M'sia's pick as IOSCO hub is recognition of its leadership role: PM

LAILI ISMAIL AND THARANYA ARUMUGAM


KUALA LUMPUR: Malaysia being selected to host the International Organisation of Securities Commission (IOSCO)’s Asia-Pacific hub constitutes recognition of the country’s international leadership role in building sound global markets.

Prime Minister Datuk Seri Najib Razak said it also reflects the strength and quality of Malaysia's capital market and its regulatory architecture.

"I am delighted that Malaysia has been chosen to host IOSCO's pioneering chapter in the Asia-Pacific region," he said in his speech before launching the hub at the Securities Commission here earlier today.

Najib said the hub's establishment is timely and needed, as the region is a new major player in the emerging global order.

"Today, Asia-Pacific countries contribute 30 per cent of global Gross Domestic Product (GDP) – almost double what it was in 1970 – and together, they account for 47 per cent of the world's manufacturing output.

"It has been estimated that by 2030, the region will account for 66 per cent of the world's middle class and represent 59 per cent of its global middle class consumption," he added.

Najib said although the region's prospects are good, both advanced and emerging economies must come to terms with the unique opportunities and challenges of the current global environment

"Political and structural shifts in large economies have given rise to new opportunities, but exposed new risks – against a backdrop of uncertainty in commodity prices as well as increasingly ageing populations.

"There is a need to ensure that economies are able to achieve sustainable and equitable development, while also equipping them with sufficient resilience to withstand and adapt to internal and external volatility," he said.

Present were Securities Commission Malaysia chairman Tan Sri Ranjit Ajit Singh and IOSCO board chairman Ashley Alder.