KUALA LUMPUR, Aug 5 — The Bumiputera agenda has not lived up to expectations and it’s high time for a new approach to be implemented, says former finance minister Tun Daim Zainuddin.
“Without a doubt, Bumiputera-based policies stemmed from the fact that Bumiputeras remain amongst the poorest and most neglected groups. But if this is the case, then surely what we have been doing all these years vis-à-vis the Bumiputera agenda has not quite achieved its intended target,” Daim said during a speech at the International Conference on Emerging Issues in Public Policy: Global Trends and Projections (IPP 2019) at the Institute of Public Policy and Management, University of Malaya today.
“We can no longer allow Bumiputera interventions to continue to enrich those among us who have benefited from these policies, yet continue to take advantage of loopholes in the policies, to continue enriching themselves at the expense of those who need help.
“It is time for a new approach, to start afresh and truly change the lives of those amongst us who are not reaping the rewards of national development.”
Daim said the idea of “Shared Prosperity” mooted by Prime Minister Tun Dr Mahathir Mohamad in the New Economic Policy (NEP) must be more inclined towards a “needs-based” policy rather than “race-based” policies.
Daim said many Malaysians have not had their chance to participate in national growth and development due to the old policies that favoured a select few.
This included the Orang Asli, rural and urban poor who are missing out on an education, pushed aside to favour those who could well afford their own education.
“We have been robbing the poor to further uplift those that don’t deserve the support, and this widening of the education and income gap must come to an end. The fear-mongering is only to encourage and continue this abuse. It’s time to stop the ‘them versus us’ rhetoric,” said Daim.
“The new NEP must take this into consideration and approach the Bumiputera dilemma with a fresh perspective, to ensure that all Malaysians can have their fair share of our national prosperity. Any policy must result in justice for all.”
“We must also acknowledge that although Bumiputeras are indeed disproportionately represented amongst the poor, other races too are deeply affected by poverty and low standards of living,” he said.
Daim also said that Malaysia’s smooth transition of power from the 61-year Barisan Nasional rule to the current Pakatan Harapan coalition is sending the right signal to the world amid US-China’s trade tensions that have rocked the world economy.
However, he said the government must show that they possess clarity in implementing policies and be proactive in addressing the country's national economy.
“Our nation needs stimulus to get the economy moving again, but this must be carefully planned. There are already calls for a more expansionary fiscal policy, do we go down that path and if so, how far down that path do we travel?
“The inability of any government to effectively communicate its long-term plans and strategies, often translates to a loss in confidence among investors, both local and foreign.
“The Government should be clear in communicating that Malaysia is open for business, and there should be clear and concise guidelines on both local and foreign investments and we need to show them that it is safe to come back again,” added the 81-year-old.
Mahathir, on the day of PH’s one year anniversary in office, unveiled a new plan to achieve sustainable and equitable economic growth by 2030, despite grumblings of his administration not setting clear policies for the nation's development.
The new initiative, tagged “Shared Prosperity”, replaces the now-unachievable Vision 2020 target, which was for Malaysia to become a developed nation by next year.
“Shared Prosperity is an effort to turn Malaysia into a country that continues to develop sustainably alongside equitable growth at all levels of the value chain, class, race and geography till there exists harmony and stability among the people by 2030,” Tun Dr Mahathir said in his televised address on May 9.
