Speaking at an online forum on the legacy of the New Economic Policy (NEP), former finance ministry secretary-general Mohd Sheriff Kassim and former CIMB group chairman Nazir Razak both agreed that Malays are now more capable of finding their own success than they were 50 years ago when the policy was introduced.
“The policy of preferential treatment (of Malays) should be reviewed so that they will be encouraged to compete on their own merit,” said Sheriff.
“From what I’ve observed, young Malays don’t like to apply for office jobs like in the old days, they prefer the rough and tumble of doing their own thing. With the digital transformation in this country, I see them doing amazing things to earn a living in partnership with their friends.”
He said the upcoming 12th Malaysia Plan (12MP), which is slated to be tabled in October, is a perfect opportunity for the country to change its course.
“Hopefully, when the 12MP is tabled, the government will announce the Shared Prosperity Vision 2030 to do away with the negative aspects of social engineering and focus instead on inclusive policies based on needs instead of race.”
Sheriff said that some groups, through no fault of their own, need government intervention in order to improve their circumstances, and should instead be the ones who are offered improved opportunities.
Nazir said the NEP’s extension in 1990 coincided with a bull run in the stock market, which allowed Bumiputeras to take advantage of the 30% corporate equity target the government implemented under the programme.
“You didn’t need to work very hard (to get rich), you just needed to get some shares at a discount from the government or non-Malay community … hard work became optional for Malays.”
He said that removing race-based advantages would even be welcomed by many fellow Malay business leaders, as “they’re fed up of being seen as beneficiaries of a handicap”.
However, reforms have been difficult to implement, he said, as a “small but powerful” group who reap the rewards of the NEP through high-ranking appointments and preferential treatment for contracts have been staunch opponents to removing these advantages.