Oleh/By : DATO' SERI DR.
MAHATHIR BIN MOHAMAD
Tempat/Venue : DURBAN, SOUTH AFRICA
Tarikh/Date : 12/11/99
Tajuk/Title : IN REPLY TO THE ADDRESS OF
WELCOME BY THE PRESIDENT OF
SOUTH AFRICA AT THE COMMONWEALTH
HEADS OF GOVERNMENT MEETING
It is indeed a privilege and an honour for me to
be given this opportunity to join my colleagues in
thanking you, Mr. President, and the people of South
Africa, for the warm welcome to this Commonwealth Heads
of Government Meeting.
2. We share with you, Mr. President, your pride in
playing host to this unique group of countries diverse
in culture but united in purpose. I am sure the other
delegations will join me in expressing our deep and
sincere appreciation to the Government and people of
South Africa for the generous hospitality and warm
welcome we have received since our arrival in this
beautiful and historic city of Durban.
3. I would like to welcome Nauru as a full member of
the Commonwealth. It is also a pleasure to welcome the
return of Nigeria to the fold of the Commonwealth.
4. Sadly, we had to request Pakistan not to join us
at this time. Malaysia regrets very much what took
place in that country. We in the Commonwealth have
made a common pledge not to allow the use of force to
overthrow any Government, much less a democratically
elected Government. Pakistan is a country which has
very close relations with Malaysia. It is Malaysia's
wish that the rulers of Pakistan will do everything
necessary to qualify Pakistan to resume its seat in the
councils of the Commonwealth.
5. Our gathering here in South Africa is in fact a
celebration somewhat delayed. The dismantlement of
apartheid in South Africa is a glorious victory for a
determined people, supported by a Commonwealth united
in its opposition to oppression. We salute today, in
their own homeland, the brave people of South Africa.
6. This Meeting in Durban takes place at a very
important juncture in the history of nations. It is
taking place at a time when the great debate about
globalisation is nearing its peak. In fact we meet on
the eve of the portentous Seattle Ministerial
Conference of the WTO where pressure will be mounted to
launch a new global round of negotiations to liberalise
trade. It is apt that this CHOGM has chosen the
Challenge of Globalisation as its theme.
7. The developing countries will be lectured in
Seattle that the world should be borderless, that
capital, goods and services should flow freely between
countries. They will be told that there should be no
discriminatory taxes to protect local industries or
products. Local products must compete on the same
footing as imported products. Local banks and
industries must compete with foreign banks and
industries. No conditions must be attached to foreign
banks and businesses which want to set up operations in
their countries. They must be given national status
like those given to local businesses. This way, it is
said, a level playing field will be created and
competition will be fair.
8. How can there ever be fair competition between
giants and dwarfs, even if the field of play is level?
9. Malaysia has just gone through a very traumatic
experience. In a matter of weeks, 42 years of hard
work to develop the country was destroyed. The free
convertibility of our local currency, the Ringgit,
exposed us to the attacks by manipulative currency
traders. The ensuing devaluation of the Ringgit caused
Malaysia to lose about 50 billion U.S. Dollars of
purchasing power of imports as well as 150 billion U.S.
Dollars in market capitalisation on the Malaysian Stock
Exchange.
10. Malaysia took independent action to redress the
situation. The most important strategic measure we
adopted was the application of selective capital and
currency controls. We made the Malaysian Ringgit non-
tradable beyond Malaysia's shores; its value was fixed
at 3.8 to the U.S. Dollar; foreign equity investment
could not be taken out for one year from 1 September
1998 -- a stipulation which was loosened and further
loosened after it had achieved its original purpose.
11. The measures Malaysia took made it possible to
secure exchange rate stability, to pump prime the
economy without serious negative consequences, and to
massively cut interest rates. The real economy was
thus saved and this also helped to save the financial
sector.
12. Today, after two years, Malaysia has not only
arrested the economic slide but has in fact begun to
register positive growth. The economy is now well on
the road to recovery. Malaysia did not have to incur
massive foreign debt to the IMF. Future Malaysian
generations have also been spared the massive debt-
servicing burdens.
13. I have cited the Malaysian experience for only one
purpose, that is to stress the point that alternative
solutions do exist. We have proven that different
situations call for different solutions. There is no
single prescription which cures all. Countries must be
allowed to act as they think appropriate for their
circumstances to achieve their own goals. They must be
allowed to decide on their national and societal
priorities. They must be allowed to devise the most
legitimate and productive ways by which their intended
goals can be achieved. They do not need to be dictated
to.
14. The world economy today remains deeply divided and
unstable. Asymmetries and biases in the global system
against the poor and underprivileged remain unchecked.
They say globalisation and liberalisation is the answer
to all the economic and financial ills of the world.
Well they said the same thing of Socialism and
Communism. And many of us were persuaded to place our
faith in these panacea. But after decades of trying at
tremendous cost in human sufferings the proselytizers
have now jettisoned these cures. And they now want us
to accept their new fool-proof medicine. Can we be
certain that after a few decades they will not again
throw out this solution in favour of some new remedy.
This is what we must ask ourselves now, before we
swallow the pill. A system is not good in itself. It
is good only if it delivers the hoped for results, for
us and not just for them, the ardent advocates.
15. While we celebrate the 50th anniversary of the
Commonwealth at this meeting, we are sad that we will
be saying our farewell to Chief Emeka Anyaoku whose
remarkable career as Secretary General of the
Commonwealth has spanned one decade. It was at the
1989 Kuala Lumpur CHOGM that Chief Emeka Anyaoku was
selected as the new Secretary General. I would like to
pay tribute to this man who has served the Commonwealth
so admirably. I am sure that my colleagues will join
me in thanking him most sincerely and putting on record
our deepest appreciation. Chief, we wish you well in
your future endeavour.
16. Once again, Mr. President, on behalf of my wife
and the Malaysian delegation, I would like to thank you
for your warm words of welcome and kindness. I look
forward to our deliberations in Durban and George under
your skilful chairmanship. I have faith that if we
stay united, the Commonwealth will continue to have a
meaningful role in the service of mankind in the new
millennium.
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