Malaysia and Hong kong Essay Example | Topics and Well Written Essays - 1750 words

Malaysia and Hong kong - Essay Example In this concern, majority of the economists have developed their ideas focusing on the educational criterion of the economy to promote knowledge-based society. Notably, the governmental bodies can play a significant role in accumulating the public sector with the private sector in this regard and promote the educational background of the economy. This shall not only stimulate the economic growth with lower rate of unemployment, but shall also rejuvenate the economic competitiveness (Wilson, J. P., â€Å"Human Resource Development: Learning & Training for Individuals & Organizations†). The fact can be well identified in the recent economic development of Hong Kong. Since the initiation of the 21st century several analysts have been observing the trend of Hong Kong in terms of its Human Resources. Mr. Tung Chee-Hwa played a major role in stimulating the need of knowledge-based society in order to enhance the affectivity of the Human Resources of Hong Kong. Mr. Tung was designate d as the Chief Executive of the Hong Kong Special Administrative Region (HKSAR). His ‘Policy Addresses’, for consecutive few years, were based on the requirements and the importance of a knowledge-based society. For instance, his 2000 Policy Address outlined the series of measures to be customized by the government in order to improve the infrastructure of the economy. This in turn shall facilitate its objective of gaining the advantages of a knowledge-based society. It is worth mentioning that Mr. Tung’s initiation to develop the economy into an innovative and knowledge-based society made it a prior concern for the governmental bodies until 2003. Stating precisely, as suggested by Mr. Tung, the objective could be attained effectively providing extra strength to the four chiefly categorized economic pillars, i.e. logistics, finance, producer services and tourism sector. Furthermore, to ensure these strategies the governmental framework initiated to push value add ed industries. Hence, the governmental supervision played a crucial role in enhancing Hong Kong’s Human Resources and in turn stipulating the economic competitiveness (Wong, G., â€Å"Taking stock of Hong Kong's Human Resources†). 1.2. Role of Human Capital in Developing Economic Competitiveness According to the Organization for Economic Co-operation and Development (OECD), human capital is defined as â€Å"The knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social, and economic well-being† (OECD, â€Å"The Well-being of Nations: The Role of Human and Social Capital†). Apparently identifiable from the provided definition, human capital is quite important to reward stability and competency to the economy irrespective of its present status. As further communicated by the OECD report, efficiency in terms of human capital can be attained through an enhanced education and training system to impro ve the knowledge base of the society (OECD, â€Å"The Well-being of Nations: The Role of Human and Social Capital†). It is in this context that the concept of knowledge-based economy is gaining a growing importance in the