KUALA LUMPUR (June 2): Outgoing Minister in the Prime Minister's Department Datuk Seri Wahid Omar said today that it is important to identify the root of the problem when seeking to resolve issues such as those relating to 1Malaysia Development Bhd (1MDB).

Wahid, who will end his three-year tenure as the minister in charge of economic planning on Saturday, said many issues have popped up during the three years and that it is important to first identify the cause of the problem.

"Many issues have arisen from time to time. It is important to find the root of the problem, and from there, to look for a solution. In the case of 1MDB, I praise the measures and steps taken to address the issues, which were recommended," he told a press conference at the Economic Planning Unit (EPU) today.

Asked if the resolution of the problems faced by the troubled state investment fund would restore investor confidence in Malaysia, Wahid said the focus should be on improving the economic fundamentals of the country and making sure all are in order, so as to improve investors' sentiment on Malaysia.

He said the government has to continue to work towards getting a balanced budget, noting that the recalibrated Budget 2016 outlined a fiscal deficit target of 3.1% of gross domestic production (GDP), compared with 3.2% in 2015.

"The government will work on getting a balanced budget in the years to come, with some effective forward planning. This is important so that Malaysia's credit rating does not get affected," he said.

Meanwhile, Wahid said the government has already taken steps to address the headwinds faced by the global economy, in the form of Malaysia's diversification in terms of income, as well as reducing dependency on oil and gas revenues.

He added that Malaysia's export markets are also diversified, which reduces dependency of trading with any one particular country.

"Although China is our biggest trading partner, we only export less than 14% to them. With the diversification, we are not 100% dependent on any one country," he said.

Wahid, whose started his three-year term as a senator and minister in June 2013, had previously indicated his intention to return to the corporate sector after his term ends.

Asked if he would be taking up a chief executive officer (CEO) role next, he said his choices were not limited to that. However, he said he would love to contribute to the improvement of the private sector, given a chance.

"I have had the privilege of running three large organisations as CEO, namely UEM, Telekom Malaysia and Maybank. I may not take a CEO position next, but I would love to be able to contribute," he said.

Wahid said he has his preferences, revealing he personally enjoys the hospitality and tourism industry, as well as agriculture.