WELCOMING REMARKS
FOR TAN SRI DR SYED HAMID ALBAR
WIEF ROUNDTABLE 2022 | 27 SEPTEMBER 2022 | PENANG THEME: ECONOMIC REBOUND: TRANSFORMING THE FUTURE SPEECH DURATION: 7 MINUTES
PREPARED BY PUBLIC RELATIONS & COMMUNICATIONS DEPARTMENT OF WIEF FOUNDATION
DRAFT DATE: 15 SEPTEMBER 2022
(SALUTATIONS FROM MAZWIN)
HONOURABLE TUAN YANG TERUTAMA TUN DATO’ SERI UTAMA AHMAD
FUZI BIN HAJI ABDUL RAZAK – YANG DI-PERTUA NEGERI PULAU PINANG
YB DATO’ IR HAJI AHMAD ZAKIYUDDIN BIN ABDUL RAHMAN, DEPUTY CHIEF
MINISTER 1 PENANG EXCELLENCIES,
ESTEEMED PANEL SPEAKERS, SPONSORS, ROLE PLAYERS, MEMBERS OF THE MEDIA
DISTINGUISHED GUESTS, LADIES AND GENTLEMEN.
ASSALAMU’ALAIKUM WARAHMATULLAHI WABARAKATUH AND GOOD MORNING
(INTRODUCTION):
LADIES AND GENTLEMEN,
WELCOME TO THE WIEF ROUNDTABLE PENANG 2022.
BEFORE I PROCEED FURTHER, I WOULD LIKE TO TAKE THIS OPPORTUNITY ON BEHALF OF THE WIEF FOUNDATION TO WELCOME AND THANK – TUAN YANG TERUTAMA TUN DATO’ SERI UTAMA AHMAD FUZI BIN HAJI ABDUL RAZAK – YANG DIPERTUA NEGERI PULAU PINANG FOR HIS GRACIOUS PRESENCE HERE TODAY.
AND I WOULD ALSO LIKE TO THANK – YB DATO’ IR HJ ZAKIYUDDIN BIN ABDUL RAHMAN, DEPUTY CHIEF MINISTER 1 FOR HIS PRESENCE TODAY AT THIS HISTORIC EVENT.
THIS IS THE THIRD SERIES OF WIEF ROUNDTABLE IN MALAYSIA. WHILE LAST YEAR’S ROUNDTABLE WAS HELD VIRTUALLY, THE YEAR BEFORE THAT WE MANAGED TO HAVE A PHYSICAL ONE IN KOTA KINABALU, SABAH AND IT WAS ATTENDED BY MORE THAN 500 PEOPLE FROM NINE COUNTRIES.
OUR PREVIOUS ROUNDTABLES HAVE ALL BEEN HELD OUTSIDE THE COUNTRY IN KUWAIT, RUSSIA, INDONESIA, SOUTH AFRICA, SPAIN, THE UK, TURKEY, JAPAN, SOUTH KOREA, INDIA, AND BANGLADESH.
WE CONSIDER HOLDING IT HERE AS INDEED SPECIAL IN ENABLING US TO CREATE A PLATFORM FOR GLOBAL BUSINESS NETWORKING, KNOWLEDGE EXCHANGE, AND PRODUCTIVE DISCUSSIONS ON KEY ECONOMIC ISSUES OF SPECIAL INTEREST TO THE GOVERNMENT OF PENANG.
THIS YEAR’S THEME FOR THE ROUNDTABLE IS – ECONOMIC REBOUND:
“TRANSFORMING THE FUTURE”.
THE THEME RESONATES WITH THE CHALLENGES ALL OF US, ACROSS THE GLOBE, ARE FACING.
WRT PENANG 2022 WILL BE DISCUSSING FIVE (5) IMPORTANT TOPICS WHICH ARE:
1: ECONOMIC REVITALISATION: MAPPING A SUSTAINABLE RECOVERY. THIS SESSION WILL EXPLORE:
- HOW GLOBAL RECOVERY FROM THE COVID-19 PANDEMIC HAS AFFECTED THE FUTURE OF SUSTAINABLE DEVELOPMENT
- INNOVATIVE RECOVERY STRATEGIES TO HELP ACCELERATE PROGRESS AND ACHIEVE SDG GOALS
- COULD ISLAMIC ECONOMY AND FINANCE BE THE PANACEA TO HELP AUGMENT AN INCLUSIVE, MULTI-PRONGED ECONOMIC RECOVERY AGENDA
2: NET ZERO TRANSITION: GROWING URGENCY. THIS SESSION WILL EXPLORE:
- OPPORTUNITIES TO ACCELERATE DECARBONIZATION EFFORTS INCLUDING INVESTMENTS IN LOW-CARBON TECHNOLOGIES AND INNOVATIONS
- POLICIES AND INSTITUTIONS REQUIRED TO ENABLE AND FOSTER THE DEVELOPMENT AND DEPLOYMENT OF NEW ENVIRONMENTALLY SUSTAINABLE, CLIMATE-RESILIENT, AND PRODUCTIVE ASSETS
- STRATEGIES TO ENCOURAGE PUBLIC ACTION TO BUILD A JUST, FAIR, AND INCLUSIVE TRANSITION FOR WORKERS AND CONSUMERS.
3: DIGITAL TRANSFORMATION REVOLUTION: EMBRACING TECHNOLOGY.
THIS SESSION WILL EXPLORE
- STRATEGIES TO ENSURE CHANGES ARE TAKEN IN AN EQUITABLE AND SUSTAINABLE MANNER AND CONCRETE APPROACHES TO IMPLEMENT THE TRANSFORMATION PROCESS ACROSS ORGANIZATIONS, SUPPLY CHAINS, AND COMMUNITIES
- COLLABORATION BETWEEN GOVERNMENT AND PRIVATE SECTOR TO PROVIDE PEOPLE WITH THE SKILLS AND OPPORTUNITIES NEEDED IN THE DIGITAL TRANSFORMATION REVOLUTION
- INCENTIVES AND REGULATORY REFORMS TO ENCOURAGE DIGITAL ENTREPRENEURSHIP AS WELL AS PRIVATE SECTOR INNOVATION TO HELP PROMOTE NEW WAVES OF INNOVATION AND ECONOMIC GROWTH
- ROLE OF THE ISLAMIC DIGITAL ECONOMY IN PROVIDING A UNIQUE AND COMPETITIVE ADVANTAGE IN THE GLOBAL ISLAMIC DIGITAL
4: MUSLIM-FRIENDLY TOURISM AND HOSPITALITY: CAPTURING OPPORTUNITIES.
THE SESSION WILL DISCUSS:
- STRATEGIES TO ENCOURAGE THE GROWTH OF THE INDUSTRY, AWARENESS AMONG STAKEHOLDERS, AND PLANS FOR THE DEVELOPMENT OF “MUSLIM- FRIENDLY” TOURISM ALLIANCES
- POLICIES TO DEVELOP AN ENVIRONMENT FOR INNOVATION AND ENTREPRENEURSHIP ON “MUSLIM-FRIENDLY” TOURISM PRODUCTS AND SERVICES
- DEVELOPMENT OF A UNIQUE “MUSLIM-FRIENDLY” TOURISM BASE
DESTINATION POSITIONING AND MARKETIN
5: REVITALISING WAQF: ROLE OF ISLAMIC FINANCE.
THE SESSION WILL EXPLORE:
- RECENT TRENDS OF INNOVATIVE PRODUCTS AND SERVICES THROUGH ISLAMIC FINANCE FOR THE DEVELOPMENT OF WAQF ASSETS
- CHALLENGES IN DEVELOPING AND MANAGING WAQF ASSETS TO ENSURE SUSTAINABLE AND RESPONSIBLE DEVELOPMENT WITHIN THE COUNTRY
- PROSPECTS AND OPPORTUNITIES FOR WAQF GUARDIANS TO CAPITALIZE ON NEW FUNDING MECHANISMS TO PROVIDE LARGER ECONOMIC RETURNS TO THEIR COMMUNITIES
(ABOUT WIEF ROUNDTABLE):
DURING ITS DECADE-LONG EXISTENCE, WIEF ROUNDTABLE HAS ENJOYED SIGNIFICANT NUMBERS OF SUCCESS STORIES. THE FOUNDATION HAS ORGANIZED IT IN MANY CITIES ACROSS THREE CONTINENTS, WITH THE FIRST HELD IN BAHRAIN.
IT WAS STARTED IN 2011, AS AN EXTENSION AND INTER-SESSIONAL EVENT OF THE ANNUAL WIEF. THROUGH THE YEARS, THE ROUNDTABLE IS KNOWN TO HOLD SESSIONS FOR BUSINESSES, ENTREPRENEURS, AND INDUSTRY PLAYERS TO DISCUSS ECONOMIC ISSUES WITH A REGIONAL AND GLOBAL FOCUS. IT IS ALSO A PLATFORM FOR PARTICIPANTS TO EXPLORE NEW OPPORTUNITIES AND STRATEGIC COLLABORATIONS.
TODAY, THERE HAVE BEEN 18 ROUNDTABLES THAT HOSTED DISCUSSIONS ON DIVERSE, CURRENT TOPICS SUCH AS ISLAMIC TRADE AND FINANCE DURING THE FIRST ROUNDTABLE IN BAHRAIN. THEN IT FOCUSED ON INVESTMENT OPPORTUNITIES DURING THE ROUNDTABLES IN CORDOBA, GANGWON, KOTA KINABALU, AND THE GLOBAL GREEN ECONOMY IN JAKARTA.
[WHY PENANG]:
PENANG TODAY IS ONE OF MALAYSIA’S RAPIDLY DEVELOPING STATES.
ITS VAST AND VARIED RESOURCES OPEN UP ENDLESS OPPORTUNITIES FOR DEVELOPMENT IN ALL FIELDS. RAPID ECONOMIC GROWTH AND OVERWHELMING FOREIGN INVESTMENT ARE DUE TO THE STRONG, STABILITY OF THE PENANG GOVERNMENT.
IT WAS WITH THIS IN MIND THAT WE HAVE CHOSEN “ECONOMIC REBOUND
TRANSFORMING THE FUTURE” AS THE THEME OF THE ROUNDTABLE.
FOR ANY COUNTRY OR STATE, HOWEVER, RAPID ECONOMIC DEVELOPMENT REQUIRES A STEADY FLOW OF INVESTMENT, BOTH DOMESTIC AND FOREIGN. BUT ATTRACTING INVESTMENT IS BECOMING MORE AND MORE CHALLENGING AGAINST THE BACKDROP OF FIERCE COMPETITION FROM OTHER COUNTRIES IN THE REGION.
WITH THE COVID 19 PANDEMIC STILL LOOMING OVER OUR HEADS, A CLIMATE OF UNCERTAINTY AND UNPREDICTABLE GLOBAL AND REGIONAL DEVELOPMENTS BEYOND THE CONTROL OF NATION-STATES OFFER NO GUARANTEE THAT INVESTMENT TARGETS CAN BE ACHIEVED EVEN WITH THE RIGHT POLICIES AND INCENTIVES PROVIDED TO POTENTIAL INVESTORS. THERE IS ALWAYS THE NEED TO REVIEW AND FORMULATE NEW STRATEGIES, PRIORITIES, AND ACTION PLANS IN ADDRESSING THESE CHALLENGES.
COMPILING AND PUTTING TOGETHER THE NECESSARY INFORMATION AND DATA ON ALL THESE WOULD BE USEFUL IN ENABLING PENANG TO DEVELOP AN APPROPRIATE STRATEGY AND TO PLAY A PROACTIVE ROLE THAT WOULD BEST SERVE ITS ECONOMIC INTEREST.
AS A PROGRESSIVE AND DYNAMIC STATE THAT IS BUSINESS-FRIENDLY AND WITH A COMMENDABLE TRACK RECORD TO ITS CREDIT, I BELIEVE THAT PENANG IS FULLY COMMITTED TO DEVELOPING THE STATE THROUGH INVESTMENT IN THE RIGHT ECONOMIC SECTORS. SUCCESSFUL INVESTMENTS IN ANY FIELD, GIVEN THE VAST OPPORTUNITIES AVAILABLE, WOULD NO DOUBT HELP CREATE NEW JOB OPPORTUNITIES FOR PEOPLE.
WHAT IS IMPORTANT IS TO ENSURE THAT SUFFICIENT AND UPDATED INFORMATION ON GOVERNMENT POLICIES, LEGAL AND REGULATORY FRAMEWORK, AND INCENTIVES ARE PROVIDED TO POTENTIAL INVESTORS INTERESTED TO INVEST IN PENANG.
(COLLABORATIONS FOR ECONOMIC REBOUND):
THE COVID-19 PANDEMIC HAS TAUGHT US IMPORTANT LESSONS ABOUT THE IMPORTANCE OF COLLABORATION, COMMUNICATION, AND SOLIDARITY DURING A CRISIS – ESPECIALLY TO ACHIEVE GLOBAL FINANCIAL AND ECONOMIC STABILITY.
TODAY, AS UNILATERAL POLICIES AND GEOPOLITICAL DIFFERENCES CREATE AN ASSET BUBBLE AND RISE IN COMMODITY PRICES, THE STABILITY OF THE GLOBAL ECONOMY IS UNDER THREAT, YET AGAIN. THIS CRISIS WILL DISPROPORTIONATELY IMPACT DEVELOPING COUNTRIES AND DESTABILIZE ECONOMIES THAT ARE JUST BEGINNING THEIR JOURNEY TOWARDS SOCIAL AND ECONOMIC RECOVERY.
WE CAN NOT AFFORD TO LOSE SIGHT OF THE ALL-TOO-RECENT LESSONS WE LEARNED FROM THE PANDEMIC. WE MUST ENGAGE WITH THE INTERNATIONAL COMMUNITY TO DEVELOP COLLABORATIVE, MUTUALLY BENEFICIAL ECONOMIC SOLUTIONS THAT WORK FOR ALL.
THE WORLD MUST STAND TOGETHER AGAIN AND REINFORCE THE URGENCY AND EFFICACY OF UNIFIED ACTION. COUNTRIES AND COMMUNITIES THAT STRUGGLED WITH SETBACKS CAUSED BY LOCKDOWNS ARE NOW GRAPPLING WITH RECORD-HIGH BASIC OIL AND ENERGY PRICES, SUPPLY CHAIN BOTTLENECKS, AND CRITICAL FOOD SHORTAGES.
THE WARNING BELLS OF PURSUING UNILATERALISM AT A TIME THAT CALLS FOR UNITY ARE CLEAR. AND FOR THE FIRST TIME THIS CENTURY, THE NUMBER OF PEOPLE LIVING IN ABSOLUTE POVERTY IS RISING.
WE CAN ONLY ACHIEVE LONG-TERM, SUSTAINABLE SOLUTIONS BY STRENGTHENING THE GLOBAL COMMUNITY’S ABILITY TO EFFECTIVELY CONVENE AND COMMUNICATE, TO PRODUCE IMPACTFUL RESULTS.
(SETTING ASIDE DIFFERENCES):
WE NEED TO BOLSTER GLOBAL DIALOGUES AND INTERNATIONAL COOPERATION FOR A SUSTAINABLE FUTURE AND A BETTER TOMORROW.
WE MUST CONTINUOUSLY FIND WAYS TO BUILD BRIDGES TO COMMON GROUND. WE CAN SAFEGUARD THE GLOBAL ECONOMY BY WORKING COLLABORATIVELY AND WITH CONVICTION.
(CONCLUSION):
LADIES AND GENTLEMEN.
WE HOPE THAT THE FOCUS GIVEN TO THE FIVE COMPONENTS MENTIONED ABOVE AT THE ROUNDTABLE WOULD NOT ONLY BE INFORMATIVE TO PARTICIPANTS BUT PROVIDE THE NECESSARY TRIGGERS TO PROMOTE A MORE ROBUST AND PRODUCTIVE DISCUSSION.
IT IS ALSO OUR HOPE TO SEE, AT THE END OF THE DAY, SOMETHING PRODUCTIVE THAT WOULD BRING ABOUT A WIN-WIN OUTCOME FOR THE BENEFIT OF ALL PARTICIPANTS ATTENDING THE ROUNDTABLE.
BEFORE I CONCLUDE, LET ME PLACE ON RECORD OUR SINCERE APPRECIATION AND THANK YOU TO – TUAN YANG TERUTAMA TUN DATO’ SERI UTAMA AHMAD FUZI BIN HAJI ABDUL RAZAK – YANG DI-PERTUA NEGERI PULAU PINANG FOR OFFICIALLY OPENING THE ROUNDTABLE PENANG 2022.
AND ALSO HUGE THANK YOU TO YB DATO’ IR HAJI AHMAD ZAKIYUDDIN BIN ABDUL RAHMAN, DEPUTY CHIEF MINISTER 1, AND THE STATE GOVERNMENT OF PENANG FOR THE GENEROUS HOSPITALITY ACCORDED TO ALL OF US HERE DURING THE COURSE OF THE ROUNDTABLE.
THANK YOU AND WASSALAMUALAIKUM WARAHMARULLAHI WABARAKATUH.
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