For instance, Yeah Kim Leng of Sunway University said, only capable people who are also accountable for their actions should helm GLCs, while Barjoyai Bardai of the Malaysia University of Science and Technology said government initiatives must move beyond paying lip service.
Meanwhile, Institute for Democracy and Economic Affairs CEO Aira Azhari said any move to strengthen the economic prowess of the Malays should start with an evaluation of Bumiputera initiatives such as the New Economic Policy (NEP) to gauge their effectiveness.
They were commenting on a warning from former law minister Zaid Ibrahim that the latest plan — Putera35, launched by Prime Minister Anwar Ibrahim in August last year — may follow the same pattern as others.
In a post on Wednesday, Zaid said Putera35 could end up benefiting only an elite group linked to tycoons, the royalty and politicians.
The stated objective of Putera35 — officially known as the Bumiputera Economic Transformation Plan 2035 —is to boost the contribution of Bumiputera enterprises to the GDP from 8.1% in 2022 to 15% in 2035 by providing them opportunities “to take advantage of sectors and industries that the government focuses on”.
Anwar, who chaired the Bumiputera Economic Council meeting this month, also called on GLCs and GLICs to do more to drive innovation and development in the Bumiputera community.
Yeah said the necessary traits, such as accountability and talent, are already present in the private sector, accounting for their higher success rate.
“Without good leadership, there will be no innovation. Leaders who lack accountability or are not capable must not be retained as their failures are ‘absorbed’ by the government. They should be held accountable, just like in the private sector,” he told FMT.
Yeah said GLCs such as Petronas and statutory bodies like EPF have a proven record of good governance with a global business model because they have capable leaders who are critical in ensuring success and innovation.
“We have no shortage of talent. With proper accountability and transparency, Putera35 can succeed in uplifting Malay businesses,” he added.
Barjoyai said those responsible for pushing the Putera35 initiative must move beyond “lip service” to focus on supporting micro and small Bumiputera businesses given that they employ the majority of the workforce.
“A comprehensive masterplan is also needed to develop entrepreneurial skills and to equip unskilled youths with financial independence,” he told FMT. “If done right, the desired result can be achieved in five to 10 years.”
Honest look inwards
Aira said the NEP played an important role in enabling social mobility for the Malays, particularly in education and in micro financing of small business.
“But given that the policy has been criticised, with detractors alleging that it has been abused for the benefit of the elites, an honest review of its legacy is needed today,” she told FMT.
The necessary improvements should be implemented sector by sector, she added.
The NEP is an affirmative action programme formulated in the aftermath of the May 13, 1969 riots and adopted in 1971 to eradicate poverty and restructure the economy to eliminate the identification of ethnicity with economic function.