KUALA LUMPUR: The government needs to intervene to ensure a fair distribution of the wealth created in the economy and remove social injustice.
Khazanah Nasional Bhd deputy chairman Tan Sri Nor Mohamed Yakcob said this can be done by providing good education for all its citizens, good infrastructure in urban and rural areas, and technical and vocational training to enable the young to take up skilled jobs and thereby earn reasonable income.
"Equally important, the government must provide the environment where, through a combination of education or skills training, hard work and good behavior, any citizen can move up from humble beginnings to at least reasonable success,” he said at the opening of the Khazanah Megatrends Forum 2015.
"Unfortunately today, in many parts of the world, there are millions of people who are behaving well and working hard but barely getting by," said Nor when addressing the forum, titled "Harnessing Creative Disruption: Unlocking the Power of Inclusive Innovation", which is held from October 5 to 6.
Innovation, while it is important for growth, may not always yield positive or even neutral impact, he said.
Certain types of innovation seem to have a tendency to favor the already-privileged, sometimes at the expense of the underprivileged.
"Thus, we must be conscious not just of the effects of the disruption, but also whom the disruption will be affecting.
"As such, if we hope to become an inclusive society, we cannot afford to adopt a laissez-faire attitude towards innovation-led growth," he added.