On the occasion of the celebration of the International Women's Day, it is important for us to reflect on the implications of this rapidly changing environment for women. Women account for almost half of the world's population. The integration and full deployment of women in the workforce is therefore a vital part of our quest for higher performance in this new era of the modern economy. Let me begin with some brief words on the economic and financial transformation that is occurring in Malaysia. Indeed, Malaysia is very much a part of this new phase of globalisation in which the concentration of economic power in the global economy is now becoming more dispersed. International trade, investment and financial flows have now become increasingly a two-way process. In fact, it is these very changes that have increased the tolerance level and strengthened the resilience of the economy. The Malaysian economy continues to be transformed in several ways. Firstly, domestic demand has become an important driver of growth compared to previously being export driven. Malaysia has thus become part of the massive cumulative market that is growing in Asia. Secondly, this has contributed to changing significantly the pattern of our international trade. Previously, our trade was predominantly with the major developed economies. Now, almost two-thirds of our trade is with Asia. As the Asian markets continue to expand and as the trade increases, it becomes a mutually reinforcing trend in the region. Thirdly, our economic structure has become increasingly more diversified with new areas of comparative advantages emerging.

Women are now also part of the increased mobility of talent that is able to relocate to different parts of the country or to venture abroad. Increasingly, women are now rising to senior and key top management positions in both private corporations and in government, although we are still less than where we should be. The changing corporate cultures, the shift away from hierarchical structures, in fact, are to the advantage for women professionals. We have seen these changes taking place in international corporations, where the previous power structures have resulted in limited opportunities for women. Changes in corporate cultures towards more collegial environment have inculcated organisational values and behaviours that have been more conducive for increased opportunities for women. Let me turn to the implications of an environment of constant change and transformation. Indeed, as we go forward, we can expect this pace of change to intensify. To succeed in this ever changing environment, there needs to be an awareness and an understanding of the nature of these changes and its radical implications and consequences. Survival in the modern economy requires the adoption of new approaches and strategies. Approaches that have brought previous successes will no longer become relevant. It will require radically different ways of doing things. Prospering on a short-term business trend without developing capabilities and competitive positions will risk the future of any business. The new environment requires strategies that aim to secure durability and sustainability. This new environment will be characterised by increasing competitive pressures.