Najib: CHOGM leaders in awe of Malaysia's achievement

Najib: CHOGM leaders in awe of Malaysia's achievement

Malaysia's success story in achieving equitable and inclusive development for the nation and its multi-cultural society was well-received by leaders attending the Com­monwealth Heads of Government Meeting (CHOGM), said Prime Minister Datuk Seri Najib Tun Razak.

"I was given the opportunity during the CHOGM Executive Session to intervene where I stressed that Malaysia's development philosophy is centred on growth and equity where the nation's wealth is equitably distributed with development being inclusive," he told Malaysian journalists here on Friday.

"This will ensure that no one community is sidelined in the development of the nation."

Najib said Malaysia's success formula had helped raise the standard of living of the people by reducing poverty from 49.3 per cent in 1970 to 1.7 per cent in 2011.

He said such an approach was needed by nations under the Commonwealth owing to the economic disparities, which affected member states individually.

He noted that of the 53 member states under the Commonwealth, 48 were developing countries of which 14 nations were deemed least developed and 31 as small and vulnerable nations.

Najib said government intervention was necessary to achieve equitable growth and inclusive development despite adopting a free market-driven economy.

"The market economy by itself cannot achieve growth with equity and inclusive development," he said.

"Government intervention is needed to achieve this, but it must be done without rejecting the fundamentals of a market economy."

Najib, who later paid a courtesy call on the Prince of Wales, said interest was raised by Prince Charles over Malaysia's Islamic sukuk financing as a means to address climate change and mitigation in vulnerable Com­monwealth nations.

He said Malaysia would study the matter in detail to see if Islamic financing could be used as an instrument towards that purpose.

Earlier, Najib and Datin Seri Rosmah Mansor attended the official opening of CHOGM 2013 by Prince Charles at the Nelum Pokuna Mahinda Rajapaksa Theatre.

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