Economic conference to shed light on global crisis

This Friday's international economic conference in Penang is expected to provide Malaysians with a clearer picture of the socio-economic impact the global financial crisis will have on the country when it sweeps across the region.

Although the full extent of the economic impact on Malaysia is anyone's guess, many agree it would be colossal, resulting in the closure of companies, weakened consumer purchasing power, business slowdown and massive retrenchment.

The two-day international conference themed ‘The New Economic Vision for Penang and Malaysia', to be held at Georgetown's Traders Hotel, is expected to shed some light on the uncertainties awaiting Malaysia.

"It would share with Malaysians the issues, opportunities and strategies they can use to face the challenges of the current economic downturn," Lee Kah Choon, executive chairperson of InvestPenang, the conference organiser said today.

The conference, expected to draw some 400 people, would also help the authorities to map out effective and immediate measures to counter the imminent global socio-economic threat, which some economists warned could weaken a country's financial foundation to its core.

Investors, economists, financiers, bankers, institution investors, government officials, analysts, industrialists, interest groups, stakeholders and politicians, both local and foreign, are expected to attend the conference.

Another main topic to be deliberated is the way to control and capitalise on impending retrenchment exercises to upgrade the skills and technical knowledge of jobless Malaysians and prepare them for future challenges.

Ways to mitigate crisis

Lee said the conference would help Malaysia not only to mitigate the crisis but to turn it into an advantage, adding that the current economic picture was obscure due to global uncertainties.

"The findings of the conference can help both state and federal governments to map out effective templates to counter the economic impact," he said.

Some 15 renowned speakers, both local and international, will be sharing their views, ideas and opinions at the conference. Penang Chief Minister Lim Guan Eng is expected to deliver the keynote address and officially launch the event.

Former Finance Minister Anwar Ibrahim, Penang Deputy Chief Minister Mohammad Fairus Khairuddin, Lee, Lim's economic advisor Teh Chi-Chang and ex-senator Chet Singh are among the speakers.

International economic experts scheduled to speak at the conference are pro-chancellor Dr Lim See Yan (Universiti Sains Malaysia), Professor Dr Woo Wing Thye (California University), Associate Professor Dr Tab Khee Giap (Nanyang Technological University), Professor Rajah Rasiah (Universiti Malaya), Dr M Chatib Basri (Indonesia University), Professor Shigeyuki Abe (Doshisha Unversity), Dr Yoon Young Kwan (John Hopkins Unversity), Dr Wei Zhang (Cambridge University) and Dr Prema-Chandra Athukorala (Australian National University).

Lee said government-linked economic agencies like InvestPenang, Penang Development Corporation and other similar organisations should use the conference to re-evaluate, review and reform their policies.