INSAP Economic Forum 2024 Forging Malaysia's Economic Future

Front row, from left: Mdm Fui K. Soong, Prof Dato’ Ewe, Datuk Chong, Datuk Seri Dr Wee, Datuk Dr Pamela Yong, Prof Lee and Mr Jacob Lee

The 2024 INSAP Economic Forum was held on 12 July 2024 at UTAR Sungai Long Campus. Themed Building Resilience: Malaysia’s Economic Prospects & Uncovering Strategies for Inclusive Prosperity, the forum brought together leading economists, policymakers, and industry experts to conduct a thorough analysis of Malaysia’s current economic state, identify key challenges and opportunities, and formulate strategic recommendations for the upcoming Budget 2025.

Organised by the Institute of Strategic Analysis and Policy Research (INSAP) and UTAR, with Tunku Abdul Rahman University of Management and Technology (TAR UMT) as the co-organiser and CITYPlus FM as the official media partner, the annual forum served as a venue for intellectual exploration and strategic discussion, focused on shaping the future of Malaysia’s economy.

Present at the forum were the Member of Parliament YB Datuk Seri Ir Dr Wee Ka Siong, TAR UMT Board of Governors Datuk Chong Sin Woon, INSAP Chairman Datuk Dr Pamela Yong, UTAR President Ir Prof Dato’ Dr Ewe Hong Tat, UTAR Council Member Tan Sri Datuk Seri Dr Fong Chan Onn, TAR UMT President Prof Ir Dr Lee Sze Wei, INSAP Deputy Chairman Mr Jacob Lee, INSAP Board of Trustees Mdm Fui K. Soong, INSAP Advisor Dato’ Dr Ahmad Masrizal Muhammad, INSAP Advisor Dr Lim KT, VTAR Institute CEO Mdm Tan Cheng Liang, YB Senator Datuk Lim Pey Hen, ADUN Bekok YB Tuan Tan Chong, The Star Media Group Chairman Tan Sri Dato’ Wong Foon Meng, The Star Media Group CEO Mr Chan Seng Fatt, B.I.G Industry Bhd Director Tan Sri Dr Lau Ban Tin, United Malacca Bhd Chairman Datin Paduka Tan Siok Choo and Parti Bangsa Malaysia (PBM) Deputy President Mr Steven Choong.

Datuk Seri Dr Wee delivered a keynote speech, addressing the substantial socioeconomic benefit for Malaysian economy, at the event. He said, “This forum provides a platform for INSAP to formulate a holistic and comprehensive proposal for the Ministry of Finance. This approach ensures that INSAP’s recommendations reflect the diverse perspectives and practical experiences which are crucial for shaping effective economic policies that benefit all Malaysians like you and me.”

Datuk Seri Dr Wee

Datuk Dr Pamela Yong said in her speech, “I am pleased to announce that today marks an auspicious moment with the signing of official memoranda of understanding (MoUs) between INSAP and UTAR, as well as INSAP and TAR UMT. I am delighted that our collaboration is now formalised, reflecting the research, ground surveys, and economic exchanges we have undertaken over the years together. Looking ahead, we are excited to maintain these strong relationships and anticipate even larger projects together in the future.”

Datuk Dr Pamela Yong

Prof Dato’ Ewe said, “Today’s forum aims to analyse our current economic landscape, pinpoint challenges and opportunities that lie ahead, and chart a strategic course that will guide Malaysia towards sustainable growth and development. By harnessing the expertise gathered here today, IEF 2024 aims to empower decision-makers with the tools and strategies needed to navigate today’s challenges and capitalise on tomorrow’s opportunities.”

Prof Dato’ Ewe

The event also featured the signing of memoranda of understanding (MoUs) between UTAR and INSAP, as well as between TAR UMT and INSAP. These MoUs aimed to foster stronger partnerships and collaborative research efforts.

MoU signing session

The forum featured a total of five sessions, addressing Malaysia’s economic challenges and opportunities. These sessions covered a range of critical topics. In the “Navigating geopolitical uncertainties” session, discussions focused on strategies for Malaysia to manage economic disruptions caused by global geopolitical tensions, emphasising the need for diversifying trade partnerships. The “Enhancing investment landscapes” session provided insights on leveraging Malaysia’s strategic location, robust infrastructure, and skilled workforce to attract foreign investment and boost economic productivity. In the session titled “Balancing economic and social development”, panellists addressed persistent social and economic disparities, advocating for a more robust social safety net and equitable economic development strategies.

The “Tax system evaluations” session centred on the potential reinstatement of GST versus the current SST system, examining their implications for transparency, business efficiency, and revenue generation. Lastly, “Coping with the rising cost of living” highlighted structural issues affecting household budgets and proposed multi-pronged approaches to alleviate economic pressures on Malaysian families.

Key insights from these sessions included strategies for diversifying trade partnerships, attracting foreign investment, ensuring equitable economic development, evaluating the effectiveness of the GST versus SST tax systems, and addressing the rising cost of living.

The event concluded with closing remarks from Mr Jacob Lee, who emphasised the importance of collaboration and strong political will to address Malaysia’s economic and social challenges. He highlighted the forum’s discussions and encouraged attendees to transform these challenges into opportunities for a brighter future.

The 2024 INSAP Economic Forum reaffirmed its role as a critical platform for addressing Malaysia’s economic challenges and opportunities, fostering meaningful dialogue and actionable strategies among the nation’s leading minds.

Panellists of session one: Navigating Geopolitical Uncertainties

Panellists of session two: Enhancing Investment Landscapes

Panellists of session three: Balancing Economic and Social Development

Panellists of session four: Tax System Evaluations

Panellists of session five: Coping with the Rising Cost of Living

Mr Jacob Lee delivering his closing remark

The organising committee and helpers of INSAP Economic Forum 2024