framework from levels 4 to 6, in collaboration with formal educational institutions. regular contact is maintained between academics and researchers in the various departments of the bank and other central banks. a number of conferences and workshops have been organised by the bank in the past, and an increasing number of academics have been presenting their research findings at seminars in the bank. during the past two years, a number of collaborative research projects have also been initiated and completed. this latter initiative has become more formalised with the launch this year of the visiting research fellows programme which will enable leading academics or researchers from other central banks to spend time at our head office pursuing their research and interacting with bank staff. visitors from the academic world will thus be able to discuss their latest research work and collaborate with bank staff as co - authors of research papers on a regular basis. the bank also collaborates formally with tertiary institutions as part of the strategy to enhance central banking skills and knowledge in south africa. to this end, the bank is currently sponsoring a chair in monetary economics at the university of pretoria. this should ensure the development and promotion of research and tuition in the field of monetary economics at the post - graduate level. the incumbent serving as chair will become a visiting research fellow at the bank to foster closer collaboration and research synergies between the bank and the university. in an effort to improve the quality of economic journalism in africa, the bank, in partnership with rhodes university, is in the process of establishing the african economics journalism centre at the school of journalism and media studies at the university. from 2007, the bank will provide funding and institutional support, as well as funding for scholarships to attract students from previously disadvantaged backgrounds to economics and financial journalism. the sarb college will furthermore assist with the design of the macroeconomics curriculum as part of the programme. furthermore, from 2008, rhodes university will offer a dedicated postgraduate diploma in economics journalism, aimed at mid - career journalists and journalism graduates who lack an economics or commerce background. our contributions to universities are not confined to funding. a number of bank staff give specialised lectures or courses at various universities. i have the honour of being an honorary professor at unisa, the university of pretoria, the university of stellenbosch and the university of limpopo. this commits me to present a number of lectures and seminars to staff and students. i particularly value the interaction with students and i often feel comforted by the quality of the training that our future economists are receiving. overall, the collaboration with

muhammad bin ibrahim : the way forward for development financial institutions opening address by mr muhammad bin ibrahim, governor of the central bank of malaysia ( bank negara malaysia ), at the global symposium on development financial institutions “ the way forward for development financial institutions ”, kuala lumpur, 19 september 2017. * * * selamat datang ” and a very warm welcome. thank you for the opportunity to speak today at this important gathering to discuss the way forward for development financial institutions. in 2012, the music video “ gangnam style ” by korean pop artist psy took the world by storm. being the first video to record more than 1 billion youtube views, its infectious dance moves have become universally recognised, transcending borders and social status. the video marked the beginning of the rise of the korean cultural phenomenon known as korean wave or “ hallyu ”, a new growth area for its economy. today, the export of korean culture content, including films and music, is estimated at usd83. 2 billion. in under a decade, the sector grew to contribute 0. 7 % to south korea ’ s gdp in 2011, supported over 67, 000 jobs and generated usd3. 3 billion in tax revenues. this extraordinary rise of the korean wave can be attributed to the growth of investment in the creative industry. the industry was boosted by the government ’ s strategy to prioritise the sector as an engine of growth after the asian financial crisis. the korean government had earmarked 1 % of the national budget for development financial institutions to kickstart the sector. following in their footsteps, domestic conglomerates like samsung and daewoo started investing in film financing and video production. korea ’ s experience above illustrates an important lesson for economic development. properly structured development institutions can be a potent agent of change for private sector investment, drive growth, and forge inclusive societies. it can do a lot of good. but in reality, the real challenge is how to replicate the key factors that contribute to the success, and to achieve this more consistently across different political, economic and social contexts. with this in mind, let me outline the crucial factors that might help us understand this phenomena : a. first, a mindset shift to contribute more broadly to catalyse new growth areas ; b. second, the need to strengthen accountability frameworks ; c. third, the continuous cultivation of a strong culture of innovation ; and d. fourth, a robust corporate governance. stepping up to the plate by further developing