TOKYO - Malaysia and Japan are in for exciting times with the transformation of their economies and the further cementing of relations through the second wave of the Look East Policy (LEP).
While Malaysia's transformation is underpinned by the New Economic Model, Japan's Abenomics (economic policies advocated by Japanese Prime Minister Shinzo Abe) provides the necessary impetus for change.
For a long-standing co-operation, the LEP 2.0, as Datuk Seri Najib Tun Razak calls it, both nations should look towards a future defined not just by exchange of knowledge but lasting economic collaboration.
"Let us work more closely together in the service of collective success," said the Malaysian Prime Minister in his keynote address at the 32nd Japan-Malaysia Economic Association-Malaysia Japan Economic Association Conference yesterday.
Najib told the participants that Malaysia had benefited immeasurably from the LEP which was initiated in 1982.
"The years in which we turned to face the rising sun were some of the most productive in our history, with sustained growth and economic development," he said.
Najib said the second wave of the policy would go beyond training and education, focusing more on economic programmes and business opportunities.
He said he had proposed that LEP 2.0 focuses on, among others, cutting-edge technologies with industry tie-ups to increase the flow of research and innovation from Japanese institutions.