Following Malaysian Prime Minister Tun Dr. Mahathir Mohamad's highly-anticipated speech at the Invest Malaysia 2019 event, an analyst recommended that governing bodies in the country need to submit to a new mindset in support of the PM's goals.
Ahmad A Talib of New Straits Times noted that for Mahathir to reach his goal of reclaiming Malaysia's throne as an economic leader, the Prime Minister should have governing bodies willing to adapt to his kind of thinking.
"That is why the first order of the new government is to ensure our institutions which had been compromised, are fixed and strengthened - a stronger check and balance on the government should raise the trust and confidence of Malaysians and the global community," Mahathir said in his speech.
For Ahmad, this goal cannot be achieved without ministers and politicians having the willingness to share their Prime Minister's workload. He added that governing institutions should have people who are competent and capable enough of regaining the public's trust. This is especially true, according to Ahmad, with the government's newest initiative, Visit Malaysia Year 2020 (VMY).
The initiative is aimed at promoting the country's local tourism industry. Mahathir said of the scheme, "We want it to be a catalyst in driving the tourism industry in Malaysia." It is expected that the initiative, if promoted worldwide, will drive the economy's growth further. However, the country's integrity has to be reinstated first through the help of renewed governance before Malaysia regains international acclaim.
Other Asian countries are already helping spur tourism in Malaysia. The Daily Star reported that Malaysia saw 154,000 visitors from Bangladesh in 2018. Marketing Manager of Tourism Malaysia, Mohammed Shoeb, attributed the growth to Malaysia's provision of easier visa processing and improved access to flights.
Meanwhile, other economists indicated that Malaysia still has a long way ahead in terms of economic prosperity followings it's suffering under the previous administration's controversies. Some industry analysts said Mahathir's government is still struggling to deliver its promise of a revamped nation.
According to the Australian Financial Review, most of the country's profits and expenditure can be traced back to the federal government. This setup leaves little space for local needs to be addressed. Government-backed firms are still dominating the Malaysian economy, and for some economists, this has to change to give way for private-owned businesses to shine.
The outlet recommended that the government should create policies that allow for growth among private small and medium enterprises as these businesses can also help spur developments in the country's overall economy.
