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Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Next economy minister should be a technocrat, says economist
Economist Geoffrey Williams said finance minister II Amir Hamzah Azizan (left) is an example of a strong technocrat leader, while former EPF chief strategy officer Nurhisham Hussein is an ideal candidate for the post of economy minister. PETALING JAYA : The post of economy minister should be filled by a technocrat instead of a career politician once Rafizi Ramli's resignation takes effect on June 17, an economist said. Geoffrey Williams said that as the ministry was responsible for devising policies and not implementing them, its head should be able to provide technical economic insight. 'They need to be good at identifying strategic reform priorities and to motivate the need for reform. 'They also need to oversee the design of these policies, and ensure they are feasible for implementation,' he told FMT. Earlier today, Rafizi announced his resignation as economy minister following his recent loss of PKR's deputy presidency in the party polls to Nurul Izzah Anwar. Williams said the future economy minister should not be 'bogged down in politics', as it would cause the ministry to fail in the execution of its function from the outset. 'If it is headed by a charismatic and ambitious politician, it will be used to push career agendas rather than necessary long-term reforms. 'This will damage both the policy design process and the government's credibility, because all reforms will be driven by personal and political agendas,' he said. Williams pointed to the 'successful' appointment of Amir Hamzah Azizan as finance minister II as an example of a strong and largely apolitical technocrat leader. He suggested that Nurhisham Hussein, the senior director of economics and finance in the Prime Minister's Office, would make an ideal candidate. 'He has a strong economic background and a detailed knowledge of policy implementation and how to navigate administrative hurdles,' he said. However, Akademi Nusantara's Azmi Hassan pointed out that appointing technocrats such as Amir would require them to first be appointed as a senator. 'I'm not sure if there's any vacancy for senators except for (investment, trade and industry minister) Tengku Zafrul Aziz's, as his Senate term ends in December,' he said.
Free Malaysia Today
24-05-2025
- Business
- Free Malaysia Today
Experts highlight underutilisation of women's intellectual resources in Asean
Nurhisham Hussein, senior director of economics and finance at the Prime Minister's Office, noted that certain sectors, notably financial services, have begun seeing women's wages surpass those of men. (YouTube pic) KUALA LUMPUR : Malaysia has highlighted its significant underutilisation of women's intellectual resources, stressing that tapping into this potential is essential as Asean navigates unprecedented global economic disruptions. Nurhisham Hussein, senior director of economics and finance at the Prime Minister's Office, said population growth has traditionally driven economic expansion, but with Malaysia's fertility rate at just 1.73 births per woman, below the replacement level of 2.1, 'we are looking at a future where Malaysia cannot afford to take growth for granted'. Speaking at a forum on Asean tariffs and inclusive economic growth, held as part of the Asean Women Economic Summit here today, Nurhisham stressed that there has been progress towards gender equality in Malaysia, noting that certain sectors, notably financial services, have begun seeing women's wages surpass those of men. 'Enrolment for women now outnumbers men in universities, and when you look at wage statistics today in Malaysia, you're starting to see the equalisation happening. 'While there are sectors where women's wages are even higher, like finance, there's still a sense of 'rise without really rising' in overall women's development, which requires government support,' he said. Malaysian National Reinsurance Bhd (MNRB) investment chief Durraini Baharuddin called for greater engagement with, and investment in, diverse asset classes to shield local economies from external shocks. Durraini said one of Asean's most undervalued resources remains the intellectual capacity of its women. She urged women entrepreneurs to monitor macroeconomic trends and diversify their funding sources beyond conventional banking to sustain and grow their businesses amid uncertain economic conditions. During the summit, investment, trade and industry minister Tengku Zafrul Aziz announced the establishment of Asean's first Women's Economic Empowerment Centre in Kuala Lumpur, a flagship initiative under the economic pillar of Malaysia's Asean chairmanship. 'This centre is designed to bolster women's economic participation and advancement across the region, promoting inclusive growth and prosperity for both Malaysia and Asean,' he said. Tengku Zafrul highlighted the persistent gender disparities despite women comprising nearly half (49.9%, or 334 million) of Asean's population. He noted that women's labour force participation stands at just 48% across Asean, with Malaysia slightly higher at 56.2%. Furthermore, only 27% of senior management positions in Asean are held by women, and female entrepreneurs face 30% higher barriers to credit. 'These gaps are not only unfair but economically irrational,' he said, adding that closing gender gaps in Malaysia alone could increase the gross domestic product by 8.2%. 'Every 1% increase in women's workforce participation adds RM2.2 billion to Malaysia's economy. Additionally, women-led SMEs employ 30% more women and generate 20% higher revenue per employee compared to their counterparts,' he said. Tengku Zafrul concluded with a personal reflection: 'I have two daughters myself, and I envision an Asean where every girl sees limitless possibilities for her future, every woman entrepreneur has equal access to capital and markets, every company benefits from diverse leadership, and every economy grows stronger through inclusive participation.'
