Wednesday, January 4, 2012
Khazanah Nasional www.khazanah.com.my
Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government's strategic investor in new industries and markets. As trustees to the nation's commercial assets, Khazanah’s main objective is to promote economic growth and make strategic investments on behalf of the Government which would contribute towards nation buildings. Khazanah is also tasked to nurture the development of selected strategic industries in Malaysia with the aim of pursuing the nation’s long-term economic interests. Khazanah has investments in over 50 major companies, both in Malaysia and abroad, and our companies are involved in a broad spectrum of industries. Khazanah is also the key agency mandated to drive shareholder value creation, efficiency gains and enhance corporate governance in companies controlled by the government, commonly known as Government-Linked Companies, or GLCs. I wanted to list all of the various purposes, missions, and descriptions of Khazanah due to the pervasive nature of this organization that touches so many aspects of economic development not only in Malaysia but all around South East and South Asia.
I was able to visit Khazanah Nasional in Penang and meet with the new Director of Khazanah Research and Investment Strategy, Hamdan Abdul Majeed. Hamdan is also a new Eisenhower Fellow and I am proud to call him my fellow colleague. He and I had a great conversation, one of the best during the Fellowship. Hamdan is in charge of the Think City initiative coming out of Malaysia. The Think City model is a special project established by the Khazanah Nasional to implement and manage the George Town Grants Programme. The Board of Think City as been local subject experts and representatives from Khazanah Nasional Bhd. It is led by the Chairperson, Dr. Anwar, The main purpose of Think City is to drive urban development in Malaysia.
As Director of the Think City intiative, Hamdan proclaims that we should shift between competition between cities versus competition between Countries.” Another focus that Hamdan is proposing is that Cities should focus on attracting talent as well as capital. When this happens “cities, people, and economy, are what will position Penang and Malaysia, as a destination and world developed place to be”. Ultimately, broadband will be considered an important part of this process, particularly mobile broadband, espoused Hamdan as well. In addition, most devices that will be utilized will be niched to the user experiences versus the market dictating the use of the devices. Website: http://www.thinkcity.com.my/
Ultimately, Think City, as well as EF Mr. Majeed, have big plans to make Penang a technology and economic development hub. With its inherent ability to galvanize labor, be progressive in technology development, and understand the delicate nuances of its role and place in the global economy, with Khazanah behind this effort, I have no doubt that this idea will become a successful reality.
Thank you Hamdan. Look forward to seeing you in Philadelphia in 2012!
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