Malaysian \\\'second home\\\' beckons the world

Malaysian High Commissioner in Dhaka Norlin Othman has recently said that Bangladesh is among the top three countries eligible to avail itself of the "Malaysia my second home (MM2H)" programme. As many as 2,923 Bangladeshis have so far taken the offer.
According to the Malaysian government rules, for settling in that country under the MM2H programme, one needs to deposit liquid assets worth at least RM 500,000 (about Tk 12.2 million) and show offshore income of RM 10,000 (about Tk 245 thousand) per month. Mostly businessmen have invested their money there to set up businesses, the envoy added. Based on her information, one may calculate that around Tk 35.66 billion (3,566 crore) have been taken out of the country for settling in Malaysia. Sadly, this information has been revealed just when Bangladesh has been desperately looking for local and foreign investment.
Even in early 60s, Malaysian economy was agriculture-based. The main economic activities centred round rubber and tin production, and business enterprises were small, largely localised, and predominantly family-based. Today the country is one of the fastest growing economies in the region, and the Malaysian economy has witnessed tremendous changes in the last three decades. According to World Bank, the proportion of its manufactured production grew from roughly 20 per cent of Gross Domestic Product (GDP) in the early 1980s to 31.5 per cent of GDP in the late 1990s. Manufactured products accounted for around 85 per cent of gross export earnings in 1999, with electronic goods becoming one of the most important products. The country's $303 billion economy has been growing at an average rate of 6.0 per cent in the recent years, and the per capita income of US$ 815 in the 1960s rose to US$ 6990 in 2013. One feels inclined to ask: what is the story behind this magical rise?
It was during Dr. Mahathir Mohamad's tenure as Prime Minister from 1981 to 2003, that Malaysia experienced its rapid modernisation and economic growth. The Mahathir government initiated a series of bold infrastructure projects. The Prime Minister helped shift the country's economic base away from agriculture and natural resources to manufacturing and exporting. His government embarked on industrialisation focusing on labour-intensive units which provided jobs to unemployed people, and materialised social stability. Dr Mahathir's leadership was also marked by the pursuit of a strong visionary approach, specifically the Vision 2020, which was intended to serve as a compass to guide Malaysia toward a developed country status by 2020. He began privatising government enterprises, including airlines, utilities and telecommunications, which raised money for the government and improved working conditions of employees. The privatisation of Kelang Container Terminal (KCT) in 1985 was the first project; it provided useful lessons on garnering the support of the labour force in order to serve its interests. Another significant infrastructural project was the North-South Expressway, a highway that runs from the Thai border to Singapore.
Malaysia's privatisation initiative was based on the 'Japan Inc.' model that viewed the country as a single corporation, with the government providing and helping maintain an enabling environment for business and the private sector operating as the engine of growth. With growing private enterprises, government tax revenues were increasing, enabling it to finance development projects further. The government cut corporate taxes and liberalised financial regulations to attract foreign investment, and the country saw an economic expansion over nine per cent between 1988 and 1996.
During his 22 years in office, Dr Mahathir's only goal was to see Malaysia as one of the most advanced and modern countries in Asia. He was an individual with a visionary outlook, always trying to improve Malaysia. Dr Mahathir had also greatly contributed to the country's education system.  He always believed in the masses' educational needs and in order to realise his dream of a developed Malaysia, he announced that Mathematics and Science subjects must be taught in English at all primary and secondary schools with the aim of increasing competitiveness. The growth of colleges and universities in Malaysia has been phenomenal during his tenure. Both the public and private sectors have invested huge sums of money in setting up high-standard colleges and world-class universities across the country.  
Malaysia's present economy is highly diverse; the manufacturing sector is dominated by large multinational corporations, with heavy presence of Japanese manufacturers. In the service sector, especially in retail trade, large international superstores like Marks and Spencer, SOGO and Yaohan are complemented by a number of medium and small enterprises.
Dr Mahathir adopted a pragmatic approach to the handling of the Asian financial crisis in 1998, which originated from heavy international currency speculation leading to major slumps in exchange rates. The Malaysian ringgit's exchange rate fell from RM 2.42 to 4.88 to the U.S. dollar and the main stock exchange index fell by over 75 per cent. To counter the crisis, the International Monetary Fund (IMF) recommended austerity changes to fiscal and monetary policies. Some countries reluctantly adopted them, but Mahathir refused and implemented independent measures; the ringgit became non-convertible externally and was pegged at RM 3.80 to the US dollar along with increased government spending. The result confounded his international critics and IMF, but Malaysia recovered from the crisis faster than its Southeast Asian neighbours.
One of the main reasons Dr Mahathir was a good leader and adored by his people was his innovative ideas on improving the lives of the Malaysian people. Based on Vision 2020, he announced nine strategic goals for his country: 1. A united, peaceful, integrated and harmonious nation, 2. A secure, confident, respected and robust society committed to excellence, 3. A mature, consensual and exemplary democracy, 4. A 'fully moral' society with citizens strongly imbued with spiritual values and the highest ethical standards, 5. A culturally, ethically, religiously diverse, liberal, tolerant and unified society, 6. A scientific, progressive, innovative and forward-looking society, 7. A caring society with family-based welfare system, 8. An 'economically just' society with inter- economic parity, 9. A fully competitive, dynamic, robust, resilient and prosperous economy.
Dr. Mahathir, who is a trained medical doctor, constantly studied the symptoms to diagnose the causes of 'illness' of his country. Under his treatment, Malaysia prospered economically and socially -- with a growing manufacturing sector, an expanding middle class, rising literacy rates, and increased life expectancy. Today, Malaysia is offering one of the best investment schemes in the region and the quality of life there is amazing. Moreover, the country being politically stable and safe, not only Bangladeshis, people from China, Japan, Australia and other countries also are choosing Malaysia as their 'second home'.

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