Malaysian should be proud to have a great leader especially when the country is in such a strong foundation that any shakeout from the global giant U.S.’s economy would not affect Malaysia in any way. If you don’t believe me, you just got to listen to what the Second Finance Minister Nor Mohamed Yakcop said today.

“He said in a bold statement “Malaysia’s economy can handle any fallout from the U.S. subprime mortgage crisis … Investors were not expected to pull out of Malaysia despite growing fears of a broad sell-off of riskier assets … We expect more and more investors to come in as a result of our three corridors.”

So, just because the government had launched a couple of “corridors” of which the successfulness is still in question by public, you expect the whole world to listen and applause in admiration? Why then joined the rest of the central banks from Taiwan, Indonesia and Philippine in selling the dollars to support the currencies?

If the investors were not expected to pull out of Malaysia, who were selling heavily on the local stock market then? The government itself, I guess. The fact remains that Malaysia is still a country which relies heavily on manufacturing after decades in the same sector while the rest of the countries have move to higher value-chain and high-tech industries such as bio-technology.

Forget about the slogan of how the country will continue to progress and the human capital will be the bet to achieve the so-called objectives. Forget about what the former premier Mahathir was screaming – about how the developed countries should pay for IP (intellectual property) claimed to be robbed from the smart and intellectual people from developing countries such as Malaysia.

Mahathir can scream at his top voice till his throat sores, but it’s a well known fact that these “smart intelligent” citizens were kicked out and not wanted in the land of Malaysia out of fear they (the smarties) will challenge the already not so-smart politicians ultimately. It was a willing buyer willing seller basis as far as why these smart people migrated to developed countries at the first place. Hence it’s not how the developing countries such as Malaysia is losing out in the long run due to the stupidity of the short-sighted leader(s) but the smart, open and transparent policies of developed countries in welcoming future “Intelligent Properties” that is making the difference now.

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August 10th, 2007 by financetwitter

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