MID Luncheon: Dangers of an Uncertain World

6 May 2003

"Dangers of an Uncertain, Borderlss World : A Perpective for Malaysian Business".

Opening Remarks As President,

Malaysian Institute Of Directors

at the Malaysian Institute Of Directors Quarterly Luncheon

Today, we are privileged to have with us the Minister of Defence as our guest speaker. On everyone's behalf, I would like to thank the Minister for taking time off to be with us, and for agreeing to share with us his thoughts on the economy as we move forward against the backdrop as it prevails today.

The title of the talk is Dangers Of An Uncertain, Borderless World: A Perspective For Malaysian Business.

The past few years have not been very kind to us. We have seen one unfortunate event after another. East Asia has been hit especially hard.

First, our economies collapsed in the financial crisis of 1997-98. Just when recovery appeared to be picking up, the technology stocks bubble burst in the year 2000 and that sent stock markets tumbling down once again.

Then came September 11, 2001. That was followed by the invasion of Afghanistan, increased violence in the Middle East, the bombing in Bali and then the war in Iraq.

Now, the world is under attack by a virus that has never been heard of before. It causes an illness for which there is apparently no cure. Much more than the war, SARS has succeeded in terrifying hundreds of millions of people all over the world and keeping people away from this region.

It stopped the booming economy of China dead in its tracks and forced Hong Kong and Singapore down to their knees.

In the US, the quick end to the war did not, however, trigger an economic upturn or a stock market rally as was hoped for.

A slowing US economy will have a contagion effect on Japan, South Korea and the European Union.

All these countries I have mentioned happen to be our largest export markets.

It is against this backdrop that our guest speaker will address us.

Dato' Seri Najib is well know to us all. But to those who are new to this country, let me briefly introduce him.

Many will describe him as one of this country's most illustrious sons. His rise to where he is today is truly amazing.

He was elected Member of Parliament when he was just 23. at that age, some of us were still learning to read.

Two years later, he was appointed a Deputy Minister - first of Energy, Telecommunications and Posts, then of Education and then of Finance.

In 1982, more than 20 years ago when he was not even 30 years old, he was appointed Menteri Besar or Chief Minister of his state, Pahang.

Five years later, Dato' Seri Najib returned to federal politics when he was appointed Minister of Culture, Youth and Sports.

Since then, he has been Minister of Defence, Minister of Education and then again as Minister of Defence.

To think that he has done all that and is still several years younger than me.

Dato' Seri Najib comes from a background that is well entrenched with the history of this country.

His father - Tun Abdul Razak - was our 2nd Prime Minister. His uncle - Tun Hussein Onn - was our 3rd Prime Minister.

His grand uncle, Datuk Onn bin Jaafar, was the founder of UMNO, the party from which all our Prime Ministers have come. He himself is now a Vice President of UMNO.

So you can see how easy it is for people to predict that one day Dato' Seri Najib himself will become Prime Minister.

Please join me in welcoming the Minister to the rostrum.

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