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For Malays to succeed, the best must help the rest, say economists
Free Malaysia Today
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1/9/2025
Yeah Kim Leng of Sunway University says the success of the Bumiputera Economic Transformation Plan 2035 also hinges on accountability.
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#FMTNews #Putera35 #Bumiputera #Malays
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Transcript
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00:00
Top talent, decisive action and an honest review of past initiatives are vital to ensure
00:06
that efforts to uplift the Malay's economic status produce the desired results, according
00:11
to economists.
00:12
Ya Kim Ling of Sunway University said, only capable people who are also accountable for
00:18
their actions should helm government-linked companies.
00:22
Bar Joyai Bardai of the Malaysia University of Science and Technology, on the other hand,
00:28
said government initiatives must move beyond paying lip service.
00:31
Meanwhile, Institute for Democracy and Economic Affairs CEO Ira Azhari said any move to strengthen
00:38
the Malay's economic prowess should start with an evaluation of Bumi Putra initiatives,
00:43
such as the new economic policy to gauge their effectiveness.
00:47
The trio were commenting on a warning by former law minister Zayed Ibrahim that the latest
00:52
plan Putra35 could end up benefiting only an elite group linked to tycoons, the royalty
00:59
and politicians.
01:00
Yaz said that leaders who lack accountability or are incompetent should not be retained
01:05
as their failures are absorbed by the government and they should be held accountable, just
01:10
like in the private sector.
01:12
He added that with proper accountability and transparency, Putra35 can succeed in uplifting
01:18
Malay businesses.
01:20
Bar Joyai said those responsible for pushing the Putra35 initiative must move beyond lip
01:25
service to focus on supporting micro and small Bumi Putra businesses, given that they employ
01:31
the majority of the workforce.
01:33
He said a comprehensive master plan is also needed to develop entrepreneurial skills and
01:38
to equip unskilled youths with tools for financial independence.
01:43
If done right, he said the desired result can be achieved in five to ten years.
01:49
Myra said the NEP played an important role in enabling social mobility for the Malays,
01:54
particularly in education and in micro-financing of small business.
01:59
However, she said that in light of criticism claiming the policy has been exploited for
02:04
the benefit of the elites, a thorough review of its legacy is needed, with necessary improvements
02:10
implemented on a sector-by-sector basis.
02:13
Pan Yujo, FMT News.
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