On 25 October, ODI’s Global Risks and Resilience programme welcomed Deputy Prime Minister of Malaysia, Datuk Seri Dr Ahmad Zahid Hamidi, for a discussion with ODI Trustee, Professor Dominic McVey MBE, on ‘Unleashing the power of human capital as the driver of national development: insights from Malaysia’s new economic approach’.
Dr Rebecca Nadin, ODI’s Director of Global Risks and Resilience, introduced the event. She pointed out that coming just under one year since Prime Minister Ibrahim’s historic election victory, it was a good moment to better understand how Malaysia intends to reform the domestic economy and initiate a new economic model amidst major transformations in the global economy.
In the discussion with Dominic McVey, Dr Zahid announced that Malaysia is exploring opportunities to send lecturers and trainers, especially in the field of Technical and Vocational Education and Training (TVET), to South Korea and Türkiye for Training of Trainers (ToT) in addition to similar existing relationships with Germany and Japan.
Further exploring the theme of human capital, Dr Zahid explained Malaysia’s flagship ‘Madani Economy’ agenda, which ‘is focused on restructuring the economy towards making Malaysia a leading Asian economy.’
Dr Zahid was on a working visit to the UK to give a keynote address at the World Halal Business Conference in London. He also explained how Malaysia is aims to create jobs through stimulating grow this industry through the Halal Industry Master Plan.
In addition to the conversation at ODI and addressing the conference, Dr Zahid also held a bilateral meeting with Thérèse Coffey, the Secretary of State for Environment, Food and Rural Affairs, and met with Muslim members of Parliament.
This discussion was part of ODI’s work on the role of human capital in development. ODI’s research on the future of work has found that the global economy is undergoing a major transformation, with new technologies and new ways of working emerging. This transformation is creating new opportunities for countries to develop their human capital and create more inclusive and sustainable economies.
ODI’s work on human capital has focused on how countries can invest in their people to improve their productivity and competitiveness. ODI has also worked with governments and businesses to develop policies and programs to support the development of human capital.