Sunday November 15, 2009
Give priority for efficient and effective spending, say trade leaders
SINGAPORE: While Datuk Seri Najib Tun Abdul Razak’s goal of striving to achieve a 5% growth next year has received the thumbs-up, business leaders want priority to be given to proper implementation and execution of projects.
Apec Business Adviser Council (Abac) member Tan Sri Azman Hashim said while it was good that the Government was spending under the stimulus packages, it should be “efficient and effective”.
“The spending must go to the right areas as we have had bad experiences in the past, including purchasing old vehicles and building white elephants,” he told The Star at the sidelines of the Apec CEO Summit here yesterday.
The Malaysian Investment Banking Association chairman and Ambank Group chairman said the Prime Minister should set higher targets “so that people will stretch to achieve it”.
“If the figure is only 3%, all will work towards achieving it but with a higher target, all will have to try to achieve it,” he said, describing Najib’s panel session on Friday as being enthusiastic and positive.
Azman was among 63 Abac members from 21 countries who came up with 19 recommendations to be presented to leaders, ministers and government officials. There are three Malaysian Abac members taking part.
The recommendations include promoting post-crisis recovery, accelerating regional economic integration, resisting protectionism, concluding the Doha development agenda, enhancing investment and trade flow, enhancing connectivity, supporting the development of SMEs including micro-enterprises, ensuring access to labour and tackling illicit trade.
On protectionism, he said the United States, which should be a leading advocate of free trade and no barriers, was now bailing out its banks, motor industry and insurance industry.
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