Core Session 3: Growth and Development

Complex problems require multilateral solutions.

Geopolitical, trade, and economic conditions are rapidly shifting. Therefore, complex problems in labour markets, climate change, and other social inequalities require multi-stakeholder approaches that balance capital and political interests for developmental goals.

Malaysia faces the challenge of implementing policies effectively under complex conditions. Thus, we must balance long-term developmental objectives with the constraints of short-term political processes.

In the pursuit of solutions amidst structural constraints, we must engage not only the political elites, but also civil society and the business community. This involves the public sector, private sector, philanthropy partnerships (“PPPP”) to address complex societal issues effectively.

Inclusive development and capital redistribution are needed to ensure equitable development.

Civil Society Organisations (“CSOs”) are key vehicles to mobilise shifts towards an inclusive educational system and more redistributive fiscal policies.

In pursuit of inclusive development, we must focus on marginalized groups, and redirect capital toward societal impact. Due to unequal and inefficient distribution of resources, we need to build coalitions between private, public, and civil society to mobilise capital towards strategic social change.

Investors should manage their expectations around higher risks associated with catalytic social investments, and focus on capacity building for CSOs and non-government organisations, which are the main drivers of local development.

In a social media centric world, narratives are key in driving holistic development.

Social media has the potential to induce behavioural changes and mobilise societal transformations. However, with potential comes the risk of increased polarisation, which we must be mindful of when increasing social media usage.

Critical factors for successful development include good governance, communication, education, and public-private engagements. In the realm of communication, social media is a double-edged sword, which can be harnessed for good but also a tool to propagate disinformation, misinformation and harmful sentiments.

Business communities and CSOs should take initiative in building the narrative of a developmental vision, thereby setting collective goals and channelling capital towards strategic development objectives.