JUNE 24 ― We missed the boat in 2020 but we have another chance.
S&P Global’s chief economist says Malaysia is on track to becoming a high-income nation by 2025 and it is partially attributable to the country's emerging role as a technology leader.
The current definition of high-income economy is a gross national income (GNI) per capita of more than US$13,200 (RM61,725). Our GNI per capita in 2022 was US$12,000.
Our industry structure is primarily electronics and integrated circuits manufacturing. Over the next 20 years, we will further develop as a hub for exporting manufacturers of electronics, software services and communications industry such as information technology business process outsourcing.
We are also one of the beneficiaries of a shift in supply chains to reduce dependency on North East Asia due to high labour costs, geopolitical reasons and natural disasters coupled with our good infrastructure, reliable communications and good transport.
To earn the extra dollars or pennies, we need smart and visionary leaders who can propel us to greater heights.
Leaders that ensure the vision becomes reality with clear goals, practical plans and equipping and empowering each member to take action on the plan and be accountable.
In our present context, the leaders must be ‘clean as a new penny’ ‘to make an honest penny’ since corruption is “ten a penny” and “costs a pretty penny”. We should also avoid a ‘bad penny’.
True, “a penny saved is a penny earned” but the plans should not be “penny wise and pound foolish”. Don't focus on minutiae and lose sight of the big picture while glaring inefficiencies are going on. There will be projects that ‘cost a pretty penny’ but it must be closely monitored so it is “worth every penny”.
There will also be “two a penny” projects which should also be monitored. In short, “count the pennies” or ‘take care of the pennies, and the pounds will take care of themselves’.
We do not want dictators but assertive ones and who has “penny for your thoughts”, one who will invite for ideas freely and neither do we want ‘bad penny’ among our leaders.
For the rakyat, many may not understand the plans and there must be transparency and clear explanation until “the penny drops”.
The journey started long ago and to meet the 2025 target, all parties must be ‘in for a penny, in for a pound’ to see it through, rather than stopping short again.
Once achieved, the fruits of the labour in terms of extra income will “be (like) pennies from heaven” while some will “be not short of a penny (or two)”. Of course, we do not want anybody to be ‘cut off without a penny’.
Any takers to “bet you a pound to a penny” that it will happen?
The above are my “two cents” or “two pennies” worth for consideration.
“And give the relative his right, and [also] the poor and the traveler, and do not spend wastefully” (Quran: Al-Isra’ - 26).
“Then those who came first had the idea that they would get more; and they, like the rest, were given a penny (Matthew 20:10).
What say you...
* This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
