The most crucial precondition for Malaysia at the moment in moving forward effectively is political stability, says Perak ruler Sultan Nazrin Shah.
He said political stability will allow planners to focus more fully on the longer term and put into place the policies and measures that are necessary to build confidence among investors.
"Further strengthening of our institutions is thus another priority, as it is these that will ensure the effective implementation of the various policies that will propel us forward," he said in Kuala Lumpur today.
He said Malaysia has strong institutional foundations in many respects and needs to muster the political will to drive the nation’s institutions forward in a progressive way.
He also said that the country must find alternative means to prosper, bringing in fresh approaches such as that of the circular, "doughnut", or "mission" economy, to build economies that work for the planet as well as its inhabitants.
Sultan Nazrin said the nation’s developmental model must also be inclusive as the approach in areas from education and human capital development to poverty and inequality must entail the inclusion of all Malaysians, irrespective of ethnicity and religion.
"We are all equally part of Malaysia’s success – in the present and past – as we have built our shared prosperity together and into the future, as we meet its complex challenges together," he said.