This article first appeared in The Edge Malaysia Weekly, on December 21 - 27, 2015.    

MALAYSIA had a whirlwind 2015, even though it was not an election year. In a year when the country chaired Asean and hosted US President Barack Obama again, the ringgit skidded to levels near 4.50 — something not seen since the 1997/98 Asian financial crisis.

News of the currency hitting new multi-year lows against most major currencies and the impact of oil prices in the US$30s to US$40s on government coffers attracted great attention from the public, as did the rising cost of living for the average Malaysian, who had to deal with a consumption tax from April 1.

Then there was the very public spat between the country’s former premier Tun Dr Mahathir Mohamad and Prime Minister Datuk Seri Najib Razak over the controversial 1Malaysia Development Bhd (1MDB), which is being investigated for financial mismanagement and graft.

The Wall Street Journal stands by its 1MDB exposé. The controversy escalated, and there was a surprise Cabinet reshuffle in July that saw the then deputy prime minister Tan Sri Muhyiddin Yassin being dropped days after he publicly called for greater transparency on the 1MDB debacle. The then attorney-general Tan Sri Abdul Gani Patail was suddenly replaced on health reasons and, in August, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz hinted at retirement when her contract ends in April 2016. 

Then there were the red and yellow shirt rallies and the Low Yat brawl.

In fact, tension on both the political and economic fronts escalated to a level that banker Datuk Seri Nazir Razak found it imperative to call for the setting up of a national consultative council to discuss critical issues necessary to preserve harmony and foster unity among Malaysians as well as a committee to reengineer the country’s social and economic growth, so that it would not be left behind.

Meanwhile, international papers had a field day after Western tourists were charged in court with causing public nuisance for allegedly posing nude atop Mount Kinabalu, a place the locals deem sacred and which was hit by a rare magnitude-6.0 earthquake — the strongest in four decades — that claimed 18 lives.

As 2015 was drawing to a close, even the likes of the Financial Times, The Guardian and The Economist could not resist reporting about the curious case of three abandoned Boeing 747 aircraft on the tarmac of the Kuala Lumpur International Airport.

In short, the publicity Malaysia has generated locally and internationally suggests that there is a need for the powers that be to win back favour for the country internationally as well as from investors and consumers back home.

In the following pages, The Edge features nine individuals who we hope are a good representation of today’s corporate and thought leaders as well as tomorrow’s up-and-coming minds, and movers and shakers. By capturing their takeaways from 2015, outlook and fears for the coming year, and what they want to see done, it is our hope that policy and decision makers and those in the corporate world can better plan for the year ahead.

Datuk Seri Abdul Wahid Omar
Minister in the Prime Minister’s Department

Datuk Seri Abdul Wahid Omar, 51, has been a minister in the Prime Minister’s Department in charge of the Economic Planning Unit since June 2013. The Johorean, who was one of two technocrats handpicked to join the Cabinet after the 13th general election, also chairs the Special Economic Committee, which was announced on Aug 26 this year to develop immediate and medium-term plans to strengthen Malaysia’s fundamentals.

The soft-spoken but firm Abdul Wahid is a seasoned head honcho with over two decades of experience in the corporate and banking sectors. Prior to his Cabinet appointment, he was president and CEO of Malayan Banking Bhd (May 2008 to May 2013) and group CEO of Telekom Malaysia Bhd, which he led from July 2004 until its demerger from Axiata Group Bhd in April 2008. 

Abdul Wahid, who started his career as an audit assistant in 1987, was also formerly managing director of UEM Group Bhd.

In recognition of his outstanding leadership in the corporate sector, Abdul Wahid has received numerous accolades, including The Edge Value Creator Award 2013. He is married to Datin Seri Kay Roserina Mohd Kassim and they have two daughters.

The Edge: What are the changes that you hope to see in 2016?
Datuk Seri Abdul Wahid Omar: Since you are asking about hope, I have a long list. On the economic front, I hope for a better global economic environment, higher consumer sentiment and reversal in the oil price’s downward trend. 

On the international front, the realisation of the Asean community, no more acts of war or terrorist attacks, no more cross-border haze that disrupts schools, and no more unilateral action by any country that may affect the region’s stability. 

On the personal front, less stress, fewer working hours and more quality time with family.

What are your biggest fears for 2016?
We are in a period of growing global uncertainty and low commodity prices. So, naturally, I have many fears but the biggest three would be:
1. The sharp slowdown in the Chinese economy;
2. Continued drop in oil and commodity prices; and
3. Rising geopolitical tension.

How would you describe year 2016? Do you expect the new year to be worse or more challenging for Malaysia — be it in terms of politics or the economy — than 2015?
Next year will be a year of global uncertainty. It will be more challenging economically, with slower GDP growth of 4% to 5%, but more exciting politically with the upcoming Sarawak state election.

What are your biggest takeaways from 2015?
1. You can’t control the external environment but what you can do is to enhance your resilience;
2. Continue to focus on the fundamentals; and
3. Do the right things and stay the course.

Malaysia took a blow in terms of newsflow in 2015, so much so that it is said that we have a perception problem. How can we win back favour on the global stage?
Continue to focus on improving fundamental performance and governance, deliver on what we promised, and communicate or engage effectively with investors.

Datuk Seri Nazir Razak
Chairman, CIMB Group

Datuk Seri Nazir Razak, 49, was managing director and CEO of CIMB group from 1999 to 2014 before he resigned and took over as chairman. He has been counted as one of Asia’s most influential corporate figures for at least a decade but describes himself as “a semi-retired banker & Chelsea fan” in his well-followed Instagram account. Nazir is the youngest son of Malaysia’s second prime minister Tun Abdul Razak and brother of the sixth and current prime minister Datuk Seri Najib Razak. He is married to Datuk Azlina Aziz, daughter of former Bank Negara Malaysia governor Tan Sri Aziz Taha, whom he met while they were studying at Bristol University. They have two children, Arman and Marissa.

The Edge: What are the changes you hope to see in 2016?
Datuk Seri Nazir Razak: These are tough times for Malaysia all around, but the main issues have been playing out in the economic and political spheres.

The external economic challenge has been severe vis-à-vis commodity prices and capital outflows, but we’ve made it worse for ourselves by having issues around institutional integrity and political uncertainty, which compound the negative sentiment among investors, foreign and domestic, businesses and the public at large. I’m convinced the ringgit and other key indicators, such as credit default swaps, have overshot fundamentals because of sentiment.

The single biggest change I’d like to see is the return of trust and confidence in our institutions and institutional processes. This will alleviate the unpleasant political atmosphere that is consuming us and heightening the political risk in a country that has long boasted political certainty and stability. If our institutions are strong, and system checks and balances are perceived to be functioning well, then there will be less fear about politics and political competition.

Quite soon after the onset of the Asian financial crisis, Malaysia Inc, the government and the private sector rallied together. We even had roadshows, themed “Malaysia, bullish on bouncing back”, and we could all sing a consistent theme around economic recovery and domestic confidence. We need to do that again.

What are your biggest fears for 2016?
I think that we will reflect on 2015 as a year when geopolitical risks heightened significantly. Suddenly, there were so many potential flashpoints, from the South China Sea to the Middle East to Eastern Europe, as well as domestic instability in many major countries that could easily morph into open conflicts between super military powers. My biggest fear is that one or two of these will turn ugly, triggering global economic turmoil as well.
At home, I fear that politics will remain toxic and divisive.

How would you describe year 2016? Do you expect the new year to be worse or more challenging for Malaysia (be it politics or the economy), than 2015?
In short, very challenging. As a “base case”, I see the US Fed raising rates, commodity prices remaining weak, China growth easing and private investment slowing. The only bright spot is that our current account will improve. I don’t think the currency and markets will deteriorate as much as they did in 2015, but the prolonged weak environment will see non-performing loans rise as borrowers run out of buffers.

What are your biggest takeaways from 2015?
That the ringgit can devalue by so much, so quickly. And how painful that is. At CIMB, we have found hiring and retaining international talent much tougher and running an international operation absorbing much more ringgit capital.

Malaysia took a blow in terms of newsflow in 2015, so much so that it is said that we have a perception problem. How can we win back favour on the global stage?
We need to get back to speaking the universal, global language that investors understand. It has been so tough marketing Malaysia because we haven’t had a good enough script to counter the negative perception and questions around key issues like 1MDB, political funding and institutional integrity, which have been covered extensively in the international media. When we have this, then we can start to address the perception problem.

Datuk Seri Jamaludin Ibrahim
President and group CEO, Axiata Group Bhd

Datuk Seri Jamaludin Ibrahim, 56, is in his eighth year as president and group CEO of Axiata Group Bhd, which is one of Asia’s largest telecommunications groups, serving over 260 million customers across nine nations in the region. Out of his 34 years of experience in the information and communications technology industry, 18 have been in telecommunications where he has earned numerous awards and accolades.

Before Axiata, Jamaludin spent a decade at the helm of Maxis Communications Bhd. Passionate about teaching, he had begun his career teaching Quantitative Methods at California State University in 1980 before spending 12 years at IBM in various positions, from systems engineer to sales, marketing and management executive.

In 1993, at the age of 34, he was appointed CEO of Digital Equipment Malaysia, the Malaysian branch of what was then the world’s second largest IT company. Jamaludin is married to Datin Seri Norizan Azizan, the only daughter of former Petronas chairman Tan Sri Azizan Zainul Abidin.

The Edge: What are the changes you hope to see in 2016?
Datuk Seri Jamaludin Ibrahim: Globally and in Malaysia, we hope to see better macroeconomic indicators. Within Axiata, we hope that in 2016 all our operating companies do very well. In particular, we hope to see Celcom in Malaysia improve its market share and in Indonesia, we hope XL’s new strategy and transformation put in place continue to deliver solid results.

What are your biggest fears for 2016?
Our biggest fears for 2016 are primarily things outside our full control, such as regulatory and government policies. We recently experienced this in one country where four types of taxes were announced abruptly, although two were later withdrawn. As an operator, this is sometimes outside our control and puts us in a difficult position.

Another fear would be challenges from traditional and non-traditional competition within the industry. In this area, we believe Axiata is in a very strong position with our diverse portfolio and our operational and financial strengths to compete as well as sustain profitability.

How would you describe year 2016? Do you expect the new year to be worse or more challenging for Malaysia (be it politics or the economy) than 2015?
We are largely more optimistic about 2016. We are hoping to see the challenges Malaysia has faced improve. For Axiata, we expect to grow positively in all performance metrics in the coming year. Our operating companies led by the respective strong management teams are well positioned to ensure our continued success. Many of our challenges this year are being overcome. We also hope to further capitalise on our investments in our data networks, new technologies as well as products and services.

What are your biggest takeaways from 2015?
In 2015, we have seen how vulnerable countries and businesses are to the effects of worldwide events and macroeconomic pressures. To mitigate Axiata’s risk, we have put in place strategies to minimise these impacts, such as our foreign exchange hedging policy. We are also looking at areas beyond forex, such as balancing our shareholding and financial portfolio.

Malaysia took a blow in terms of newsflow in 2015, so much so that it is said that we have a perception problem. How can we win back favour on the global stage?
To win back favour and positive sentiments, we all need to continue doing what is right for the country and businesses. We need to persevere, be persistent and stay the course despite all the distractions. It is also important to continue with positive stories of growth, investment and pro-business policy reforms.

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