00:00Three, two, one.
00:12When we formed the government at the end of 2022,
00:14we sought economic legitimacy through political stability
00:19in a world where the latter is increasingly hard to come by.
00:25Thereafter, we rolled out a series of progressive economic policies
00:31in our growth narrative, the economic madani,
00:35fiscal space and people-centric initiatives,
00:40whilst being driven by the fervor of institutional reform.
00:44The economy has rebounded dramatically, alhamdulillah,
00:48and we are seeing an influx of strategic investments across the board
00:55and impressively and substantially in renewables and AI infrastructure.
01:04A shifting world economic order and empowered ASEAN
01:09and a stable Malaysia means we are no longer satisfied with playing the spectator.
01:17We must therefore take up the mantle to chart the path,
01:21the path forward in three leadership domains.
01:26And this is, of course, the critical issue of economic leadership,
01:31by development, role modeling.
01:34And the outdated belief that economic reforms must be ecologically driven
01:39fails to appreciate the nuances of a nation's development.
01:46So, encouraging purely market-led growth
01:52should not be seen as being incompatible
01:56with the implementation of a comprehensive social agenda
02:02that advances equity,
02:05which means we cannot marginalize communities
02:10and ensure that policies should not exacerbate poverty.
02:18Now, this is, to my mind, the foundation of economy madani,
02:23humane economy for social justice,
02:26a concept that we have advocated for decades
02:31and reiterated in last year's Khazanah Megatrend Forum.
02:36Not dissimilar to the progressive capitalism of Professor Stiglitz,
02:44this is where governments are bold in setting rules,
02:48for example, on environmental protection, financial regulations,
02:53and others needed for the proper running of the economy
02:57to ensure that it works for all and not just for the few.
03:02In 2024, Malaysia successfully tamed inflation,
03:08reduced unemployment, and stabilized our currency.
03:13We have...
03:20But I must remind my colleagues, the cabinet members are here.
03:24We are not here to promote a culture of contentment or complacency.
03:29We always admit and accept the fact that there is room for improvement,
03:37and I always popularize what George Bernard Shaw used to say,
03:40the room is big for improvement.
03:43But we have to acknowledge the fact that we have had record highs in job creation
03:49and also the best performing stock market in ASEAN.
03:57Internationally, our foreign direct investments are historic
04:02and are region-leading in the areas of semiconductors and data centers.
04:08In 2025, here comes a challenge that you must address and deliberate during this forum.
04:20We want to double down on our geographical centrality
04:24as a conduit for electricity, talent, and supply chain diversification.
04:31Specifically, ASEAN Energy Grid from Laos to Thailand, Malaysia, Singapore,
04:39from Sarawak to IKN, Sarawak undersea cable to Sumeranjung, and to Singapore.
04:47It's a fantastic feat in terms of advancing ASEAN as a cohesive force
04:57and in terms of energy grid for ASEAN region.
05:04At the same time, we want to refine our expertise in oil and gas,
05:08semiconductors, and Islamic finance,
05:12so we can be the global market leaders in each field.
05:16It's our neutrality, centrality, and openness for partnership
05:22that makes us a natural hub for all.
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