Korea IT Times celebrates its 20th anniversary with Insightful columns from local and international thought leaders. Following contributions from experts from all walks of life in July, August, September, and October, the column will continue in November and December.
- Jinkook Kim, CEO of Coreline Soft: "Lung Cancer Awareness Month" in November: The No. 1 killer... Early Detection Saves Lives
- Ananth Lazarus, Managing Director, APAC, GTDC: Co-opetition: How Collaboration is Strengthening Cybersecurity Defenses in South Korea
- Jeremy Foo, Global Head of Gaming at TZ APAC: Building a Sustainable Web3 Gaming Ecosystem: Why Real Utility, Fair Play, and Innovation Are Key
- James Toledano, Chief Operating Officer of Unity Wallet: Crypto For Beginners: 4 Things To Know Before Getting Started
- James Lee, Head of the North American Division at Coreline Soft: Coraline Soft and Temple Lung Center, Opening a New Chapter in Lung Health
- Jason Lau, ISACA Board Director: AI in 2024: Balancing Innovation with Security and Ethics
- Byoung Min Im, Columnist: Malaysia's Johor State will be the next Singapore
- Alexandre Dreyfus, founder and CEO of Chiliz and Socios.com: Blockchain's Game-Changer Ushers in a New Era of Sports Engagement
By Columnist Byoung Min Im
Malaysia is a constitutional monarchy consisting of 13 states, three federations, and direct territories, and the Malay Peninsula and Borneo Island region is divided by the South China Sea. Its land borders are Thailand, Indonesia, and Brunei, and its maritime borders are Singapore, Vietnam, and the Philippines. The capital of Malaysia is Kuala Lumpur, but the federal government is in Putrajaya, and it is connected to Singapore about 700 meters across from Malaysia's Johor State, making it a treasure trove that can create a new Singapore in Malaysia. This crucial region in Malaysia connects the world from Northeast Asia to South Asia.
Malaysia has had a Western culture of Britain since the 18th century, and in August 1957, it regained its territory ultimately from Britain and became independent. Since independence, Malaysia has recorded the best economy in Asia. The Malaysian government system is close to the British constitutional monarchy and Westminster system, and the legal system is based on British law and the United States. Malaysia has had a continuous GDP growth rate for about 50 years. As a country with an average growth rate of 6.5%, the Malaysian economy has traditionally depended on natural resources. Still, recently, various industries such as advanced science, tourism, trade, and medicine have grown rapidly, and it has a good image worldwide. It is a country that processes everything with rational thinking, and its religion is Islam. Still, it is a country that embraces freedom of religion, such as Hinduism, Buddhism, and Christianity, under the constitution.
If we go back in history, it is a place with a long history of mankind, with records of human settlements forming on present-day Malaysia about 40,000 years ago. Islam was introduced to Malaysia by Arab merchants around the 14th century. In the early 15th century, the first independent state on the Malay Peninsula, the Malacca Sultanate, was established in the current Malacca region. It was a very important region at the time in terms of geography, economy, and military, and it greatly prospered as an international trading port. Singapore was a state of Malaysia in 1963, known as Negeri Singapura. However, the Singapore government had many conflicts with the Malaysian government; the most significant reason was racial issues. If you look at Singapore alone, the population is primarily Chinese, but the Malays are the majority in Malaysia. Lee Kuan Yew, the prime minister of Singapore at the time, criticized the then-Malaysian Prime Minister Tunku Abdul Rahman, who favored and favored the Malays. This led to racial riots in Singapore in 1964, and after much friction, the Malaysian government effectively expelled Singapore, and Singapore voluntarily withdrew under pressure from the government. After that, Singapore separated from Malaysia and became independent in August 1965. The two countries seemed to have a somewhat good relationship through exchanges, but in reality, there was a grudge that was difficult to wash away, and in 2002, there was even a war between the two countries. Now, Malaysia should not be conscious of the small territory of Singapore and should create a new Singapore that the next generation wants in the new Malaysian state of Johor.
Here are six ways the new Malaysia can outperform today's Singapore. Today, Singapore is one of the world's most developed and prosperous economies, with various revenue sources that contribute significantly to its economic growth. Singapore's primary revenue sources are First trade and export ports and logistics. Singapore is one of the busiest ports in the world, and its revenue from serving as a major global shipping and logistics hub accounts for about 8% of Singapore's GDP. Malaysia is building a new quantum AI silicon belt and port in Johor. Second, Singapore exports a wide range of goods, including electronics, chemicals, pharmaceuticals, machinery, refined petroleum products, and food. This is also something Malaysia can build in Johor, a more extensive and more competitive state than Singapore. Third, Singapore is a global financial hub that attracts companies and investors worldwide with financial services. The financial services sector also accounts for a significant portion of the country's GDP, with numerous multinational banks, investment firms, and foreign financial institutions, including banking, insurance, asset management, and investment services. The Monetary Authority of Singapore (MAS) regulates the financial markets to ensure stability and innovation in banking, fintech, and capital markets. Malaysia also has the best economic credit record in Asia, with honesty and integrity, following the British and American systems. Malaysia is trustworthy because of its trustworthiness. Fourth, Singapore is said to have a highly developed manufacturing sector, with major industries including electronics, chemicals, pharmaceuticals, and biomedical. However, the Singapore government has problems with high prices, such as selling real estate land lease rights. It also generates significant corporate tax revenue thanks to its status as a business-friendly tax haven for government revenue (taxes and duties). The vast and nature-friendly Malaysian state of Johor is a competitive and attractive place for pharmaceutical and biotechnology, as it has cheap land compared to expensive Singapore. Fifth, In the oil and energy sector, Singapore is one of the world's leading crude oil refiners and is a center for energy trading, with numerous oil and gas companies contributing to exports and revenues. Recently, the energy sector, including natural gas and renewable energy, is striving to become a leader in sustainable energy. This is possible because Korea and Malaysia can actively cooperate in the most advanced technologies in the oil refining and shipping ports sectors.
Sixth, It is famous for its national wealth funds, the Singapore Investment Corporation (GIC) and Temasek Holdings. These funds manage national savings and investments to generate revenue for the government, contributing to Singapore's long-term economic stability. These funds are used to become a global leader in technology and innovation. However, the Malaysian government is also investing heavily in research and development (R&D) and is striving to position itself as a hub for emerging technologies such as artificial intelligence, fintech, and green technology. Malaysia's technology sector is growing rapidly, and companies in various digital fields, such as software AI, quantum computers, and semiconductors, are expanding their businesses. The young brains produced in Malaysia every year can outpace Singapore. Frankly, historically speaking, if Malaysia is the main, Singapore is the sub. The next generation of young Malaysians can make a new leap forward centered on the state of Johor in Malaysia. Johor means “jewel.” The entire state area is about 20,000 square kilometers, and the population is about 3 million. While Singaporeans enjoy shopping in Johor Bahru on weekends, the development of communication technology allows smartphone communication anytime and anywhere. Now, Johor is an administratively very important place in Malaysia, and it should not just act as a hinterland for Singapore, but should become a center that leads Malaysia, with a population of about 30 million, as a leader. The next generation of Malaysians will be able to make a leap forward because Johor is like a “jewel.”
