"OLD habits die hard," so they said. Apply this adage to people                                                                                       
who say they are practising the new economy and they will tell                                                                                        
you there is nothing new.                                                                                                                             
                                                                                                                                                      
A great many of us are in fact caught in this situation. Many                                                                                         
believe what they are involved in can never be associated with                                                                                        
the new economy. Procedures, regulations and instructions                                                                                             
remain very much the same. Only there are new modes of delivery                                                                                       
like the PC to assist us in our work.                                                                                                                 
                                                                                                                                                      
The emergence of information technology (IT) in the workplace                                                                                         
has been a Godsent. Imagine all the paper, time and storage                                                                                           
space we have been able to save. But many feel otherwise. In                                                                                          
their opinion, we are still requiring double or triple copies                                                                                         
of everything we have prepared via the personal computer. What                                                                                        
about storage space for CD-ROMS, diskettes And other hard- disk                                                                                       
drives?                                                                                                                                               
                                                                                                                                                      
With the enhancing role of IT in our everyday life, the                                                                                               
proponents of the new economy are also saying that our                                                                                                
productivity should register an increase. Again many are                                                                                              
doubtful. There are more cases of computer breakdowns being                                                                                           
reported each day. Systems-down syndrome has become the                                                                                               
favourite excuse for delaying any action on the part of many.                                                                                         
                                                                                                                                                      
Talking about computer hiccups, there are those of us who have                                                                                        
suffered and have paid very dearly for them. We need to remind                                                                                        
ourselves of computer frauds and the idea of net- snooping. In                                                                                        
all innocence, many are in fact taking advantage of their                                                                                             
net-intelligence to fool the computers.                                                                                                               
                                                                                                                                                      
Where does this take us in the new economy? If anything it must                                                                                       
be the idea of trust that we put into the system. We must                                                                                             
Believe In the new system to make it work. Do not mind the                                                                                            
sceptics. But trusting does not mean that we relegate our                                                                                             
responsibility to someone else, let alone the Government. We                                                                                          
have a duty to support all efforts that will eventually                                                                                               
position our country into the global era ahead of us.  The era                                                                                        
of the new economy is already upon us with the advancements of                                                                                        
technology in communications and information dissemination and                                                                                        
retrieval. The question is who can gain and take advantage of                                                                                         
the technology first. Rightly the Government has taken the                                                                                            
initiative and now it is for us in the business community to                                                                                          
respond.                                                                                                                                              
                                                                                                                                                      
Coupled with trust, there must come the responsibility of                                                                                             
raising our awareness of thi, new economy.                                                                                                            
                                                                                                                                                      
The concept broadly refers to the "experience of changing                                                                                             
fundamental economic relationships involving improved                                                                                                 
productivity as a result of the adoption of new technology,                                                                                           
deregulation and gfobalisation".  This has given rise to better                                                                                       
economic performance for most countries.                                                                                                              
                                                                                                                                                      
With the perceived technological bent in the concept, over time                                                                                       
there emerged the idea that growth can also be further created                                                                                        
through the production, distribution and consumption of                                                                                               
knowledge and knowledge-based products. In a metaphorical                                                                                             
sense, some say the economy. of bri6ks and mortars is being                                                                                           
replaced with "software, CDs and digitised DNA codes".  The                                                                                           
main features of the so-called k-economy or knowledge-based                                                                                           
economy that are seqn around today are new jobs, new wealth,                                                                                          
new products, new industries and new trading links.                                                                                                   
                                                                                                                                                      
In terms of the correct response expected of the countries on                                                                                         
this development of the k-economy, it is believed many are                                                                                            
preparing themselves to move into the next stage of economic                                                                                          
development - a primarily services-based economy. According to                                                                                        
some economists, this would mean the country is hoping to                                                                                             
change its growth-base from mainly manufacturing to services.                                                                                         
The latter sector will become the future engine of growth.                                                                                            
                                                                                                                                                      
In the case of Malaysia, while we have embraced the k-economy                                                                                         
in all its glory, five hurdles have been identified that can                                                                                          
scuttle all well-intended plans. The five deals with the brain                                                                                        
drain, increasing need for research and development, putting in                                                                                       
place world-class infrastructure, education and closing the                                                                                           
digital divide.                                                                                                                                       
                                                                                                                                                      
The process of educating Malaysians in the fundamentals of the                                                                                        
new economy has already begun. Teaming up with the Multimedia                                                                                         
Development Corporation and the Asian Strategy and Leadership                                                                                         
Institute the Malaysian Institute of Management is organizing                                                                                         
an, international conference from 6-8 September 2001, focusing                                                                                        
on "The New Economy: Challenge and Response".                                                                                                         
                                                                                                                                                      
Invited to speak at the conference are several member of the                                                                                          
International Advisory Panel of the Multimedia Super Corridor                                                                                         
who are meeting in Kuala Lumpur during that period.  Others,                                                                                          
include new economy theorists, practitioners and marketers.                                                                                           
Case studies of successful responses to the demands of the new                                                                                        
economy will also be presented.                                                                                                                       
                                                                                                                                                      
The conference will feature such topics as The Challenges of                                                                                          
Technology and Globalisation in the.New Economy, Building. the                                                                                        
Digital Future, Looking at New Rules, New Technologies and New                                                                                        
Trends, and Global Marketing and Competitive Positioning.                                                                                             
                                                                                                                                                      
The organisers have taken the trouble to ensure that                                                                                                  
participants can enrich themselves by gaining insights on the                                                                                         
emerging new economy as well as the nature of the managerial                                                                                          
response to the phenomenon.  Those interested in the future of                                                                                        
their businesses will be able to benefit from the networking                                                                                          
and understanding that the opportunities the change will                                                                                              
create.  The case studies will highlight the evolving role of                                                                                         
executive leadership in recognising the forces of change and                                                                                          
meeting the challenges ahead of them.                                                                                                                 
                                                                                                                                                      
Additionally for the general public, there is the value to be                                                                                         
realised that we can appreciate the shift towards making                                                                                              
knowledge and how we use it, as the determining factor in                                                                                             
improving our quality of life.                                                                                                                        
                                                                                                                                                      
For further information on the conference, please contact the                                                                                         
Membership Services at telephone 03-21645255 and 0321654611.                                                                                          
Fax: 03-21449319.                                                                                                                                     
                                                                                                                                                      
The writer is Malaysian Institute of Management public                                                                                                
relations manager.