“A retreat to Nasi Lemak” is defined as an economic phenomenon which see someone lose their job and in response “retreats” to making nasi lemak in the interim, as a way to generate income. Another aspect in this phenomenon, sees another individual lose their job and instead of dining out at a restaurant near the office picks up cheaper nasi lemak near the house. The velocity of money still continues just a lower level and within the cultural tapestry that is nasi lemak.
This snapshot of the grey economy keeps many people from falling below the poverty line, but it is hard to measure its full contribution to gross domestic product (GDP). Of late there have been too many stories of highly skilled professionals in this position; while heart-warming it is not the best return on investment for those trained to operate in the global knowledge economy. And from the government’s perspective it is increasingly difficult to monitor or generate revenue from these activities.
There are three parallel policy opportunities emerging to address this and to ensure the implementation of a sustainable future. Namely, integrating the informal economy into the formal sector in a meaningful way, gearing up high value individuals to participate in the global gig economy, and attracting more foreign direct investment onshore.
Recent years have seen the digitisation of certain services, in particular ride sharing, which is effective digitisation that has led to a corresponding revenue model for the government. This improves domestic business conditions but does not expand the economic pie with new money into the system and still represents a low value activity for highly qualified labour.
What about the global gig economy? Malaysia has a long history of achieving results in this field, the business process outsourcing (BPO) has seen billions flow into the country; in the context of the global gig economy it just needs to be done in a more granular way to benefit those now available in the knowledge worker pool. More importantly this will lead to foreign cash flowing directly to those experts.
The International Data Corporation (IDC) forecasted that BPO will deliver some USD1.4 billion or RM5.8 billion in direct revenue in 2021 to the country. This on the back of mature telecommunications infrastructure and affordable high-speed internet services. Professionals in the sector routinely deal with high levels of e-commerce, big data analytics, internet of things and smart technologies. The skills are there, the infrastructure is there; the question is can individual Malaysians turn around being one of the most interconnected social media nations into a marketplace for direct high-value services in the global gig economy?
The investment pathway is by far the most desired on many levels, it expands the economic base and addresses an identified gap. The post-COVID-19 recovery will need to focus on investment opportunities in critical global supply chains to create a comparative advantage to regional competitors.
As MCO 3.0 enters a second stanza, the answer lies at the convergence of “the fierce urgency of now” and the “law of the vital few”. Starting with dusting off the Pareto Principle or the 80/20 rule, which dictates that 80 per cent of production comes from 20 per cent of the population. Coupled with words of Martin Luther King Jr., “In this unfolding conundrum of life and history, there “is” such a thing as being too late. This is no time for apathy or complacency. This is a time for vigorous and positive action.”
During any crisis there is always opportunity. To grasp that opportunity, it will take a strategic shift in thinking, a succinct recovery plan and rapid action by all.
Moving towards a sustainable future, the only time we should be talking about nasi lemak should be at a lunch break in international food security conference as we share it with delegates from across the world as a cultural export. After all, the diversity of products used in nasi lemak is quite extensive with a value chain potentially involving hundreds of suppliers. A conversation for another day, post-COVID-19.
Nordin Abdullah
Founding Chairman
Malaysia Global Business Forum
Comments on this subject were also featured in the following media:
Proper time to talk about nasi lemak – The Star
A Retreat to Nasi Lemak – Free Malaysia Today
Work beyond that “retreat to nasi lemak” to push the economy, Malaysians told – The Mole
A Retreat to Nasi Lemak – Asia News Today
A Retreat to Nasi Lemak – News Hub Asia
A Retreat to Nasi Lemak – Glenreagh
Services
Stakeholder mapping, analysis, engagement and communication needs to be detailed to avoid business losses or even worse, a crisis. How can you do this effectively to prevent failure? ...
Data-driven business decisions have never been as crucial, especially in this era. MGBF leverages off, technology, experience and market presence to aid businesses in making accurate decisions. ...
MGBF provides comprehensive strategic advice and results-focused solutions to solve clients' problems in business-government relations so they can focus on their core business. ...
A critical business challenge is meeting the right decision-makers and potential buyers through the best channel and platform. How will you improve your business competency? ...
Upcoming Events
MGBF founding chairman Nordin Abdullah and UMW Toyota president Datuk Ravindran K. will delve into the convergence of automotive innovation and environmental sustainability in Penang, Sarawak, Johor and Pahang.
Hosted by menumiz™ – an end-to-end restaurant management system – this roundtable will feature a case study presentation and a panel session to discuss the latest digital trends, challenges, and opportunities within the food and beverage sector.
In this episode of 'A Working Lunch with Nordin', MGBF's founding chairman, Nordin Abdullah, will host this discussion focusing on the biggest threats and opportunities for businesses as we look to manage change in the South China Sea.
This MGBF Roundtable will focus on regional food security issues and trends in the regional supply chain, and trade regulations and policies, including a new geopolitical tool i.e., weaponisation of supply chains.
MGBF In The News
Planet QEOS, KIS BlOCNG San Bhd, and the Sarawak Land Consolidation and Rehabilitation Authority (SALCRA) have officially signed a tripartite memorandum of understanding (MoU) to establish a collaborative framework aimed at producing bio-hydrogen via the Steam Biomethane Reforming (SBMR) Process. The MoU was signed by Planet QEOS executive chairman Dino […]
Planet QEOS and China Machinery Engineering Corporation (CMEC) are interested in investing RM10 billion to co-develop advanced Megawatt peak (MWp) agrovoltaic in Baram, to further boost Sarawak’s green energy initiative and food security. Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg was briefed on Friday by both the […]
Last week SPM results came out, 373,974 aspirants who have been waiting patiently over the last few months would now know their fate. Some 10,109 have received all A’s, the golden standard of academic success and the ticket to those looking to study the “more advanced” subjects in university. Proudly, […]
The classic knee-jerk reaction is to say, fire the coach, change the leadership of associations, and reduce the funding till they start performing better. This kind of negative reinforcement may work for kindergarten children, but we are dealing with high-performance adults – individuals much further along in their psychological and […]
Since its earliest tea plantations in 1929, Cameron Highlands has grown to become a key player in the agricultural landscape of Malaysia, producing 40 per cent of all vegetables grown. Despite Malaysia shifting its economic focus away from agriculture, the industry remains imperative for food security and the livelihoods of […]
Although at first glance the travel industry and the agricultural sector appear to have nothing in common, they actually share more than meets the eye. The economic benefits of tourism to the agricultural sector can be multiplied several times over. “Tourism brings the end consumers closer to the source, which […]
The Malaysia Global Business Forum (MGBF) recently held a high-level roundtable themed ‘Designing the Future of the Digital Economy’, attended by industry leaders and business associations. The guest of honour was Yang Berhormat Syerleena Abdul Rashid, the Member of Parliament (MP) for Bukit Bendera in Penang. The MP’s Special Session […]
The Malaysia Global Business Forum (MGBF) will be hosting a roundtable on ‘Designing the Future of the Digital Economy’ on 23 February 2023. It is the culmination of the first three MGBF Exclusive Roundtable Series titled ‘The Evolving Threat Matrix in the Digital Economy’ held throughout 2022. According to the […]
The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy. Nordin said, “The first thing that it […]
More than 1,100 years ago, Muhammad ibn Musa al-Khwarizmi was developing the mathematical formulas that we know today as algorithms which now have become so intertwined with the business fortunes of global media giants and the very fabric of geopolitics. A series of recent high level international reports have revealed […]
KSK Land has been recognised by the Malaysia Global Business Forum (MGBF) for its role in attracting high net-worth individuals to Malaysia post-pandemic. The first challenge in investor attraction is “selling” the country. In the context of Asia, Malaysia is competing with some very established investment destinations. The second […]
Malaysia, in particular Kuala Lumpur, continues to position itself as a regional centre to do business, educate a family and enjoy a global lifestyle. One company, KSK Land, has taken the lead in positioning itself and the city of Kuala Lumpur as a property investment destination for the global citizen […]
The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
Malaysia Global Business Forum (MGBF) has moved to support the creative economy as the overall economy moves into a recovery phase following the COVID19 pandemic. As a step in the direction of normalcy, the MGBF has agreed to host the art exhibition “I Know You’re Somewhere So Far” by one […]
Congratulations to Datuk Seri Ismail Sabri Yaakob for taking up the mantle of the ninth prime minister of Malaysia. There is nothing normal about the situation; it could not have been scripted but it has kept the spectrum of media, mainstream and social, gripped. The first order of business for […]
In a stirring speech to the nation, President Joseph R. Biden, Jr. stamped his brand of leadership on the presidency, in his first act as the 46th president of the United State of America, it signaled several shifts. Perhaps the weather was foreboding with snow falling before the ceremony that […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
