Read More: http://www.btimes.com.my/articles/20111221233915/Article/
Prime Minister Datuk Seri Najib Razak yesterday painted a picture of an integrated Asian economy full of opportunities and called on Malaysian banks to be prepared to take their businesses across borders. He said the forces of change are becoming apparent as factors such as demographic changes, greater requirements for infrastructure development and emergence of industries powered by innovation have hastened regional integrations. In his speech launching the Financial Sector Blueprint 2011-2020, Najib said Asian economic development is set to accelerate over the coming decade as income levels and technological advances pick up. The new blueprint takes over from the successful 10-year Financial Services Masterplan which just ended after building a strong foundation for the country's banking and financial sector. Najib said economic development in Asia will substantially lift the economic welfare of around four billion people or 60 per cent of the global population living in Asia, including the Middle East. Greater physical connectivity across the region will also spur economic integration as infrastructures are upgraded and intra-regional investments increased to tap opportunities and comparative advantages of every Asian country, he added. The changes pose big opportunities for the Malaysian financial sector to mobilise regional funds and promote resource allocation to investments efficiently. "I want to see our financial sector playing a key role in the cross-border intermediation of Asia's financial funds, with Malaysia's financial institutions continuing to venture abroad and to replicate their domestic success in these new markets," Najib said. This will mean enhancing regional connectivity, providing high quality competitive services and becoming responsible partners to the regional community. He said as Islamic finance becomes an ever more important component of the global financial system, Malaysia should continue to develop and capitalise on its world-beating experience. Najib said the domestic financial sector has expanded over the last 10 years, contributing 12 per cent to Malaysia's gross domestic product and creating jobs for nearly 145,000 people. He said the sector has demonstrated remarkable resilience and stability during the global financial crisis. It has also continued to support businesses and economic activities in an intermediary capacity. "I believe the financial sector will play a pivotal role in helping Malaysia scale even greater heights and roll back new economic frontiers," he said.
Prime Minister Datuk Seri Najib Razak yesterday painted a picture of an integrated Asian economy full of opportunities and called on Malaysian banks to be prepared to take their businesses across borders. He said the forces of change are becoming apparent as factors such as demographic changes, greater requirements for infrastructure development and emergence of industries powered by innovation have hastened regional integrations. In his speech launching the Financial Sector Blueprint 2011-2020, Najib said Asian economic development is set to accelerate over the coming decade as income levels and technological advances pick up. The new blueprint takes over from the successful 10-year Financial Services Masterplan which just ended after building a strong foundation for the country's banking and financial sector. Najib said economic development in Asia will substantially lift the economic welfare of around four billion people or 60 per cent of the global population living in Asia, including the Middle East. Greater physical connectivity across the region will also spur economic integration as infrastructures are upgraded and intra-regional investments increased to tap opportunities and comparative advantages of every Asian country, he added. The changes pose big opportunities for the Malaysian financial sector to mobilise regional funds and promote resource allocation to investments efficiently. "I want to see our financial sector playing a key role in the cross-border intermediation of Asia's financial funds, with Malaysia's financial institutions continuing to venture abroad and to replicate their domestic success in these new markets," Najib said. This will mean enhancing regional connectivity, providing high quality competitive services and becoming responsible partners to the regional community. He said as Islamic finance becomes an ever more important component of the global financial system, Malaysia should continue to develop and capitalise on its world-beating experience. Najib said the domestic financial sector has expanded over the last 10 years, contributing 12 per cent to Malaysia's gross domestic product and creating jobs for nearly 145,000 people. He said the sector has demonstrated remarkable resilience and stability during the global financial crisis. It has also continued to support businesses and economic activities in an intermediary capacity. "I believe the financial sector will play a pivotal role in helping Malaysia scale even greater heights and roll back new economic frontiers," he said.
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