Pointing to Malaysia’s strong institutional foundations, Sultan Nazrin said the institutions must be further strengthened to enhance their ability to implement policies effectively.
“Around the world and historically, those countries that have been successful are those with robust institutions which are, and have always been, a key enabling element for growth and development,” he said during a book launch at Universiti Malaya’s Asia-Europe Institute in Kuala Lumpur today.
He said successful countries and economies were also built on a foundation of a “strong and predictable rule of law”, with effective checks and balances.
Sultan Nazrin said the government must be actively committed to implement and develop regulatory and institutional frameworks.
He said political stability was the most important precondition for Malaysia’s development, as the country could not progress effectively without it.
“Political stability will allow our planners to fully focus for the long term, and put into place the policies and measures that are necessary to build confidence among investors,” he said.
He said Malaysia’s development model must also be inclusive to reflect the contributions of Malaysians from all walks of life to the country’s successes.
Sultan Nazrin, who is Universiti Malaya’s chancellor, launched a book titled, “Malaysia’s Leap Into the Future: The Building Blocks towards Balanced Development”.
The book, covering the future development of Malaysia, was edited by Rajah Rasiah, Kamal Salih and the late Cheong Kee Cheok.
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