Malaysia and Singapore: Asian Nations of Economic Success by Globalization

The brightness of the glittering Twin Towers oftelecommunication satellite.Tan Sri Ananda krishnan's
Malaysia, the one time tallest buildings of the world issuccess provides a compelling testimony to Dr.
telling many success stories of Malaysia how it hasMahathir's economic policies and their successful
been transformed into one of the Asia’simplementations.Though, today, Dr Mahathir stepped
wealthiest nations.The serene beauty of the sky-highdown from power, Malaysia boasts a diversified and
towers with a celestial background of shining stars inmodern economy, which weathered the Asian
a clear dark night in the far distance, propelled myfinancial crisis in1997-98 better than many of its
thoughts back into the good old Malaysia where,peers.
while Dr. Mahathir Mohamad was criticising theMalaysia's success has been by diversifying away
western capitalism, how cleverly he applied the openfrom the export of palm oil and rubber to the
economic strategies which made Malaysia to trade allassembly of electronics with the steady provision of
over the world and its entrepreneurs to becomepolitical stability by the resolved ethnic divisions by Dr.
international players.Dr. Mahathir’s openMahathir.Dr. Mahathir's keen stewardship of the
economic strategy with a clear vision and a missioneconomy has spawned in various projects and the
triggered my memories back into my effortlatest was the Multimedia Super Corridor – a
“Strategic Post-Conflict Economic"knowledge-based economy master plan" to upgrade
Development Initiative” as an awarenessthe Malaysia's electronics industry into a hi-tech
program to transform into Sri Lanka’sapplication industry.The knowledge-based economy
war-ravaged economy into one of the Southmaster plan which encourages the new trend of
Asia’s best.Dr. Mahathir’s strategiesBusiness and Knowledge Process Outsourcing is a
are well reflected in his macro – economicnew dimension of Globalization.Southeast Asia first
strategies by adopting the open economic policiesexperienced a new and different wave of
with the realization in mind that the world trend ofGlobalization from Japanby the transferring their
Globalization and Liberalization is irreversible.We arelocations to more labour – intensive and
living in an era of Globalization & Liberalization, aresource – intensive Asian countries so that
deeply imbedded neo-classical economic thought andJapan could continue to form the international
its applications everywhere in the globe.Thiscooperation.By this Japanese initiative of Global -
overwhelming tide of G&L is reinforced andlocalization most of the Asian countries are generally
accelerated by the wide spread of Boeing and Airbusfavourable towards the Globalization trend.The
jets, Information Technology and the better andborn-again WTO from the old GATT is permanently
efficient shipping facilities which made the entirepositioned to look after the liberalization.The trend of
world into much smaller and less distant thanGlobalization and Liberalization is indisputably
ever.The current Prime Minister of Singapore Leeirreversible. Therefore, it is really a great challenge to
Hsien Loong once said far back in the late ninetiesdeveloping countries.Singapore and Malaysia are
when he was the deputy Prime Minister, “It issuccessful in tackling the Globalization and
better to embrace globalization and liberalizationLiberalization because they were well –
proactively, at our own pace, than face the prospectprepared.These Southeast Asian tiger economies, all
of one day being swept away by the floodwaters ofwent through series of distinctive stages of
competition.”His realization of embracing theeconomic transformation with certain common
globalization and liberalization might have beencharacteristics.Lee Kwan Yew and Dr. Mahathir
inherited into him by the strategies of former PrimeMohammed had clear long term visions and strong
Minister of Singapore Lee Kuan Yew who in his longpolitical leadership skills how to make use of the
tenure, changed Singapore from a sleepy colonialglobalization in their countries’ favour.In
outpost to a prosperous high-tech enclave andMalaysia and Singapore there are strong and efficient
applied better open economic policies to make use oftechnocrats who have the ability to chart the vision
the Globalization and Liberalization ininto planning with the capability to get things done in
Singapore’s favour.Now Singapore’sa much effective way.The value system which they
per capita GNP is higher than that of its erstwhilehave reinvented over a short span of time after the
colonizer, Great Britain. It has the world’sindependence produced many successful women
busiest port and is the third-largest oil refiner and aentrepreneurs in Malaysia and Singapore.Malaysia and
major center for global manufacturing and serviceSingapore successfully defined the paths for the
industries. And this move from poverty to plenty hasemergence of indigenous entrepreneurs by
taken place within one generation.In 1965 Singaporeencouraging small and medium size enterprises.They
ranked economically with Chile, Argentina and Mexicoovercome the problems of relatively shallow and
but today its per capita GNP is four or five times ofweak entrepreneurial group in Malaysia and Singapore
theirs.Lee Kuan Yew managed this miraculouscompared with well equipped and well experienced
transformation in Singapore’s economy whilethick and abundant entrepreneurial group in developed
maintaining tight political control over thecountries.They altered their countries’
country.Malaysia and Singapore better managed theirentrepreneurial strength for an equal match of the
economies in Southeast Asia than any othergame if confronted each other directly and
countries in facing the new trends of Globalizationinstantly.They looked after the private sector until
and Liberalization.Dr. Mahathir’s strategiesthey can stand alone to compete against international
have eventually made Malaysia into a Southeastchallenges to become themselves multi-nationals.They
Asian economic superpower with number ofrealized well in advance the strength and competence
megastar Malaysian entrepreneurs.Tan Sriof the private sector which is the main market player
Ananthakrishnan, who owns the Twin Towers ofin determining a country's eventual
Malaysia and several other conglomerates is a rolecompetitiveness.Though Malaysia and Singapore had
model for many Malaysian entrepreneurs who haveconstraints, they realized the importance of
given real meaning to the present day Malaysia byGovernment Leadership in the very beginning
transforming Malaysia into one of the Asia’sitself.Their governments identified and developed the
wealthiest nations.Tan Sri Anantha krishnan, a Jaffnacountries’ long-term competitiveness.They
origin Malaysian who had a humble beginning as ahave given meaning to the leadership which can
smalltime bookmaker in Australia and later as acontain not only vision, imagination and direction but
polished dealmaker with a degree from Harvardalso commitment, dedication and thorough
Business School, became a sophisticated oil traderfollow-up.They have given real meaning to the ability
with connections to many of the Asia's political andto translate political leaders’ visions into
petroleum industry elite with interests in oil and gasrealisable planning and policies and made eventually
fields in the United States.Tan Sri Anandakrishnantheir countries as the richest nations of Asia and
later went further into orbit, with the successfulbeyond.
launching of MEASAT - 1, the Malaysia's maiden