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Malaysia to Follow South Korea's Economic Platforms

by YuGee / Sep 26, 2016 06:48 AM EDT
KUALA LUMPUR, MALAYSIA - MAY 7: Malaysia's Prime Minister and Barisan Nasional (BN) chairman, Najib Razak speaks to the media about the election for the first time since Sunday’s vote on May 7, 2013 in Kuala Lumpur, Malaysia. His ruling coalition is one o

In the second series of interviews with different ASEAN leaders that focuses on the significance of enhancing the relationship among the 10-member countries organization by the Korea Times, Malaysian Prime Minister Najib Razak said that Malaysia is seeking to emulate South Korea's economic platforms in order to make his country's economy more "productive and innovative."

In an interview with the Korea Times, Razak mentioned that he is studying South Korea's economic development in order to learn how the country manages to be in transition toward a knowledge-based, high value-added economy.

The Malaysian Prime Minister said, "We take great interest in and are closely following the development of your creative economy model, with continued innovation serving as the backbone of Korea's economy. We hope to learn from Korea in this respect."

Razak is eager to follow Korea's economic model because it supports his three principles in developing Malaysia's economy. His three principles are sustainability, inclusivity, and innovation.

He added, "A sustainable economy is one in which we take care of our environment while developing the country. Inclusivity is ensuring our people have the right skills by investing in training."

Razak also said that Malaysia is boosting its knowledge-based sector. Because of this, the country has to cut down its dependence on foreign labor and target increasing the level of education and skills in order to generate higher wages.

He stated, "Lastly, we are trying to introduce a real focus not just on innovation, but on commercializing innovation."

The Malaysian official also mentioned that the relations between Malaysia and South Korea will be improved in the decades to come through cooperation in businesses. He commented, "We are pleased with the significant role played by investors from Malaysia and Korea in enhancing the cooperation between both nations."

Razak also believes that education exchanges between the two countries will provide a motivation for the development of their ties. "Korea remains one of the main destinations for Malaysian students to pursue their studies, particularly in engineering programs such as aerospace, architecture, biochemistry, electric, and electronics. These are our ambassadors for the future and they give me great confidence that the ties between out two countries will continue to grow," he ended.

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