00:00How does Bajat 2026 create new opportunities for youth empowerment in education, also entrepreneurship?
00:17And what steps will be taken to ensure that these benefits reach youth in both urban and rural areas?
00:25So, to be simplified, what are the opportunities that youth get in every corner of Malaysia from the Bajat 2026?
00:35See, Bajat 2026, you must realise this.
00:38In framing a budget, what is required?
00:42Firstly, to understand the national priorities.
00:49Of course, the country has to grow.
00:52We have to prepare the economy to be attractive as a destination for foreign direct investment.
00:59At the same time, to attract domestic investments.
01:03Be more vigorous efforts to invest.
01:08Now, this morning I was at 8 a.m., I was at the Prime Minister's department gathering.
01:17And I talked about, first you must understand the macroeconomic policy.
01:21Some of you, of course, especially in economics or in various faculties such as the political economy of this economics.
01:31We all talk about Adam Smith.
01:34Our generation, in particular, we just absorb the thinking of economic policy based on the wealth of the nations.
01:46Which, to me, remains a very important trigist.
01:50I'm not disputing that.
01:52But there's one view.
01:53A prominent view.
01:55And the problem is our education system sometimes.
01:58We get obsessed with that particular view.
02:01But even then, even if you decide to place such an importance to Adam Smith's work, wealth of the nations,
02:11you must also understand and realize that Adam Smith has two masterpieces.
02:17One is wealth of the nations.
02:19The other is a theory of moral sentiment.
02:22You should read both.
02:24The wealth of the nations focus mainly on the issue of growth, of capital, and of course, a capitalistic economy.
02:35But the theory of moral sentiments talked about concern, justice, concern for the wealth of the workers.
02:43So it's a big balance about the issue of moral sentiments.
02:46That's why the title of this book is The Theory of Moral Sentiments.
02:51So there is some balance.
02:53I was in a retreat with Amatya Sen and Michelle Kamdesu in Bilbao in Spain.
03:02Amatya Sen was his wife, Emma, a professor, a philosophy professor of history from Oxford.
03:08It's interesting that when we were discussing Adam Smith's wealth of the nation and a theory of moral sentiment,
03:14she made this very pertinent remark which surprised me.
03:18He said, I don't know.
03:21Now standing your concern and your concern of Adam Smith, which I share because of the need to be more concerned with the welfare of the poor and the marginalized,
03:31she said, and it's 14 or 17 times in the wealth of nations where Adam made reference to the word inequality.
03:45It was shocking because what we read or what we studied or what we taught, purely capitalistic venture.
03:55What more even.
03:57So in crafting a budget, I have to consider, for example, growth.
04:01Confidence.
04:03Domestic.
04:04Foreign direct investments.
04:06At the same time, growth to whom?
04:09Coming to the welfare of the majority.
04:11To the people.
04:13How can you have a country booming?
04:16We used to have 10%, now 4%, 4.5%.
04:19And still, we have abject poverty.
04:23People don't have enough to eat.
04:26Or can't buy school uniform.
04:29To me, it's not acceptable.
04:31We have to try and find ways and means to help resolve.
04:36And that's, and, and, you know that to discuss more funds to education, to health, to infrastructure.
04:44Then, you need to tax.
04:47That is the conventional theory.
04:50In the past, there has been a, you have to tax in order to get revenue.
04:55It's bad.
04:56But, if you do that, what is the assumption?
05:00The assumption that everything is right.
05:02Everything is not right.
05:04Not even in this country.
05:07Why?
05:08There are many dictages.
05:10There's still corruption.
05:12There's still smuggling.
05:15There's still cartels.
05:17Why do we deal with this first?
05:20But this involves big tycoons.
05:22Big players.
05:23Powerful people.
05:25There's squandered, not 100 million, billions.
05:28Take it back.
05:30The government has to take them back and spend on the people.
05:34On education and on the young.
05:40Now, it's not easy, I'm telling you.
05:43We used to subsidize in a form of other.
05:46For chicken.
05:47To help.
05:48Okay?
05:49The rationale is what?
05:50To help the people, we have to subsidize.
05:53How much?
05:54Average 1.1 billion ringgit per year.
05:59Just subsidize.
06:00So that the price of chicken is low.
06:02Okay?
06:04Then we look.
06:05Why is it that the price of chicken in Thailand is much lower?
06:10So we say no.
06:13Withdraw that.
06:14Support.
06:15Because it's controlled by the cartels.
06:18Talk to the cartels.
06:20If they threaten to increase the price,
06:22we'll import the cheap chicken from Thailand,
06:26put it in the cold storage,
06:29and then bring it up and distribute.
06:35If they start imposing higher price.
06:40Now, we did that two years back.
06:43We saved 1 billion ringgit per year,
06:46and the price of chicken is still low.
06:49That's what policy is.
06:51We don't tax.
06:52We withdraw that subsidy to the ranch, to the cartels.
06:56Same as the chicken.
06:57We introduced two years back this tariff for electricity.
07:02It became a big issue.
07:05PMX is unjust.
07:08Increasing price of tariff to the people.
07:11But 85% of the people,
07:14your families here don't pay.
07:17The rich industries pay.
07:19They're very rich people.
07:20You have six accounts in your house.
07:23Why must the government subsidize you?
07:25You pay.
07:27Why is it so difficult?
07:30So here, you have members of parliament,
07:33particularly the opposition,
07:34talking and opposing this.
07:36So I ask them,
07:37whom do you represent?
07:39You represent the rich.
07:41You go to the village,
07:42you say, we are the champion
07:44and the conscience of the people.
07:46You go to parliament,
07:48you support the rich.
07:50I mean the rich,
07:52we are not even penalizing them.
07:54We are not imposing a higher fee.
07:56We are just saying,
07:57you pay the market rate.
07:59We are not subsidizing you.
08:01How much you will be saved?
08:03About 5 billion ringgit.
08:06Okay.
08:08Now,
08:09Ron 95 subsidy.
08:11Petroleum.
08:13We reduce,
08:151.99 for Malaysians.
08:17And the foreigners,
08:18my apologies for you.
08:20You pay.
08:21And it's still cheap.
08:23Don't complete.
08:24Our price of petroleum,
08:26Ron 95,
08:27is cheaper than Saudi Arabia or Qatar.
08:31Okay.
08:35How much can we save?
08:372.5 billion ringgit.
08:39So you don't need,
08:40I don't need to tax.
08:42Just break that monopoly.
08:45Break the Qatar.
08:47So,
08:49similarly,
08:50we have smuggling.
08:52Rampant smuggling.
08:54Poor enforcement.
08:57In the last two years,
08:59I announced on Friday,
09:01we shocked many immaculates.
09:03Even Zamri was surprised.
09:06I don't know why he should be surprised,
09:08but he was.
09:10Because,
09:11we thought that probably
09:12we were able to
09:14take back from
09:15corrupt money,
09:16from the syndicates,
09:17from smugglers,
09:18from all sorts of cartels
09:21and syndicates.
09:23You know,
09:24in two years,
09:25we collected 15.5 billion ringgit.
09:29And,
09:30this is why,
09:31this is why,
09:34this is why I've been talking about
09:36governance,
09:37Tata Kelola.
09:40Leadership must be clean
09:42and,
09:43and stop this nonsense,
09:45this corruption in this,
09:46our country.
09:52Yes.
09:53And,
09:54I need the support of the young.
09:55You must take the lead.
09:57You must say,
09:58no more corruption in this country.
10:00No smugglers.
10:01No syndicates.
10:02Yeah.
10:05Now,
10:06because of that,
10:07I'm able to start something
10:09which is close and dear to my heart.
10:12Education should be free.
10:14So,
10:15I started,
10:16I can't go,
10:17I mean,
10:18in a radical way,
10:19I've got to do it,
10:20make sure it is done,
10:22in the,
10:23faces.
10:24So,
10:25from next year,
10:26the very poor in this country,
10:28will get free education
10:30at the university.
10:35And,
10:36Inshallah,
10:37if the governance is right,
10:38we will slowly graduate them.
10:40Slowly.
10:41Okay.
10:42So,
10:43piti piti end,
10:44they can borrow,
10:45they then,
10:46it becomes a scholarship.
10:48See,
10:49we can,
10:50from,
10:51why do I get,
10:52to do this?
10:53Because,
10:54I'm able to make sure,
10:56and,
10:57and crack this,
10:58excesses,
10:59in,
11:00in,
11:01and leakage.
11:02Now,
11:03similarly to the,
11:04we are,
11:05now,
11:06giving so much assistance,
11:07first,
11:08the gig economy,
11:09because a few hundred thousand,
11:10yeah,
11:11that,
11:12additional training,
11:13additional exposure.
11:14Now,
11:15if you get,
11:16the right,
11:17disciplines,
11:18in the universities,
11:20there's no,
11:21issue about,
11:23graduate,
11:24unemployment.
11:25We will have to make sure,
11:28that there's no mismatch.
11:30We will make sure,
11:31that people are more,
11:32trained and qualified,
11:33with the right discipline.
11:35We must make sure,
11:36the universities,
11:37provide,
11:38better education.
11:40we are short,
11:4130,000 engineers,
11:43in this country.
11:44And now,
11:45AI,
11:46and,
11:47accountancy,
11:48law,
11:49even proficiency,
11:51in languages.
11:53English,
11:54in particular.
11:55So, I think,
11:56um,
11:57we'll do whatever,
11:59is necessary,
12:01because I think,
12:02if you look at the,
12:052026 budget,
12:07the focus,
12:08is a lot,
12:10often our parents,
12:12but more so,
12:13to the young.
12:14And the students,
12:16primary school,
12:17secondary school,
12:18and,
12:19graduates,
12:20and,
12:21youth,
12:22in general.
12:23A lot of focus,
12:24is given,
12:25for training,
12:26including TVN,
12:28and,
12:30opportunities for,
12:32re-training,
12:33up-scaling,
12:34re-scaling,
12:35etc.
12:36Okay?
12:37Terima kasih.
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