As we gather in Sharm El Sheikh, Egypt, for the conference of the Non Aligned Movement (NAM), the challenges faced by the world and our populations are vastly different from those that prompted the founding fathers to come together to form this organisation 48 years ago.
The repercussions of the global economic meltdown continue to reverberate around the world. The adverse effects on the weakest among us have been the most severe and this through no fault of their own. Many of the economic gains made to pull people out of poverty have been reversed, the unemployment rates in many of our countries have gone up, trade which provides jobs for many of our citizens has slowed and foreign investment flows (FDIs) have declined.
Terrorism continues to loom large as a threat to international peace and security. Religious clashes and intolerance that manifest in many different ways stem from a lack of understanding and appreciation of the numerous similarities in our religious beliefs and cultural practices. The on-going conflict in the Middle East demands a better appreciation for the rights of Palestinians to their homeland and the aspirations of the people for peace and harmony.
The challenges are great, yet our fundamental goals remain the same - to build peaceful, prosperous, fair and just societies. With the on-going challenges how can we achieve these goals even as people, capital, trade and information flow more easily through an interdependent system which has been battered and needs mending.
From Egypt we can send a strong message to the global community on the way forward for us as well as for the global community.
The Muslim world can and should play a vital role in achieving our shared goals, which are also universal goals. Yes, there are many differences in our backgrounds, but fundamentally the aspirations we have for our families, our societies and our futures are similar with those of other religions.
To achieve lasting peace - a shared aspiration - we need to build bridges between the Muslim world and Christian nations to address the misunderstanding that has for too long overshadowed the positive aspects of our different cultures. The NAM family of nations, comprising different cultures, religions and races can show the way through collaboration in various fields for the collective good of our peoples.
In Malaysia, a multi-racial and multi-religious nation, we have seen how challenging it is to create such mutual respect and understanding. But over the years, we listened and learned, built a progressive, strong democratic nation, and have a government committed to the 1Malaysia concept, where all the people play a part in our national conversation and share the benefits and fruits of our unified national peace and prosperity.
I believe that we can achieve such harmony not only within our individual countries, but between nations. It will not be easy. There will be misunderstandings along the way. But the prize of shared understanding is so great that we cannot afford to miss the opportunity that presents itself in this new global context.
To build long term economic prosperity - another shared objective - the Muslim world has a vital role to play. Rich in natural resources, many talented and skilled people and expertise in areas such as Islamic finance, collaborative efforts with partners in all parts of the world will allow for a more holistic approach to long-term economic growth.
In the wake of the current crisis and the failure of the conventional banking system, there is increased interest in Islamic finance. Malaysia, a leader in this area with some 60 per cent of the world's issuance of sukuk (Islamic bonds) originating from Malaysia last year, is prepared to share its expertise and knowledge for the greater and common good of members. In this context, I would like to see closer cooperation between the Gulf States and Malaysia. The Gulf States with their financial resources and Malaysia with the knowledge and expertise in Islamic finance, provide a natural match and synergy for closer cooperation.
There is already some collaboration between the Gulf States and Malaysia. The Securities Commission (SC) and the Dubai Financial Services Authority (DFSA) signed a mutual recognition agreement that allows for cross border distribution and marketing of Islamic funds between Malaysia and the Dubai International Financial Centre (DIFC). The existing collaboration can be further strengthened with the establishment of an Economic Council between the Gulf States and Malaysia. It will offer far reaching benefits to members as well as other countries in the two regions - South East Asia and the Gulf region and between Asean and the Gulf Cooperation Council. In the wake of the current severe international economic shock, such cooperation is not just important but fundamentally necessary.
One of the most important lessons to be learned from the on-going economic crisis is that we must never be boxed in by orthodoxy in economic matters, but focus more on what works, what is needed and what will best serve the long-term needs of our people. We must use the opportunities available to us, even in these difficult times, to strengthen our economies and emerge stronger when the global economic environment improves. I am very confident that it will surely improve, just as the sun will rise again tomorrow.
In Malaysia, for instance, to mitigate the effects of the global downturn, we instituted unprecedented stimulus packages; sweeping, but vital, reforms to foreign investment committee guidelines and liberalization measures in key sectors such as banking and tourism. These initiatives represent difficult, but necessary, decisions. There have been criticisms from those who want to defend the status quo or ignore the different times we live in. But without these policies, Malaysia would be left behind, ill-equipped to compete in the high-value economic sectors of the future that will propel Malaysia into the higher income group. In short, we have to adapt and adopt policies to progress, to develop and to engage with the international community in a new and vastly changed global economic order.
And it is no different for NAM. The Oragnisation was set up under a very different political and economic environment, but the challenges it faces today are no less important. The Cold War may be over, but we are confronted with the most severe economic crisis in decades, new international security threats that strain relationships and questions about shifts in economic power across regions and between peoples. These call for a collective commitment, dedication and resolve from us. We see the need for cooperation. We can overcome differences. And we must embrace the challenge to build new alliances for peace and prosperity around the world
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