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S T R I V E T O R E A L I S E H I G H - I N C O M E N A T I O N G O A L

STABILITY: Economic achievement and wel lbeing of rakyat are key, says k ing

Yang di-Pertuan Agong Tuanku Abdul Halim Mu'adzam Shah wants the government to continue the goal of becoming a high-income economy that also ensures the wellbeing of the people.

"We hope this administration will continue to realise the country's objective of becoming a high-income, advanced nation that is not premised solely on economic achievement, but also on the wellbeing of the people," the king said.

Speaking at the opening of the fourth session of the 13th Parliament sitting here yesterday, Tuanku Abdul Halim said the government was concerned about the rakyat, especially the bottom 40 per cent and the middle 40 per cent income groups.

He added that the groups' wellbeing would be improved through the increase in minimum wage, expanding the social security network providing micro-finance facilities, upgrading of skills, and the expansion of the e-Rezeki and e-Usahawan programmes under the 11th Malaysia Plan, which will kick off this year. The government will also provide high-speed broadband, with at least 95 per cent of the population having access to the Internet

C O M P E T I T I V E N E S S I N F O L I N E

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by 2020.

"The government will continue to provide allowance to the disabled, assistance to poor children, temporary shelter to those in need, as well as medical assistance to retirees and civilians." He welcomed the setting up of the Special Committee to address the increase in cost of living and the addition of zero-rated goods.

The programme to build afford able homes and access to quality healthcare would be intensified, he said.

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"So far, 50 per cent of the one million homes targeted to be constructed between 2013 and 2018 have been completed."

Other initiatives such as interest free loans for Orang Asli, as well as the 1Malaysia Civil Servants Housing scheme and 1Malaysia People's Housing Programme, would continue, he added.

The government is also committed to continue improving the quality of life of Orang Asli and Bumiputeras in Sabah and Sarawak.

The king said the attempts of some parties to play up racial sentiments and abuse social media to incite, slander and spread extremist contents must be stopped and ad dressed immediately.

"Religious issues have to be referred to religious authority and it is group to make their own interpretation as this can create confusion, tension and conflict in society."

Tuanku Abdul Halim hoped the measures to strengthen religious institutions and enhance the efficiency of Islamic administration laws through the empowerment of the Syariah Court could be sped up.

He said efforts to discredit the nation in the eyes of the international community should be avoided.

Tuanku Abdul Halim hoped civil servants would protect the confidentiality of government documents and adhere to the laws and rules to safeguard national stability. He earlier said security and terror elements which threatened the nation were real.

"The development of militant threats and terror elements, which have started to spread in the country, has to be given serious attention as it can

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plunge the nation into chaos.

"As such, we support proactive measures through legislation and the upgrading of military assets to stop extremism and the spread of militant ideologies."

He said the government was committed to upgrading security infrastructure at the borders and empowering the control of security agencies through the Border Security Agency.

Malaysia's participation in the Regional Digital Counter-messaging Communication Centre to combat terrorism and human trafficking had gained international recognition and helped to improve the country's ranking in the United States State Department's annual re port on human trafficking, he added.

Tuanku Abdul Halim thanked the civil service and the sacrifices of the armed forces, police, civil defence and enforcement agencies to pre serve the nation's sovereignty and security.

He welcomed efforts to transform Parliament.

"We hope that the members of parliament (MPs) will accept the amendments to make the institution stronger and more effective as a branch of national administration.

"I also hope all MPs will stop politicking for narrow interests as this has gone on for too long, and has exhausted the people and government.

"In a constitutional democracy, we can have differences of opinion but refrain from fostering enmity and slander that can lead to the downfall of the nation."

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TPP BOOST FOR SMES

K UALA LUMPUR: SMALL and medium enterprises (SMEs) of the 12- member grouping of the Trans Pacific Partnership

can look to the support of all the governments to break entry into global value chains. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said an SME committee, represented by the government and private sector, will be set up when the TPP agreement takes effect. Capacity-building in terms of exports, cooperation, information- sharing will be addressed, while a dedicated website will also be set up to help SMEs adjust to a trading bloc (without borders). In Malaysia’s case, he said, SMEs must take advantage of the opportunities to gain market access to the United States, Canada, Mexico and Peru, countries which Malaysia does not have a free trade agreement with. The TPP agreement, which is expected to take effect two years from when it was inked in February 4 this year, has a special chapter on SMEs. SMEs form the backbone of the economies of most of the TPP countries, providing more than 50 per cent of job opportunities.


“SMEs must keep up with the changes in the business landscape, lifestyle patterns and the Gen Y purchase habits so as to remain in business,” Mustapa said during a TPP sharing session with SMEs, here, yesterday. The TPP is about scale and increased market access for Malaysia products, which in turn provides spillover and multiplier effects to economic activities to even the “remotest villages”. Speaking to the media later, Mustapa explained that the government is providing various capacity-building programmes over the next two years to

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International Trade and Industry Minister Datuk Seri Mustapa Mohamed addressing SMEs at the TPP sharing session in Kuala Lumpur yesterday.

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prepare the players in the textile industry. They include training programmes to improve the standards to enter the global market. Malaysia has been identified as one of the key beneficiaries in the textile sector and 10,000 SMEs stand to benefit. The entry for products like shirts, which make up 35 per cent of the textile exports to the US, will see a surge since the current 25 per cent duty will be eliminated, he added. Come 2018, Malaysia will stand to benefit from the tariff reduction for products in the electrical and electronics (E&E) sector, rubber products, palm oil, transparent equipment and wood products. Canada will eliminate tariffs for Malaysian exports in E&E and palm oil when the TPP agreement comes into effect. Meanwhile, several SMEs shared their excitement about the changing business landscape in the Pacific Rim. Builders Biomass Sdn Bhd chairman Ooi Suan Kim described the TPP agreement and Asean Economic Community as two platforms for the company and other Malaysian SMEs to leverage and expand their market reach. “For us, in the face of challenges, we embrace changes to adapt, carving out our niche. The TPP is a catalyst for us to chart our future.” Builders Biomass produces biomass waste pellets as a source of green energy and its exports span across Asia and Europe. VG Offshore Containers International (M) Sdn Bhd managing director Arvin Menon said his company can now venture into unchartered waters, in countries like Mexico, thanks to the TPP.

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Dealing with customized container solution for the oil and gas sector, which include rigs and FPSO, the company has been producing for export markets. It also won the coveted Asean Business Award 2015 for SME excellence last month. Fadzil A Rashid, who is in the lighting industry, cautioned that it will not be easy to move into the international market as standards have to be complied with.

“We complement the ‘big boys’ and not compete with them,” he added.

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N E W S S T R A I T S T I M E S

ECONOMISTS SEE 3 .2 pc CPI GR O WTH

K UALA LUMPUR: The Consumer Price Index may have grown by 3.2 per cent in March compared with the same period a year ago,

say economists. The Statistics Department will release the data today. The CPI rose by 3.5 per cent in January and 4.2 per cent in February. Although Bank Negara Malaysia outlook is for a lower and more stable inflation of 2.5 to 3.5 per cent for 2016, economist expect the first quarter to post higher growth compared with last year. This was due to the adjustment in the administered prices and the weaker ringgit factor. Outgoing central bank governor Tan Sri Dr. Zeti Akthar Aziz held that the ringgit’s current level would be stronger if it reflected the country’s fundamentals, namely the steady growth, low inflation and an improving fiscal position.


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INFORGRAPHICS NST

CPI forecast for March

(% year-on-year)

AmInvestment Bank 3.6

BIMB Securities 3.4

DBS Bank 3.5

Kananga Investment Bank 2.5

Maybank Investment Bank 3.4

RHB Research 2.6

Standard Chartered Bank 3.2

UOB Bank 3.4

Average 3.2

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FUNDAMENTALS STILL S OUND, SAY AGENCIES

K UALA LUMPUR: GLOBAL rating agencies, impressed with the five per cent growth Malaysia chalked up last year despite tough

economic conditions, have acknowledged that the country's fundamentals remain sound. Their assessment of Malaysia came out of the meetings last week between Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah and senior representatives of Fitch Ratings, Moody's and Standard & Poor's (S&P), ahead of the International Monetary Fund-World Bank annual spring meetings in Washington. "Malaysia's prospects are even brighter as the government plans and prepares to take the country beyond Vision 2020 that will see Malaysia competing successfully with other high-income countries," said Husni in a statement. Last month, Moody’s assessed that Malaysia’s long-term economic prospects remained favorable given its structural strengths and diversified economy, despite the revision of its ‘”A3” rating outlook to “stable” from “positive”. Fitch affirmed Malaysia’s long-term foreign and local currency issuer default ratings as “A-” and “A”,


respectively with a “stable” outlook in February due to government’s commitment to fiscal consolidation path, a stable ringgit and reserves and stronger economic growth. S&P late last year maintained Malaysia’s “A-” and “Stable” outlook. Husni said Malaysia’s development plans were unaffected by the recent budget recalibration, adding that the government would always invest in the development of the people. He said that task ahead for Malaysia and global leaders would be fraught with many difficult

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I M P R E S S E D : F i t c h , M o o d y ’ s a n d S & P a p p l a u d M a l a y s i a ’ s g r o w t h

Second Finance

Minister Datuk

Seri Ahmad Husni

Hanadzlah

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situations, given the context of current uncertain global environment and escalating humanitarian crisis. He urged the World Bank Group to remain focused and take the lead in tackling the challenging global development issues. Husni said the World Bank Group should proactively explore innovative financing options and other financial support facility to assist member countries during and in the aftermath of a disaster. “The world needs more sophisticated and innovative solutions, and the World Bank Group needs to collaborate with other multilateral development bank, global agencies and regional groupings to avoid and duplication and wastages. This also includes tapping the private sector, which is the catalyst for development,” he added.

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CHANGING TACK TO IMP ROVE STEM

EDUCATION

S CIENCE, Technology, Engineering and Mathematics education, or STEM, has recently come under scrutiny not just in

Malaysia, but also in many countries of the world, including the United States. Policymakers have grown uneasy knowing things are not going well with STEM. There is concern over the declining interest among students. Even those who have taken up STEM have not quite demonstrated the desired outcome. We have, for example, fared poorly in some of the benchmark international competitions in STEM, such as PISA (Programme for International Student Assessment). In fact, we have even performed poorly compared with some of the new entrants from emerging economies. It’s not for want of trying. How do we address this? The Academy of Sciences recently hosted a discourse, which brought together the education, higher education, and science, technology and innovation ministries, as well as industry representatives from sectors such as oil and gas, plantation and manufacturing to deliberate on what else we can recommend to the government on STEM.


As usual, the workshops hosted by Mosti talked about the same grouses that have preoccupied previous workshops. Quality of teaching, lack of proper infrastructure, ineffective pedagogy, rural-urban divide in terms of facilities, poor implementation and many more. It was obvious the issues were not new. There have been many discloses on STEM. The academy has made numerous submissions to the government on actions needed to boost STEM education. In fact, the latest blueprint on education has outlined the approaches needed to address the concern. Yet, we continue to organize workshop

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STRATEGY: Stakeholders must work together for a coordinated national effort that embraces quality to achieve our goal

“We need a

system of

implementation

which allows us to

gauge whether we

are on the right

track or not. We,

therefore, need

an institutional

driver of STEM.”

DR. AHMAD IBRAHIM

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after workshop to deliberate on what to do to invigorate interest in STEM. Many views were expressed as to why past initiatives in STEM have not succeeded. A few raised the issue of lack of implementation of the actions identified. Admittedly, we as a nation are very good as producing plans. Unfortunately, we have difficulty acting on the plans. It is not just the plan for STEM. Many pother plans, including Science, technology and Innovation, Industrial and Agriculture master plans, suffer a similar fate. The desired outcomes have always alluded us. Some explain we are addicted to aiming for short-term results rather than go for the long haul. We are always in a hurry to demand results. Some attribute the failings to too much interference, which has led to frequent changes in implementation strategies. It is time for change. We can start with STEM. There is no denying that in the era of innovation and disruptive changes in the technology landscape, a country’s strength in STEM is a definite asset. A string command of STEM will put us in good stead when it comes to elevating the nation’s competitiveness. STEM is, therefore, an important investment in nation building. But, we must recognize the fact that STEM education is a journey. A long and arduous one. We

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should not expect immediate results. We need to implement a mechanism that will eventually lead to the desired outcome. Most of all, we need a system of implementation which allows us to gauge whether we are on the right track or not. We, therefore, need an institutional driver of STEM. Implementation cannot be on an ad hoc basis because the effective delivery of STEM calls for a coordinated national effort. Stakeholders, including industry, the public and the government, must together work to make STEM a success. This is where the strategy must embrace th quality approach. This refers to the plan, do check, action (PDCA) strategy. This is being done under the Outcome Based Education (OBE) approach where the ultimate objective is to implement Continuous Quality Improvement (CQI). In the accreditation exercise for engineering programmes at universities, OBE and CQI are mandatory. We need to face the fact that all plans have to be dynamic and flexible f they are to have any chance of success. They are living documents. Plans needs to be implemented, monitored and analyzed to continuously improve. We need to adopt the same strategy for STEM. This way, future workshops will only discuss ways out of obstacles to deliver progress, and not repeat the grouses.

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‘ASEAN CAN W ORK TOGE TH ER FOR PEACE’

O VEREMPHASIS on national interests is one of the challenges to greater security integration among Asean members.

Defence Minister Datuk Seri Hishammuddin Hussein said while no one was suggesting that Asean nations should surrender their sovereignty, it was frustrating that rivalries, chauvinism and paranoia stood in the way of closer cooperation between countries. “At the end of the day, we have to realize that Southeast Asia has a common destiny, and that prosperity as well as peace can only be won if we work together,” he said in his keynote speech titled “Building Regional Security Integration in Southeast Asia” at the Putrajaya Forum 2016 here yesterday. The session was moderated by The New Straits Times Press Bhd chairman Tan Sro Mohammed Jawhar Hassan. Hishammuddin put forward several proposals to boost security integration in Asean. First, he proposed that confidence-building initiatives, such as military cooperation and exercises between countries in the region should be ramped up to forge peace. “Joint exercises and exchanges not only forge


friendships but also push our militaries to do better.” “Another exciting prospect is collaboration in natural disaster and humanitarian relief.” He also proposed that sub-regional groups could be used to address security concerns. “For instance, great good can be done towards improving the southern Philippines and Sulu Sea issue through cooperation between Brunei, the Philippines, Indonesia and Malaysia.” Hishammuddin’s third proposal was to include all levels of society in Asean to drive regional integration, and that it should not be left to top leaders. “Indeed, peace and cooperation are only sustainable and lasting if they involve all members of the various societies. Security cooperation will only take root in Asean with the participant f civil society ad business.” After his speech, he took questions from the floor, which was made up of military officers, security analysts and officials from around the world. A military officer from Uganda asked

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COMMON DESTINY: ‘Overemphasis on national interest obstructs integration’

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Hishammuddin, what Asean would do if the grouping was forced choose between the China and the United States in the event of war. He said it was easy to succumb to the temptation of war, but leaders had to resist that. “A wise man told me when I took office, ‘Your job as defence minister is to avoid war.” “I feel that China and the US do not want to see this region unstable. The waterways of the Straits of Malacca and the South China Sea are crucial (to them).” He said the time had not come for Asean to choose between the two powers, as it was not in their interests to see the region unstable.

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B M C C S E E S M L A Y S I A - U K I N V E S T M E N T S G R O W I N G T O £ 8 b

British Malaysian Chamber of Commerce chairman Andrew Sill says so far, the top 24 British companies -in Malaysia alone have invested over RM86 billion and created around 70,000 jobs

KUALA LUMPUR: The United Kingdom

and Malaysia are set to double trade and grow investments to £8 billion (RM45.76 billion) this year, said British Malaysian Chamber of Commerce (BMCC) chairman An drew Sill.

"So far, the top 24 British companies in Malaysia alone have invested over RM86 billion in Malaysia and created around 70,000 jobs," he said in an interview, here.

As the service delivery partner for the UK's small and medium enterprises under the Overseas Business Network Initiative, Sill said BMCC strove to strengthen relations and rapport between the chamber, UK Trade and Investment, Foreign Commonwealth Office and Malaysian government institutions, local industries and workforce to foster more bilateral trade.

He noted that the UK emerged as Malaysia's fourth · largest trading partner among - European Union countries in 2013with a total trade of RM13.03 billion while Malaysia was the UK'.s second largest trading partner in the Asean region after


Singapore.

Among British names that have established thei r footprint in Malaysia are Aberdeen Asset Management, Allied Pickford, BAE Systems, British - Petroleum, British America n Tobacco, Marks & Spencer, Dyson, Harrods, Marlborough College, Petrofac, Pinewood Studios, Tesco, Weir Group and the University of Nottingham.

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BMCC Chairman, Andrew Sill

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"For the past 30 years, UK businesses have invested more than £20 billion in Malaysia," said Sill.

Since 1963, BMCC has been a catalyst in providing businesses on both sides of the continent with net working, knowledge exchange, bilateral trading assistance and support.

Malaysian investors that have put in money into the UK's utility, real estate and hospitality sectors are SP Setia Bhd, Sime Darby Bhd, YTL Corp Bhd, Amcorp Properties, Tanjong plc, Genting and Hong Leong Group.

To date, Sill, who is also The Royal Bank of Scotland country executive of Malaysia, Indonesia and Thai land, noted that BMCC's member ship had grown to an all-time high of 280 represented companies and a network of over 100,000 employees.

Among its high profile members are Rolls-Royce Malaysia Sdn Bhd, British Airways, Balfour Beatty Rail, Petrofac Malaysia and The Alice Smith Schools Association.

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F O U R K E Y P I L L A R S T O S T R O N G G O V E R N M E N T

IIAM President says “Toxic culture” can undermine good governance...

K UALA LUMPUR: For an

organization to be successful, it must have strong governance backed by four

key pillars: board of directors, management team, internal auditors and external auditors. "If the four pillars are not working effectively, we will be seeing more high-profile corporate scandals such as at FIFA, Olympus, Volkswagen and Toshiba, where 'toxic culture' can undermine good governance and ultimately destroy shareholders' value," said Institute of Internal Auditors Malaysia (IIAM) president Datuk Shabaruddin Ibrahim. He said a farsighted and effective nomination committee would keep an eye on the need for a succession planning in the boardroom. The board, meanwhile, should be strengthened by independent directors who do not have any connection . with the company and, therefore, have no conflict of interest in the discharging their duties. "Any approval being sought at the board level


needs to be approached with a watchful eye and inquiring mind," Shabaruddin said in a statement. He said having independent di rectors was crucial as interests of management, the company and the shareholders differed. ·On internal audit, Shabaruddin said it should operate in an atmosphere that allowed it to function independently.

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IIAM President, Datuk Shabaruddin Ibrahim

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It should have the resources to do its job well and must have separate administrative and functional reporting lines to the chief executive officer and board or audit committee, respectively. He said an internal auditor must assess and make appropriate recommendations for improving the governance, risk management and control processes using a systematic and disciplined approach. Meanwhile, Shabaruddin said IIAM was working towards being endorsed as a professional self-regulatory organisation (SRO). "IIAM is in the process of building capacity and setting up the infrastructure to ensure that we are ready to take on the role as an SRO. We expect it to take up to five years for the entire process to be completed," he said.

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M I N I M U M W A G E I N A L L F I R M S

A L L W I L L B E N E F I T S F R O M N E W W A G E R A T E

W ith the exception of maids, all workers in the private sector will enjoy a higher minimum wage from July 1 onwards All private sector firms regard less of their staff size, will have to abide by the new ruling, according to the Minimum Wage Order (MWO) 2016, which was gazetted on April 29.

With the new order, the previous MWO 2012 no longer applies.

"The gazetting of MWO 2016 proves the commitment by the government to protecting employees' rights without ignoring the rights of employers," Human Resources Minister Datuk Seri Richard Riot Jaem said yesterday.

Economists lauded the government's move to raise the


minimum wage, but employers and the small and medium-scale industry association said the move would add to their cost of business.

"Many employers are facing challenges in a weakened economy, with revenue (for some companies) reduced by between 30 per cent and 40 per cent compared with previous years , " said Malaysian Employers Federation (MEF) executive director Datuk Shamsuddin Bardan.

"We have asked the government to consider postponing the new minimum wage, but the proposal was not accepted," he said.

Consumers Association of Penang president S.M. Mohamed Idris said the new minimum wage rate would benefit low-income workers and

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“The higher minimum wage that takes effect on July 1 applies to all companies re-

gardless of employee numbers. The human resources minister says the new rates

prove the government’s commitment to protecting the rights of workers. Economists

and consumer associations support the move, but the employers’ federation says it

will add to challenges in a weakened economy.“

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help families that were struggling.

"It would also be morally wrong for business owners and employers, citing higher operational costs, to pass on the cost to consumers." The new minimum wage will be RMl,000 per month, or RM4.81 per hour for Peninsular Malaysia, and RM920 per month, or RM4.42 per hour for Sabah, Sarawak and Labuan.

As for the daily minimum wage rate, it is subject to a maximum of 48 hours per week.

In ttie peninsula, for a six-day working week (48 hours), the daily minimum wage rare is RM38.46; five days a week at RM46.15, and four days a week at RM57.69.

In Sabah, Sarawak and Labuan, for a six-day working week, the daily minimum wage rate is RM35.38, five days a week at RM42.46, and four days a week at RM53.08, the minister said.

Riot said for workers who were paid on a piece-rate, task, tonnage, trip or _ commission basis , the monthly salary should not be less than RM1,000 in Peninsular Malaysia, and RM920 in Sabah, Sarawak and Labuan .

"The government hopes that the new minimum wage rate can boost the income of Malaysians, as well as help improve the country's economy in achieving high-in come nation status by 2020."

Prime Minister Datuk Seri Najib Razak said at a Workers Day rally on Saturday that the higher minimum wage rate would take effect as scheduled on July 1.

Prior to this, the minimum wage rate was RM900 in Peninsular Malaysia and RM800 in Sabah, Sarawak and Labuan.

Najib said the implementation of the national minimum wage policy in 2013 had benefited 1.9 million private sector workers, and was later extended to the public sector following a pay hike recently.

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Area

Minimum wage rate

Monthly Daily Hourly

Penisular Malaysia

RM1,000

Number of working days in a week

6 RM38.46 RM4.81 5 RM46.15

4 RM57.69

Sabah, Sarawak and Federal Territory of Labuan

RM920

6 RM35.38 RM4.42 5 RM42.46

4 RM53.08


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