For Malays to succeed, the best must help the rest, say economists

Free Malaysia Today

Yeah Kim Leng of Sunway University says the success of the Bumiputera Economic Transformation Plan 2035 also hinges on accountability.  Read More:   Laporan Lanjut:   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #Putera35 #Bumiputera #Malays

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00:00Top talent, decisive action and an honest review of past initiatives are vital to ensure

00:06that efforts to uplift the Malay's economic status produce the desired results, according

00:11to economists.

00:12Ya Kim Ling of Sunway University said, only capable people who are also accountable for

00:18their actions should helm government-linked companies.

00:22Bar Joyai Bardai of the Malaysia University of Science and Technology, on the other hand,

00:28said government initiatives must move beyond paying lip service.

00:31Meanwhile, Institute for Democracy and Economic Affairs CEO Ira Azhari said any move to strengthen

00:38the Malay's economic prowess should start with an evaluation of Bumi Putra initiatives,

00:43such as the new economic policy to gauge their effectiveness.

00:47The trio were commenting on a warning by former law minister Zayed Ibrahim that the latest

00:52plan Putra35 could end up benefiting only an elite group linked to tycoons, the royalty

00:59and politicians.

01:00Yaz said that leaders who lack accountability or are incompetent should not be retained

01:05as their failures are absorbed by the government and they should be held accountable, just

01:10like in the private sector.

01:12He added that with proper accountability and transparency, Putra35 can succeed in uplifting

01:18Malay businesses.

01:20Bar Joyai said those responsible for pushing the Putra35 initiative must move beyond lip

01:25service to focus on supporting micro and small Bumi Putra businesses, given that they employ

01:31the majority of the workforce.

01:33He said a comprehensive master plan is also needed to develop entrepreneurial skills and

01:38to equip unskilled youths with tools for financial independence.

01:43If done right, he said the desired result can be achieved in five to ten years.

01:49Myra said the NEP played an important role in enabling social mobility for the Malays,

01:54particularly in education and in micro-financing of small business.

01:59However, she said that in light of criticism claiming the policy has been exploited for

02:04the benefit of the elites, a thorough review of its legacy is needed, with necessary improvements

02:10implemented on a sector-by-sector basis.

02:13Pan Yujo, FMT News.

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