Malaysian International Chamber of Commerce and Industry president Tan Cheng Kiat said Dr Mahathir Mohamad’s succession plan, in particular, had caused much anxiety.
“We understand that every leader has his or her own policies.
“But the succession issue requires clarity and certainty,” he said at the National Economic Forum here.
He also said the focus on race and religion had distracted many from important economic concerns.
“There is only one race in this world, that is human,” he said.
“We should not have an affirmative policy based on race. Everything should be based on need and meritocracy.”
Tan added that “massive reforms” would be needed for such a shift.
“We are talking about black shoes and toys in school when other countries have moved forward tremendously in education. We are far behind.”
Associated Chinese Chambers of Commerce and Industry of Malaysia deputy president Lim Kuan Sia meanwhile said the government must have the right investment policies in place, especially for locals.
“Focus should be given to domestic direct investments (DDIs) rather than foreign direct investments (FDIs),” he said.
“FDIs are given everything by the government, but for DDI, there are a lot of red lights.”
He also spoke of a shortage of labour, which he said was a problem especially for small and medium-sized enterprises.
Malaysian Associated Indian Chambers of Commerce and Industry president N Gobalakrishnan said businesspeople found it difficult to deal with the government, citing a lack of proper facilities and the high cost of doing business.
Federation of Malaysian Manufacturers president Soh Thian Lai urged Pakatan Harapan to fulfil its manifesto promises, saying issues related to cost of living and investment policies remain unaddressed.
Former international trade and industry minister Mustapa Mohamed, who chaired the panel discussion, later acknowledged the need to reduce politicking and put aside differences.
“People think the government has to listen more. Many feel they are not listening enough,” he said on the sidelines of the forum.