world, Malaysia stands a chance to benefit from this despite being affected by the financial crisis.

“We have to look into the opportunities from these. Malaysia is a great country for taking advantage of other’s misery,” he said.

Meanwhile, Dr Mahathir said partnerships between the private and government sector via the “Malaysia Inc” model has proven to be a sucessful initiative which has brought economic benefits to the country in the form of infrastructure development and economic activities.

He also believes that the “Malaysia Inc” model is a very successful initiative that can be shared with other developing countries.

On other issues, Dr Mahathir said Malaysia, as a “maturing trading nation”, should not only take heed of the current global market developments but also capitalise on opportunities that may arise from economic problems and slowdown.

“We are maturing as a trading nation. We must know more about the global market because whatever happens to these markets will definitely affect us.

“We need to know the health of the markets and the markets today are not as good as they should be,” he said during the question-and-answer (Q&A) session moderated by The Malaysian Reserve’s group editor/chief operating officer Halim Wahab at the function held last Friday.

The Malaysian Reserve’s anniversary celebration was attended by over 200 corporate executives including Tun Dr Siti Hasmah, The Malaysian Reserve’s chairman Tunku Ya’acob Tunku Abdullah, Redberry Sdn Bhd executive chairman Datuk Mohamed Al Amin Abdul Majid and Redberry Sdn Bhd chief executive officer Datuk Siew Ka Wei.

The all-business daily, The Malaysian Reserve commemorated its fifth year in publication, with a celebration at the Seri Pacific Hotel, entitled “An Evening With Tun Dr Mahathir Mohamad”.

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