Bandar Kuching DAP MP Dr Kelvin Yii said protectionism would not work and core issues that led to the past failures must be examined and addressed to ensure shared prosperity for all.

He was responding to Prime Minister Ismail Sabri Yaakob’s announcement on proposed quotas for Bumiputera-owned companies in strategic places such as shopping malls to expand the community’s involvement in the economy.

Ismail said the proposal was in line with the concept of “Keluarga Malaysia”.

Yii said the New Economic Policy, developed in 1970, was meant to improve the economic involvement of Bumiputeras, and the policy was supposed to be updated.

“We should be learning from past mistakes, and if we realise it is not working, we must examine the core issues and address them properly to ensure shared prosperity for all Malaysians,” he said in a statement today.

Given the failure of Mara IT malls following an incident at Plaza Low Yat in 2015 involving a man found stealing at a mobile phone store, Yii said Ismail should be aware of the pitfalls of adopting “exclusive and protectionist” policies.

He said Ismail’s plan for a single-race digital shopping mall after the first mall was established in Kuala Lumpur never succeeded.

“The ‘protectionism model’ does not work. Instead, efforts must be made to increase capacity to ensure entrepreneurs remain sustainable, resilient to market competition, and are able to foster innovation and creativity,” he said.

He said he fully supported his party colleague Ong Kian Ming’s proposal to ensure a sustainable and inclusive business model which may involve partnerships of Bumiputera and non-Bumiputera entrepreneurs to provide good quality jobs to all Malaysians.