Balancing sensitivities with economic realities


Emmanuel Joseph

A strong economy and the finances generated from it would afford us the luxury of choice and the ability to strongly represent our case on issues like Palestine, and even allow us to provide more financial and humanitarian relief. – The Malaysian Insight file pic, April 17, 2024.

MANY, regardless of their sentiments on Iran, would have not helped but felt impressed at the action they took against Israel in retaliation for the bombing of their embassy in Damascus.

We cannot help but feel dismayed at the double standards displayed by most of the civilised world, not only the West but many countries that claim to be sympathetic to the Palestinian cause, but pay little more than lip service in denouncing their plight, while their actions often indicate otherwise.

Jordan’s actions in blocking Iranian missiles and drones from crossing their airspace into Israel was one-sided, and similarly, countries in the region, like Saudi Arabia, have preferred to sidestep the issue and “condemnation” against Israel is often carefully worded and measured.

Though lopsided, it is understandable. Jordan, like Turkiye and Egypt, heavily relies on Israel and the US to power their economy.

The Middle East’s political and economic relations are messy, with countries often realigning their interests every few years. Today’s friends are tomorrow’s enemies and some strained tensions last as long as the time when Christianity and Islam were founded in that geographical area.

Malaysia has stated its position, a brave but fair comment calling for Israel to stop its invasion of Gaza and not escalate the situation further.

Managing a country is difficult – a government is responsible for the safety and well-being of its people.

Making populist statements may win you short-term cheers, but boycotts and counter-boycotts are devastating to an economy, despite what some politicians who dabble in these would have you believe.

Malaysia is a strong participant in the tech sector, being one of the largest semiconductor manufacturers – most of which are both owned and consumed by countries that have an opposite stance to ours with regards to the political situation in the Middle East, and variable and conflicting interests in its half a dozen civil wars.

Similarly, this arrangement affects other sectors that we are aggressively moving into – electric vehicles and batteries, artificial technology and robotics.

Apart from that, countries involved or that have large, even controlling interests in key institutional investors that are key partners in our own industries – banking, aviation, manufacturing, hospitality and financial services.

These partnerships took a long time to nurture and we would be at a disadvantage should these parties be aggrieved enough to re-evaluate these relationships.

As we seek to diversify our partners, the reality remains we are very much dependent on the US and its allies who contribute the bulk of our trade.

On a lesser but related note, they also form a considerable size of our tourism, and we have enjoyed cordial diplomatic ties with these countries, among the best in Southeast Asia.

Our multiracial composition is a blessing that acts as a balancing force of sorts when these issues do affect us – as have various niche market segmentations that are relatively isolated from each other, while also sharing overlaps in general consumerism, which serve to buoy each other.

For example, a Raya peak season demand is offset by alternative products available for non-Muslim consumers, and the Christmas holiday season is powered by a Muslim workforce who do not celebrate it.

Instead of harping on these and turning our strengths into our weaknesses, we should find new ways to co-develop areas to provide a sustainable, stable demand and supply all-year round.

A strong economy and the finances generated from it would afford us the luxury of choice and the ability to strongly represent our case on issues like Palestine, and even allow us to provide more financial and humanitarian relief. – April 17, 2024.

* Emmanuel Joseph firmly believes that Klang is the best place on Earth, and that motivated people can do far more good than any leader with motive.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.



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