SPEECH BY 

YAB DATO’ SERI ANWAR BIN IBRAHIM

PRIME MINISTER OF MALAYSIA 

KHAZANAH MEGATREND FORUM 

6^th OCTOBER 2025 (MONDAY) | 3:00 PM

MANDARIN ORIENTAL HOTEL, KUALA LUMPUR

 

 

Assalamualaikum warahmatullahi wabarakatuh dan Salam Sejahtera

 

Yang Berhormat Senator Datuk Seri Amir Hamzah bin Azizan,

Finance Minister II;

 

Yang Berhormat Tuan Liew Chin Tong,

Deputy Minister of Investment, Trade and Industry;

 

Yang Berbahagia Dato’ Amirul Feisal Wan Zahir,

Managing Director of Khazanah Nasional dan keluarga Khazanah Nasional;

 

Rakan-rakan KMF dan tetamu-tetamu yang hadir.

 

1. Tentunya satu penghormatan untuk menjayakan satu sidang yang sangat bermakna, kerana Khazanah Megatrend Forum ini sudah terangkat sebagai salah satu ruang wacana segar peringkat bukan sahaja negara, tetapi juga menarik perhatian rantau. Dan ia memberikan ruang bukan sekadar percambahan idea baru, tetapi mencabar kita untuk menggariskan beberapa persoalan pokok yang mampu kita jadikan sebagai hala tujuh baru bagi negara MADANI ini.
2. Saya masih ingat, seperti yang disebut oleh YBhg. Dato’ Amirul Feisal Wan Zahir tahun lalu, saya bicara tentang masa depan, post normal times yang tidak menentu arahnya, yang ditentukan dengan beberapa faktor: chaos, contradictions, complexity. Dan saya tertarik kerana sidang hari ini membicarakan soal ketidakpastian, uncertainty, ketidaktentuan, tetapi juga memberikan kekuatan kepada kita.

 

3. Jadi, tidak salah saya, esok ada satu lagi sidang, oleh siaran lain, bincang juga masa depan. Tetapi yang menarik, seperti yang dibicarakan, ia tidak semestinya memberikan kita andaian bahawa tidak ada jawapan yang diperlukan seperti mana yang disebut tadi, ialah humility — kesediaan menganggap bahawa kita sebagai manusia ada keterbatasannya, dan sebaik mungkin ialah keupayaan kita mengkaji, mendengar dan memperbaiki.

 

 

Excellencies, ladies and gentlemen,

 

4. Of course, we are meeting and I’ve heard this before that in a period, a moment of deep global unease. From the devastation in Gaza to the renewed trade tensions between major economies, the world finds itself caught between competing visions of order.

 

5. It’s interesting because the Prime Minister of Pakistan supposed to be here on an official visit. So, I recall the words of their founding father, Muhammad Ali Jinnah, around about 1947, when he said that “We are going through fire: the sunshine has yet to come.” Well, nevertheless, for Gaza, the rays of hope may come through soon, for only days ago, we see positive developments to the latest ceasefire proposal, bringing the promise that the suffering of the people of Gaza might finally end.

 

6. Malaysia, of course, welcomes any step that opens the path to peace. We call for restraint, an immediate halt to attacks, and unimpeded humanitarian aid to reach those in need.

 

7. This tragedy has seared itself into the conscience of humanity. Lasting peace will not come overnight, but it must begin with the courage to stop the killing and to uphold the sanctity of life.

 

8. As of 4 October, all 23 Malaysians, who took part in the Global Sumud Flotilla mission, have been released by the Israeli authorities. Malaysia stands in firm solidarity with all the courageous and dedicated participants of the (Global Sumud) Flotilla mission, as well as all those who work towards a just and durable peace that secures the rights of the Palestinian people and the realisation of a sovereign Palestinian state.

 

9. Even as the world watches Gaza, other fronts of conflict and contestation multiply. A new wave of tariffs, economic nationalism threatens to disrupt the global order painstakingly built over decades.

 

10. When the United States first imposed tariffs on China years ago, few foresaw how swiftly this protectionist tide would return. And returned with a vengeance it has! The multilateral trading system, once the bedrock of shared prosperity, is now in a state of paralysis, with trust absent and predictability in short supply.

 

11. Sailing on the rough seas of discord, Malaysia must not lose its bearings so that we may chart our course with a steady hand, armed with fortitude and strategic foresight.

Ladies and gentlemen,

 

12. The theme of the year’s forum is true to the Khazanah’s tradition: confusing and complex. Debugging UncertaintyJ Lessons from the Grasshopper and the Ant on Living with Risk, could not be timelier. I have to ask my grandchildren what they think about the theme. Probably do not underestimate, probably they can explain better (in joking tone). I am not discounting the expertise here.

 

13. Now, our challenge is to steer Malaysia through this uncertainty with clarity and composure. We cannot predict every storm, but we can strengthen the vessel we sail in. And it is only through credible governance and stability that we can turn uncertainty into opportunity.

 

14. And in this vein, we have restored fiscal discipline. Sounds easy, but it’s tough. Restoring physical discipline in an environment that strives on indiscipline. It’s tough and challenging. And refocused public expenditure towards areas that generate long term value. From education and health to digital infrastructure and the green economy. The reforms to public procurement, governance and subsidy management are part of the same effort: to ensure that growth is not only achieved, but also sustained, transparent and fair.

 

15. Our fiscal consolidation path is about stewardship, and making sure that every ringgit of public money is spent with purpose. Investors understand this. Confidence grows when governments show the courage to reform. Confidence grows when governments show the courage to reform, while going in lockstep with the prosperity to spend strategically. Amir, he just sit and done because budget will be on Friday (in joking tone). Every ministry, every department, every village wants more money and no one wants to pay more. How do you deal with it? I don’t know. We need professors like you to help answer this question. Everywhere I go, we need more funds. Everywhere I go, including the rich to the rich. Please don’t tax us, I have to pay harder.

 

16. Now, capital growth must always be in tandem with expansion efforts in the name of social justice through the spirit of Malaysia MADANI.

 

17. In the past two years, Malaysia’s economic narrative has shifted from uncertainty to recovery, from defensive measures to proactive restructuring. Growth remains steady, inflation is contained, unemployment is low, thank you.Yet what defines success is not the comfort of stability, but our readiness to confront the next disruption.

 

18. The question is not whether we can avoid risk, but whether we can govern it. Every generation of Malaysians have lived through moments when the future seemed uncertain from the Asian financial crisis. Well, we resolved that at my expense, I was in prison (in joking tone) to the pandemic years. Each time we have rediscovered resilience not through denial, but through adaptation.

 

19. Risk is a constant in human history, it humbles us, reminding us of our limits. Yet it also invites courage and imagination. What distinguishes thriving nations from failing ones is the ability to turn uncertainty into opportunity.

 

20. This is why Malaysia’s approach to risk is anchored in good governance. Without it, risk becomes a licence for recklessness. With it, risk becomes the key to innovation.

 

21. Governance is not a bureaucratic concern. It is the moral compass of the state. It ensures that progress is not pursued at the expense of principle and that leadership remains accountable to the people.

 

22. Institutions like Khazanah must continue to embody this philosophy of stewardship. Their task is not simply to seek profit, but to balance commercial returns with national development. Now, it is being done, don’t worry. I’m just.. (in joking tone).

 

23. Khazanah’s investments in strategic sectors, from semiconductors and green technology to startups through Jelawang Capital, reflect an understanding that resilience depends on depth and breadth. By nurturing the local venture capital ecosystem, Khazanah strengthens Malaysia’s capacity to innovate from within, reducing dependence on external cycles.

 

24. Khazanah must also continue to champion inclusive development, ensuring that the benefits of growth reach ordinary Malaysians. This alignment with the MADANI philosophy, inclusivity and social justice is what distinguishes meaningful prosperity from the illusions of wealth.

Ladies and gentlemen,

 

25. The global economy today is being reshaped by technological revolutions, demographic shifts, and the contest among major powers. Artificial intelligence is rewriting the rules of work and productivity, and it was a timely reminder last month when I cautioned the public service, after disbursement of billions in the process that read, understand, reassess the meaning of ‘the productivity paradox’, or ‘Gen AI productivity paradox’ because the assumption that this new technology necessarily results in better productivity is not necessarily true.

 

26. So, it has to be wisely administered and assessed timely so that we can get the best from this new technology and the other concern is of course, it may threaten to widen inequality if not guided by ethical governance.

 

27. The world has entered an age where power is not only measured by military might or market size, but by credibility, the capacity to be trusted, to offer stability when others choose confrontation.

 

28. Malaysia’s task is to remain a reliable partner in such a volatile world. We must engage all sides without being subsumed by any, and uphold principles without being naive to power.

 

29. In ASEAN, our chairmanship will conclude in just a few weeks, at a critical juncture for the nation and the region. But ASEAN must remain central, cohesive, and confident. Our strength lies in dialogue, not division.

 

30. The world may be decoupling, but Malaysia cannot afford to disconnect. Through our proactive engagement across multiple platforms, including APEC, ASEAN, and emerging groupings such as BRICS, we will continue to champion open trade, fair rules, and international cooperation. Malaysia will remain constructive and credible, voiced for dialogue, equity and shared prosperity.

 

31. Our compass remains clear stability with justice, progress with compassion and growth with dignity.

 

32. Certainly, we don’t look forward to the scenario, as forewarned by Kenneth Galbraith, where social justice may end up favouring the rich while the burden of capital is settled on the poor and that’s precisely why the MADANI framework represents a conviction that prosperity cannot come at the expense of humanity. The economy is not an end in itself it is a means to secure the well being of our people.

 

33. When we invest in education, we are not only building skills, we are building citizens. When we reform governance, we are not only fighting corruption, we are restoring trust and when we attract investors, we are not only seeking capital, we are inviting confidence in Malaysia’s moral and political direction.

 

34. This is the essence of a national renewal, to marry competence with conscience, to balance markets with mercy.

 

35. Amid the turbulence of our time, we must hold on to what truly matters. In the face of injustice, we must speak with moral clarity. In the face of economic uncertainty, we must act with prudence, courage and results and in the midst of division, we must hold fast to unity.

 

36. Let us remember, dear friends that nations rise not by avoiding risks, but by facing it together. Malaysia’s story multi-racial, multi religious is proof that adversity need not define us, it can refine us.

 

37. May our deliberations today be guided by humility, conviction and a set determination to build a future worthy of our people’s hopes.

 

Terima kasih, wassalammualaikum.