ASEAN KEY DESTINATIONS
Malaysia focus on long-term investment
He said investors were now increasingly risk-averse, preferring safety and short-term liquidity.
"The willingness to commit funds over long periods of time is necessary to fuel an entrepreneurial environment," he said at the World Capital Markets Symposium In Kuala Lumpur on Monday.
His keynote address was delivered by Deputy Prime Minister Tan Sri Muhyiddin Mohd Yassin.
Najib, who is also Finance Minister, said there was a need to achieve better balance in the social compact between finance on one side and the interests of society on the other.
"Profits cannot be the sole motivation of enterprise, for while they satisfy the individual shareholder, they may not meet the requirements of society," he said.
Najib also said a global agenda for governance must be to shift the emphasis from nations competing to promoting global cooperation and collaboration.
He said "competition should be managed so that it does not turn into a free-for-all, otherwise this will inevitably lead us down the road of beggar-thy-neighbour."
"The building of bridges of trust and confidence across borders is a task that in my view requires greater attention than previously provided," he said.
Najib also proposed that international governance be reviewed as it played a key role in shaping the compact between organised business and finance.
He said institutional arrangements need strengthening to promote fairer distribution of economic wealth and widespread social well-being.
He also said that good governance should translate into adequate checks and balances to avoid domination by influential interests in the global decision-making process.
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