00:00The new economic policy and other pro-Bhumiputra privileges have largely benefited political
00:06cronies rather than the wider Bhumiputra community, says economist Varjoye Vardai.
00:11He told FMT that for most Bhumiputras, especially those in the B40 group, such privileges are
00:17practically non-existent.
00:18Varjoye said, while some still hope that a future government might genuinely uplift small
00:23and micro-Bhumiputra businesses, many now see the NEP and similar policies as dirty
00:28words that undermine their credibility as entrepreneurs.
00:31He said pro-Bhumiputra policies had historically generated economic gains for political elites,
00:36but the majority of Bhumiputras have never enjoyed any real benefit from these policies.
00:42Varjoye added that the benefits have been reserved to a small circle of political cronies and
00:47their associates, leading many Bhumiputra entrepreneurs to ride off the NEP and Bhumiputra privileges
00:52entirely.
00:53Instead, he said Bhumiputra businesses should focus on building community-based support
00:57networks and strengthening cooperation within the ecosystem.
01:02He was responding to concerns raised by the Malay Economic Action Council that the Malaysia-U.S.
01:07Reciprocal Trade Agreement could undermine affirmative action policies for Bhumiputras.
01:12Varjoye said trade liberalization could benefit Bhumiputra businesses if backed by sound policies,
01:17as greater competition would boost productivity, encourage best practices, and improve transparency
01:23accountability.
01:25Dhanash Rajareza, FMT.
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