Malaysia’s big financial dream has an English problem, says report

  • It’s Obama’s right to see Anwar or not, says Dr Mahathir – Bernama
    It’s Obama’s right to see Anwar or not, says Dr Mahathir – Bernama

    Former prime minister Tun Dr Mahathir Mohamad said it was up to the president of the United States whether to see opposition leader Datuk Seri Anwar Ibrahim or not. "It is his (Obama) right, up to him who he wants to see, he does not even want to see me, a former prime minister," Dr Mahathir (pic) told reporters in Putrajaya today. He was... …

  • Karpal’s Bukit Gelugor seat will stay DAP’s, analysts say
    Karpal’s Bukit Gelugor seat will stay DAP’s, analysts say

    GEORGE TOWN, April 24 — Analysts believe that Barisan Nasional (BN) does not stand a fighting chance in Bukit Gelugor, and even said it may not be worth the ruling pact’s time to contest the seat... …

  • Tuhan Harun case postponed again to July 22 – Bernama
    Tuhan Harun case postponed again to July 22 – Bernama

    The Lower Shariah Court today postponed again the case of leader of the “Tuhan Harun” deviant sect, Harun Mat Saat, to July 22. Judge Abdul Wahid Mohd Ali set the date after hearing the application from Pahang Islamic Religious Department deputy prosecutor Mohd Fahmi Abd Jalil that he needed more time to examine the legal representation... …

  • What if flight MH370 is never found?
    What if flight MH370 is never found?

    Despite assurances from Malaysia and Australia that the search will continue for Malaysia Airlines flight MH370, the lack of significant leads after almost seven weeks are leading many to ask: What if the jetliner that disappeared over the southern Indian Ocean is never found? At the start of the massive international search effort, such a... …

  • New law to give Sarawak natives freedom in purchasing customary rights land
    New law to give Sarawak natives freedom in purchasing customary rights land

    Bumiputera from Sarawak could eventually buy Native Customary Rights (NCR) land outside their ethnic group or community when the state amends its Land Code in November. Chief Minister Tan Sri Adenan Satem (pic, right), in disclosing the government's intention to table the amendment at its Budget sitting, said with the amendment the Iban, for... …

  • Cops cannot declare May Day rally illegal, lawyer says
    Cops cannot declare May Day rally illegal, lawyer says

    KUALA LUMPUR, April 24 — There are no provisions under the Peaceful Assembly Act (PAA) 2012 that allows the authorities to declare the anti-GST rally planned for May 1 as illegal, human rights... …

Malaysia's plans of turning Kuala Lumpur into a major financial centre which can rival the likes of London, New York, Singapore and Hong Kong will remain a pipe dream if it does not address the challenges associated with the supply of skilled human capital.

A report published on online portal The Conversation said that Malaysia's poor scores in assessments by international students, declining language capabilities and persistent concerns over the employability of graduates did not augur well for its ambitious plans.

“The government may be able to build world-class facilities in Kuala Lumpur and attract international companies to operate in the new district by offering tax breaks and other incentives.

“However, without a supply of educated, English-speaking workers, hopes of challenging regional neighbours in Hong Kong and Singapore will remain a dream,” said the report prepared by the University of Nottingham Malaysia's Christine Ennew and Nafis Alam.

It said that Malaysia has announced bold plans to transform Kuala Lumpur into a major financial centre to raise the capital's profile and spark greater international trade and investment.

The report also referred to the Tun Razak Exchange (TRX), a newly proposed financial district covering 70 acres and featuring 11 new buildings with 25 floors or more, dubbed the "Asia's Canary Wharf".

Putrajaya believes the TRX is the foundation on which Malaysia will be able to compete with regional financial superpowers such as Singapore and Hong Kong.

On this, The Conversation asked: Can a new upstart join the likes of London, New York and Tokyo as a global financial superpower?”

The Global Financial Centres Index (GFCI), a research-informed survey on the competitiveness of a range of cities worldwide, highlighted the challenge that awaits emerging centres such as Kuala Lumpur.

In its most recent rankings, Kuala Lumpur dropped a place to 22nd globally, but was still in Asia's Top 10 list.

London and New York are already way ahead of the pack, Singapore and Hong Kong are in strong positions, and Shanghai and Shenzhen have already shown their respective dynamism. Gaining ground on the superpowers will be tough for Malaysia.

The GFCI also said that the TRX may be a step too far unless it adopts a niche approach and builds on Malaysia's established strength in the rapidly growing Islamic financial marketplace.

“It is Islamic finance which gives Malaysia the advantage over neighbouring financial centres and those mapping out the country's future would be wise to take note.”

The Conversation agreed with the GFCI, saying: “If Malaysia is to join the top flight of international financial centres, it must leverage its status as an established Islamic finance hub.”

Bank Negara has revealed that Malaysia's Islamic banking assets total US168.4 billion (RM555.7 billion), which is a quarter of its banking system. This accounts for over 10% of the world's total Islamic banking assets.

Prime Minister Datuk Seri Najib Razak is banking on the TRX to be a dedicated international financial hub, promoting Kuala Lumpur as a new nucleus of global economic growth.

The project is seen as crucial to Najib's economic plans, creating the critical mass needed to significantly boost productivity and achieve a developed nation status by 2020. – November 15, 2013.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • MH370 passenger’s partner tells of strange email from sacked Fox officer The Malaysian Insider
    MH370 passenger’s partner tells of strange email from sacked Fox officer

    The partner of an American passenger aboard the missing Malaysia Airlines flight MH370 has spoken about how a Fox executive who was recently sacked by the news station had contacted her offering to raise funds on her behalf. Sarah Bajc, whose partner Philip Wood is among the 239 people on board the missing plane, told the Sydney Morning Herald... …

  • My last moments with Pa: Ramkarpal Singh The Malaysian Insider
    My last moments with Pa: Ramkarpal Singh

    A week after the tragic crash that took the lives of veteran lawyer and politician Karpal Singh and his personal aide, Michael Cornelius, his son Ramkarpal recounts the final hours with his father that fateful day. This is his story, as told to V. Anbalagan, assistant news editor. “My parents (Karpal and Gurmit) had gone to Pantai Hospital... …

  • The Poop on Pooping: 5 Misconceptions Explained LiveScience.com

    Here is the truth behind five common misconceptions about defecating. Misconception No. 1: Daily pooping is normal, and optimal. …