What do you need to know about the New Economic Model (NEM) @ MEB?

MEB was announced by the Prime Minister of Malaysia, Datuk Seri Mohd Najib Tun Razak on the 30th of March 2010.

Principles of MEB
1) Having a high income (Aim; AS$ 15,000-20,000 per capita by the year 2020)
2) Inclusiveness (Making it possible for each and every community to enjoy the country's wealth to the fullest)
3) Sustainability (Fulfilling the current needs without affecting the future generation)

Divided into two phases:
Phase one: Started on the 30th of March 2010
Phase two: Will commence after the 10th Malaysia Plan @ RMK-10

Affirmative policy with four principles
1) Market-friendly
2) Merit based
3) Transparent
4) Based on the needs

The industry as driving force to the country's economy
1) Electrical and electronics
2) Oil; Example: palm oil
3) Petronas
4) Tourism industry and services
5) Green technology, solar, bio-diversity products
6) Financial sector
7) Development between cities
8 initiatives for strategic renewal (IPS)
1) Nourishing back the private sector
2) Developing a quality workforce and lessening the dependence towards foreign workers
3) Bringing forth a domestic economy that is competitive in nature
4) Strengthening the public sector
5) Affirmative action that is transparent & market-friendly
6) Building an infrastructure based on knowledge
7) Increasing the source of growth
8) Making sure of the sustainability of the growth


What is the relation of MEB with varsity students?

In the year 2020, students who are roughly between the ages of 18 to 24 will be 28 and 34 respectively. Do we realise that WE are the fillers for MEB. Varsity students should be familiar with MEB because it will play a major role in our lives and careers, and also of the economy later in the future.

Prediction of the country’s economy by economic experts from the level of 4.5 % to 5% has now gone down to until 8% to 11%. A depression that is positive from the earlier predictions in the first and second quarter of 2010.

But the question is, how many percent exactly is being contributed by the Malays and Muslims for the country's economy?

Is it 5%, 4%, or 3%? Maybe even more or less than that?

Varsity students as catalysts of the country's economy in the future should try to equip themselves with knowledge related to finance. A sudden thought to the work written by Robert Kiyosaki and Sharon Lechter entitled "Rich Dad Poor Dad" whereby the current education system does not teach university students on how to organize their financial matters when in truth, that is the reality they will be encountering after completing their studies.
What is the aim of a student? It is obvious that the answer would be of the knowledge to be gained, but not to be forgotten of too, the income! MEB should move forward in line without disregarding the importance of varsity students.


MUHAMMAD FIRWAN NORLIZA
President,
Students’ Representative Council 2009/2010
International Islamic University Malaysia