AUGUST 24 — The Prime Minister’s speech on the Madani Economics Framework (MEF) was much anticipated. Observers have been wondering whether the economic policy under the PMX...
AUGUST 24 — The Prime Minister’s speech on the Madani Economics Framework was much anticipated. Observers have been wondering whether the economic policy under the PMX will be more of the same or whether it will be an inflection that will steer Malaysia away from the ambiguities of the past.
We also need to understand what has been dragging us from breaking out of the middle-income trap and constraining our progress for the last two decades. This discussion will inevitably include assessing regressive policies and regulations, resource allocation decisions, mental models, the role and impact of government-linked corporations, the risk appetite of our private sector, the responsiveness of our civil service and the level as well as quality of leadership in this country.
The MEF has a number of quantitative targets as outcomes. However, in strategic thinking it also important to define clearly the performance drivers needed to create the outcomes. Managing strategy implementation is not about managing the outcomes. It is about managing the performance drivers in order to create the outcomes. The performance drivers needed is rooted in our understanding of the competitive advantage that will be used to outperform competitors.
In making this strategic assessment, let’s begin with the end in mind. If the US has a national brand image as a country where opportunities to make money from technology exists in abundant, China is the world’s biggest market, India and Indonesia are the future mega markets, what then is the brand image Malaysia should have in the future? Malaysia, like most Asean countries, had in the past built its reputation as a low-cost manufacturing base.
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