Malaysian Prime Minister Najib Razak yesterday unveiled an ambitious economic reform program aimed at doubling income levels in the country and overhauling an entrenched system of preferences and quotas for the majority Malays.
Razak set out a road map to achieve what he called his “New Economic Model,” which if implemented would be his boldest policy move since taking office last year. The plan also proposes reducing subsidies and raising education levels to make Malaysia a developed nation by 2020.
To achieve all this, Najib, 56, will face enormous political challenges from power brokers within his party, who would be loath to antagonize Malays with elections due in 2013.
“In the short term there will be entrenched opposition,” Najib said in a speech at an investment conference. “We cannot afford to duck these issues any longer. If we are to truly tackle inequality and become a beacon of progress in our region, we must bring a sense of urgency to reform.”
Malays form 60 percent of the country’s 28 million people and have long been used to a host of privileges in jobs, government contracts, businesses, education and housing among others under an affirmative action program started by Najib’s father, Malaysia’s second prime minister, in 1971.
Originally, it was meant to uplift the traditionally poor Malays.
Critics say, however, that the program has become a tool for political patronage and has mostly benefited rich and well-connected Malays.
Because of its political connotations, the program is also seen as discriminatory by the minority Chinese and Indians.
“We must recognize that some policies, which served a purpose in a previous era, may now be impediments to success,” Najib said.
He said state assistance would now be need and merit-based, rather than race-based.
“Our first priority must be to eradicate poverty, irrespective of race,” he said.
The program would target the poorest 40 percent of Malaysians.
Najib’s plan comes at a time when Malaysia is losing its attraction as a low-cost investment destination to other regional countries such as Vietnam and Indonesia. Malaysia also suffers from cumbersome bureaucratic procedures in doing business. Productivity is falling and there has been little effort to encourage innovation and create high-skill industries.
“We want to see a Malaysia that makes a quantum leap from the current US$7,000 per capita annual income to US$15,000 in 10 years,” said Najib, who took power in April last year.
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