The Amanah president once again says the nation needs a new economic plan, failing which the nation will be overtaken by its neighbours.
PETALING JAYA: Former finance minister and Umno veteran Tengku Razaleigh Hamzah has once again stressed that the nation was in need of a new economic plan to ensure economic growth and equitable development.
Speaking at The Perak Academy in Ipoh on Saturday night, Tengku Razaleigh said the new economy plan must be one that guaranteed a stake for all segments of the Malaysian society.
“I would like to propose that we establish a stakeholder economy for Malaysia over the next decade; an economic system that will ensure an equitable sharing of the benefits of development for all stakeholders and for future generations, under the protection of the Federal Constitution,” said the Kelantan prince.
He had first mooted the idea of introducing a new economy plan while launching the Economic Roundtable sponsored by the Mahkota Foundation on Sept 26 where he had proposed a new plan, calling it the Amanah Plan.
Tengku Razaleigh, who is the president of Angkatan Amanah Merdeka (Amanah), last night once again revisited the proposals he had laid down under the Amanah Plan.
While detailing out the weaknesses in the Budget 2014 which was unveiled by Prime Minister and Finance Minister Najib Tun Razak on Oct 25, Tengku Razaleigh said the challenge going forward was the ability for the economy to create quality and high-paying jobs.
He said this must particularly catered for the new entrants into the labour force who are gaining higher post-secondary and tertiary qualifications; not the low paying jobs that are now being filled by foreign workers in the plantations, construction and assembly-based manufacturing.
He added that if the nation was to move to a higher level of development to achieve developed status, a different structure of value-added growth and greater productivity was required.
“Shifting to a service-oriented economy may be part of the answer to this economic restructuring, but we cannot abandon higher-valued manufacturing altogether while maintaining our industrial competitiveness by importing such foreign labour to keep our unit labour costs down.
“Longer term sustainability of economic growth requires enhancing the knowledge content of our manufacturing, and yes even in the service industry, which all require innovation, technology and new entrepreneurship.
“Only in this way will we be able to raise wages and salaries, through increasing productivity. Thus, this involves not just up-skilling of our labour force, but also the provision of correct incentives and institutions to support such value-added growth.
“I wonder whether the New Economic Model is sufficiently geared towards the above tasks,” he said.
Will be left stranded
The Gua Musang MP submitted that the national task would require new and bold ideas which must be implemented over the next five to 10 years with supporting institutional reforms to generate
maximum impact and to ensure success.
“Otherwise we are going to be left behind once again. I say this because South Korea, who in the 60’s was behind us, is now three times more in terms of per capita income. Our neighbours Vietnam, Philippines and Indonesia are now ahead on their reform path.
“If we do not take rapid and serious action, they may get ahead of us again,” he warned.
Tengku Razaleigh added that time was running short and that the expectations of the people who are demanding bold changes must be met.
“Leaders will have failed the mandate given to them if we are only toying with political slogans and creating myths about our development experience in the NEP and post-NEP years that do not hold up to the facts,” he said.
He added that the foundation of the nation was being threatened by political gamesmanship, empty promises and policy obfuscation.
“Only with this commitment to fundamental reform of our policies and the institutions that support them will we be able to restore the people’s trust in the government.
“Only with this resolve will we be able to offer our good people a secure feeling about Malaysia’s future,” he said.
PETALING JAYA: Former finance minister and Umno veteran Tengku Razaleigh Hamzah has once again stressed that the nation was in need of a new economic plan to ensure economic growth and equitable development.Speaking at The Perak Academy in Ipoh on Saturday night, Tengku Razaleigh said the new economy plan must be one that guaranteed a stake for all segments of the Malaysian society.
“I would like to propose that we establish a stakeholder economy for Malaysia over the next decade; an economic system that will ensure an equitable sharing of the benefits of development for all stakeholders and for future generations, under the protection of the Federal Constitution,” said the Kelantan prince.
He had first mooted the idea of introducing a new economy plan while launching the Economic Roundtable sponsored by the Mahkota Foundation on Sept 26 where he had proposed a new plan, calling it the Amanah Plan.
Tengku Razaleigh, who is the president of Angkatan Amanah Merdeka (Amanah), last night once again revisited the proposals he had laid down under the Amanah Plan.
While detailing out the weaknesses in the Budget 2014 which was unveiled by Prime Minister and Finance Minister Najib Tun Razak on Oct 25, Tengku Razaleigh said the challenge going forward was the ability for the economy to create quality and high-paying jobs.
He said this must particularly catered for the new entrants into the labour force who are gaining higher post-secondary and tertiary qualifications; not the low paying jobs that are now being filled by foreign workers in the plantations, construction and assembly-based manufacturing.
He added that if the nation was to move to a higher level of development to achieve developed status, a different structure of value-added growth and greater productivity was required.
“Shifting to a service-oriented economy may be part of the answer to this economic restructuring, but we cannot abandon higher-valued manufacturing altogether while maintaining our industrial competitiveness by importing such foreign labour to keep our unit labour costs down.
“Longer term sustainability of economic growth requires enhancing the knowledge content of our manufacturing, and yes even in the service industry, which all require innovation, technology and new entrepreneurship.
“Only in this way will we be able to raise wages and salaries, through increasing productivity. Thus, this involves not just up-skilling of our labour force, but also the provision of correct incentives and institutions to support such value-added growth.
“I wonder whether the New Economic Model is sufficiently geared towards the above tasks,” he said.
Will be left stranded
The Gua Musang MP submitted that the national task would require new and bold ideas which must be implemented over the next five to 10 years with supporting institutional reforms to generate
maximum impact and to ensure success.
“Otherwise we are going to be left behind once again. I say this because South Korea, who in the 60’s was behind us, is now three times more in terms of per capita income. Our neighbours Vietnam, Philippines and Indonesia are now ahead on their reform path.
“If we do not take rapid and serious action, they may get ahead of us again,” he warned.
Tengku Razaleigh added that time was running short and that the expectations of the people who are demanding bold changes must be met.
“Leaders will have failed the mandate given to them if we are only toying with political slogans and creating myths about our development experience in the NEP and post-NEP years that do not hold up to the facts,” he said.
He added that the foundation of the nation was being threatened by political gamesmanship, empty promises and policy obfuscation.
“Only with this commitment to fundamental reform of our policies and the institutions that support them will we be able to restore the people’s trust in the government.
“Only with this resolve will we be able to offer our good people a secure feeling about Malaysia’s future,” he said.
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