‘Malaysia’s se­lec­tion as host re­flects cap­i­tal mar­ket strength’

New Straits Times - - News -

KUALA LUMPUR: Its se­lec­tion to host the In­ter­na­tional Or­gan­i­sa­tion of Se­cu­ri­ties Com­mis­sions (IOSCO) Asia-Pa­cific hub as­serts the recog­ni­tion of Malaysia’s lead­ing role in build­ing sound global mar­kets.

Prime Min­is­ter Datuk Seri Na­jib Razak said it also re­flected the strength and qual­ity of Malaysia’s cap­i­tal mar­ket and its reg­u­la­tory ar­chi­tec­ture.

“I am de­lighted that Malaysia has been cho­sen to host IOSCO’s pioneer­ing chap­ter in the Asi­aPa­cific re­gion,” he said in his key­note ad­dress be­fore launch­ing the hub at the Se­cu­ri­ties Com­mis­sion here yes­ter­day.

The IOSCO Asia Pa­cific hub at the Se­cu­ri­ties Com­mis­sion Malaysia build­ing here, will be the or­gan­i­sa­tion’s first pres­ence out­side of its head­quar­ters in Madrid, Spain.

Na­jib said the hub’s es­tab­lish­ment was timely and needed, as the re­gion was a new ma­jor player in the emerg­ing global or­der.

“To­day, Asia-Pa­cific coun­tries con­trib­ute 30 per cent of global gross do­mes­tic prod­uct (GDP) — al­most dou­ble what it was in 1970 — and to­gether, they ac­count for 47 per cent of the world’s man­u­fac­tur­ing out­put.

“It has been es­ti­mated that by 2030, the re­gion will ac­count for 66 per cent of the world’s mid­dle class and rep­re­sent 59 per cent of its global mid­dle class con­sump­tion,” he added.

He said al­though the re­gion’s prospects were good, ad­vanced and emerg­ing economies must come to terms with the unique op­por­tu­ni­ties and chal­lenges of the cur­rent global en­vi­ron­ment.

“Po­lit­i­cal and struc­tural shifts in large economies have given rise to new op­por­tu­ni­ties, but ex­posed new risks — against a back­drop of un­cer­tainty in com­mod­ity prices as well as in­creas­ingly age­ing pop­u­la­tions.

“There is a need to en­sure that economies are able to achieve sus­tain­able and eq­ui­table de­vel­op­ment, while also equip­ping them with suf­fi­cient re­silience to with­stand and adapt to in­ter­nal and ex­ter­nal volatil­ity,” he said.

Economies also needed to dif­fer­en­ti­ate them­selves, Na­jib urged, as there was in­tense com­pe­ti­tion for cap­i­tal and in­vest­ments in a chal­leng­ing global en­vi­ron­ment.

“Well-di­ver­si­fied econ­omy sup­ported by a strong cap­i­tal mar­ket, sta­ble in­fra­struc­ture and sound in­sti­tu­tions, such as ours in Malaysia, pro­vides dis­tinct com­pet­i­tive edge, cer­tainty and sta­bil­ity.

“This con­tin­ues to un­der­score the agenda and the work of our SC, which has laid the reg­u­la­tory foun­da­tions to en­sure mar­ket de­vel­op­ment is rel­e­vant to busi­nesses and in­vestors,” he said.

Present were SC Malaysia chair­man Tan Sri Ran­jit Ajit Singh and IOSCO board chair­man Ash­ley Alder.

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