By Dr Chen Man Hin, DAP life advisor
WE ARE SHOCKED BY PM ANNOUNCEMENT THAT THE BUMI 30% QUOTA WOULD CONTINUE, BUT WE MUST OBJECT STRONGLY FOR THE SAKE OF OUR COUNTRY, THE POOR AND OUR CHILDREN
The proposal by Najib that the 30% bumiputra corporate equity would be maintained together with the NEM. Surprisingly the astounding marriage of two conflicting policies has not raised much reaction.
Are the people so shocked that they have lost their power of speech or writing at the amazing reversal of Najib’s crusade for reforms when he became Prime Minister, to become also a promoter of cronyism and rent seeking policies.
There seems to be absolute silence in Parliament from the honourable members, when they should be debating vigorously on the reckless decision of the Prime Minister to discard the recommendations of the NEM commission to dump rent seeking policies promoted by the NEP, which caused the economy to stagnate for 40 years, from the time it was introduced in 1971. We cannot afford to keep on what is going to be catastrophic for the country – the consequences of reinstating the 30% bumi equity. We must speak up.
History has shown that the NEP was the main reason why Malaysia’s economy lagged behind Hong Kong, S. Korea, Taiwan and Singapore. Malaysia did not join the club of Asian tigers comprising of Singapore, Hong Kong, Taiwan and S. Korea.
At the time of independence, Malaysia’s per capita income was second in Asia, after Japan, but now it is way behind the Asian tigers.
The PCI figures tell it all. The per capita income for a Singaporean in 2009 was US$33,000, for Hong Kong US$32,000, S.Korea US$18,000 and Taiwan US$17,000.
By reviving the NEP bumi equity quota, does the Prime Minister want to condemn the people to continue to live on low incomes, and let Indonesia, Thailand, Vietnam and Philippines over take us? Does he want the people in kampongs continue to live in poverty, while Umno tycoons reap in millions from the 30% bumiputra equity quota?
Mr Prime Minister Najib Razak, do you realise that even your own brother, Nasir Razak, chairman of CIMB was reported to have said that the 30% bumi quota only benefited a MINORITY of Malays. Most of the Malays in the kampongs and dusuns continue to be poor.
These are facts. All the data listed above are found in World Bank reports.
The bad things are happening because the 30% bumi quota gave a bad impression to investors that the economy here is closed, over regulated and quite unlike other countries are free and liberal.
By retaining the 30% bumi quota, the Prime Minister is going to drive investors away. Without a good flow of foreign direct investments, economic development will slow down. We are a small country and we depend on world markets to buy our commodities and manufactured products.
Be like China, which will be the the second largest economy in the world, after the USA. Its success was due to changing from a communist economy to a democratic, liberal economy.
Our advice to PM Najib, withdraw the 30% bumi quota, and build up a free liberal market. With more investments, the country will prosper and all Malaysians, whether Malays, Chinese, Indians, Dayaks or Kadazans will enjoy higher incomes and prosperity.