Muhyiddin: ‘New’ NEP needed to bridge gap between rich and poor

(The Star) – Tan Sri Muhyiddin Yassin has said that a ‘new’ National Economic Policy (NEP) is needed that treats the bumiputra economic agenda as a national agenda, and not a race-based one as Malays were still lagging behind other races economically.

“I would like to propose that a new NEP is designed to drive equality initiatives,” said the Umno deputy president.

He said most bumiputra were still trapped in the low-income group although Malaysia’s economic growth had reached 6.3% – one of the highest in Asia and recorded RM216.5bil in foreign direct investment (FDI) in 2013, the best in history.

“Do we keep our eyes closed and choose not to do anything if the bumiputra, which comprise 67.4% of the population are still in the low-income group; if four million from 6.5 million employees who contribute to EPF (Employees Provident Fund) earn less than RM2,000 a month?

“How about if the income gap disparity in our country is among the highest in the region; if the people are still not able to own their own home?” Muhyiddin told Umno delegates at Putra World Trade Centre here, Tuesday.

Muhyiddin, when officiating the annual gathering of Umno Youth, Women and Puteri wings, said the Government now faced with beliefs that opposed any implementation of bumiputra empowerment agenda, which he claimed deterred economic development.

“In fact, this kind of policy was used by developed countries more than half a century before they reached the level of developed nations,” he said, adding that the disparity in society was “terrifying” as Malaysians now competed in a more open economy.

He said it was time for the country to reassess the economic model although Malaysia’s economic record showed that the country was on track to become a high-income, developed nation by 2020.

“Therefore, we need to make the bumiputra economic agenda the national agenda, not the agenda of race,” he said, further suggesting that the policies and strategies of the economic agenda be made the main thrust in the 11th Malaysia Plan.

“The bumiputra economic agenda cannot be implemented separately from the framework of national economy. It needs to be implemented inclusively and comprehensively across all sectors of the economy.