Zeti Akhtar Aziz: Developing skills for a constantly changing environment
Governor's Acceptance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, for
her Honorary Degree of Doctor of Laws from the University of Nottingham, University of Nottingham,
Malaysia Campus, Selangor, 21 January 2006.
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It is indeed my great honour to receive this honorary degree from the University of Nottingham, one of
the premier universities in the United Kingdom . It is particularly special to receive this award at the
University of Nottingham Malaysia campus, being amongst the first overseas campuses of world-class
institutions of higher education that have established a presence in Malaysia.
Malaysia and the United Kingdom have a history of close bilateral relations, reinforced by strong
economic and financial linkages that span over a period of 200 years. This relationship is particularly
evident in the field of education. The British are also known for being pioneers of strong cross-border
higher education strategic alliances and partnerships. In Malaysia , we have seen such joint
programmes between local and British institutions of higher education since the 1980s. Malaysia
values this synergy and partnership with Britain and continuously looks forward to opportunities to
further deepen this relationship on a wider range of areas for the mutual benefit of both countries.
Significant new trends continue to shape both the global and our domestic economy. The modern
world is experiencing continuous dramatic change. The significant dimensions of this change include
the increased pace of globalisation, the emergence of new technologies and the increasing
importance of knowledge as a defining factor in a country's performance. In particular, knowledge
accumulation and its application lies at the core of a country's competitive advantage in the global
economy. The traditional comparative advantage of abundant natural resources and low-cost labour
are now becoming less relevant. It is for this reason that Malaysia has directed significant resources
and attention to human capital development, and in particular, to strengthen the intellectual capacity of
our nation.
As Malaysia transitions into the next stage of development, the vital factor will be having the right
skills, knowledge and expertise. If we are to make the quantum leap forward to become a high
performance economy, we need to invest in our capabilities. This will become increasingly important
as Malaysia ventures into new, cutting edge industries and develops new areas of comparative
advantage in this more competitive world economy. To compete effectively in the more challenging
global market place that we face today, it will require significant investment in human capital. This is to
enable the workforce to deliver superior high value-added products and services and adopt advanced
business practices so as to ultimately realise the strategic goals. This trend has become important for
all sectors in the economy.
Within the financial sector, for example, significant structural enhancements have been made to
enable financial institutions and markets to respond to the rapidly changing demands. These include
changes that have heightened competition and which have fostered the emergence of increasingly
diverse market participants and organisations. The dramatically changing landscape calls for a new
generation of highly-qualified professionals equipped with more comprehensive skills. To support and
sustain these developments, the education system must evolve so as to meet these new demands.
Against this backdrop, our ability to sustain long-term growth clearly depends on our ability to build,
maintain and continuously expand our knowledge base. The key to this process is thus to be able to
adapt to the new environment. As Charles Darwin observed "It is not the strongest", "nor the most
intelligent that survive" but it is those that are "the most responsive to change." It is this capability that
needs to be cultivated to ensure a mobile and agile work force that can adjust and respond to the
emerging developments in the changing environment.
As graduates today, you embody the hopes of the nation in making the transition towards a
knowledge-based economy a reality. In graduating today, you would have achieved an important
milestone in your life. This is indeed an important and distinct mark of success for all of you. Not so
much because of the degree which you now hold in your hand, but more importantly its promise for
your future. Your journey to reach this moment is a testimony of your own individual potential,
determination and hard work.
The learning experience, however, needs to go on. In today's environment, cultivating a lifelong
learning experience is essential to personal and economic success. Lifelong learning involves more
than just formal education and training. It encompasses learning throughout the life cycle, at different
stages of life and in different learning environments. As individuals, attention to lifelong learning is
essential to remain relevant in a highly competitive environment and to enhance our ability to function
effectively and in a meaningful way as members of our community. With new knowledge comes
innovation, agility and increased productivity that contributes to the overall performance and economic
growth process. While it also enables us to adapt to the constantly changing environment, it also
increases our capacity to cope with natural emergencies.
The challenge then is to embrace the opportunities as they present themselves and to continuously
develop new skills and competencies that will be needed to meet current and future demands. The
opportunities for learning will be boundless. Technology has also significantly broadened the reach
and means for learning, as well as increased learning efficiencies. As you step into this new and
exciting world, these possibilities should be fully optimized.
In concluding, allow me to offer my congratulations once again to the graduates of the class of 2006.
You represent the promise of our nation's future. Indeed, nation building no longer belongs exclusively
to the realm of the Government. As professionals, your advancements should not just be confined to
those of immediate interest or relevance to you. Instead, you have the opportunity to cast your
energies beyond your own interests, beyond the immediate term and beyond your own boundaries. Be
open to working together with people from different backgrounds, and persevere through the new
challenges and above all, hold fast to the values that are good and important, in particular to that of
basic honesty and integrity. Always remember that these will form the foundations and basis of the
trust that society will have in you.
On this note, I wish you every success in your future endeavours.
Thank you.