With GE13 in the offing the campaign teams of all the major political parties are busy strategising behind closed doors. Their mission is to identify the key issues affecting voters and then try to distil their policy responses accordingly.
Most of those issues are self-evident, being the factors that impact on the financial well-being of the rakyat and the futures of our children.
Economic management is as ever, the headline issue which plays into the hands of the Najib Government riding high on a wave of good news in the face of gloom in so many other countries.
The Pakatan parties have to find a way to counter the booming economy which they will do by telling the rakyat we should be doing even better or worse still, trying to cynically deny any good news.
They have to find a way of changing the perception that Najib is a safe pair of hands while also, somehow, outlining their alternative strategy. In the absence of a published manifesto this isn’t going to be easy.
But the Government too has to find ways to translate good news that many voters find remote, into a positive message for Barisan Nasional. And that too brings with it challenges.
For example, given most people aren’t lucky enough to own a large share portfolio, many voters might find the news that Malaysia is the new global IPO powerhouse so remote as to be irrelevant.
“So what, that doesn’t concern me” is the position that the Government must counter when outlining why it should be re-elected based on its sound economic management.
But the fact is, if voters think like that they are wrong. The current IPO boom in Malaysia brings benefits to everyone and that is a good news story that should be celebrated.
That’s what those in the know are doing right now. Leading financial experts and commentators from around the world are celebrating our IPO bonanza as the good news financial story of the year.
They are enthusing over the Felda Global IPO, which raised more than RM10 billion was the second biggest share debut this year after Facebook.
And they are pointing out how the RM6.6 billion IHH float has proven that Felda Global was no fluke – the Bursa Malaysia is the place for IPOs in 2012.
The Wall Street Journal last week began a story with the words “New York, Hong Kong, London…Kuala Lumpur?”
The journalist was taking a little illustrative licence in suggesting that these IPOs could make us a financial centre on a par with the other three cities but she is correct in her assertion that KL is now the financial centre to watch.
Her glowing assessment of our economy coincided with the KLCI share index hitting an all-time high and news that our growth forecast this year has been kept at a robust five percent by the IMF.
Meantime CNBC’s moneycontrol.com this week went further reporting on the eleven listings that have taken place this year which means “Kuala Lumpur is running neck-and-neck with China’s Shenzhen as Asia’s top destination for IPOs”.
Journalist Dhara Ranasinghe reported that these IPOs are going ahead while others are being shelved including Graff Diamonds proposed RM3 billion listing on the Hong Kong exchange and the much discussed RM9.5 billion Formula One float in Singapore.
But given that the same voters who don’t own shares are also unlikely to read these glowing appraisals the question remains: How does the Government convince the rakyat that this concerns ordinary people?
Well firstly there is the issue of the institutions that are buying these shares. Our pension funds are always looking for solid long-term investments and companies such as Felda Global and IHH perfectly fit the bill. The retirement funds invested stay in Malaysia and everybody with a pension plan and retirement dreams is set to be a winner.
Then there is the fact that this good news, faithfully echoed around the world by the likes of the Wall Street Journal reinforces a positive message about this nation: Malaysia is a nation ready to do business.
Investors can have faith in our markets, our Government and the fact Malaysia is at the heart of the region that is bucking the worldwide trend.
As one market analyst told moneycontrol.com: “The fundamentals in Southeast Asia are still good, Asian markets are not suffering as much as Europe and the US It is definitely a buoyant market and I’m optimistic about foreign listings here.”
The success of our stock market is unlikely to become an election issue and that is good news for Pakatan Rakyat because while investors around the world are toasting our success that fact is, none of them want to see Pakatan Rakyat in power.
Commenting on the present Government’s reform agenda the WSJ said: “Investors must hope that agenda stays on track regardless of the outcome of an election expected by early 2013.”
The alternative to the agenda of the present Government is Pakatan Rakyat with its lack of policies and global investors scrambling to put their money into other markets.
“What has that got to do with me?” voters might ask. The answer is “everything”.