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Dr Mahathir: Plan to open up economy wonâ€™t help

Posted by admin

Saturday, 04 July 2009 10:23

(The Malaysian Insider) - Former premier Tun Dr Mahathir Mohamad has dismissed the efforts of Prime Minister Datuk Seri Najib Razak to liberalise the economy, saying they were “not going to help anybody”.

The plan seemed designed to make Najib popular, said Dr Mahathir, adding: “It will not help the Chinese, Malays or Indians.”

Dr Mahathir was asked to comment on Najib's steps to open up the economy to make it more attractive for foreign investors.

The steps included relaxing a host of restrictions on foreign investment, including a rule requiring businesses to be partly owned by Malays.

Listed companies will no longer be required to allocate 30 per cent of their stake to Malays as part of an affirmative action programme for the country's Malays.

Among other measures were allowing stock brokers and unit trust management companies 70 per cent foreign ownership, up from the current level of 49 per cent.

Najib also announced a government private equity fund to invest in high-growth industries and promote Bumiputera ownership of Malaysian businesses.

Najib said the Bumiputera rule for companies was neither benefiting poor Malays nor sustainable amid the global economic slowdown, which would force Malaysia into its first recession in a decade.

But Dr Mahathir was not impressed.

READ MORE HERE: http://www.themalaysianinsider.com/

Comments (11) Add Comment

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written by *********, July 04, 2009 10:26:35

Watch out for Mahathir's knock out punch of Najib round the corner. The stage is set for Mukhriz to ascend the throne of Putrajaya...More http://*********.********.com

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written by truthbespoken, July 04, 2009 10:49:00

Step by step this Mahathir is coming for the PM. The way he is interfering is the business of the state, he thinks the PM is a puppet and he, the puppet-master! This old man is up to no good and while he last, his main agenda now is to firmly push forward his son's political standing within the UMNO hierarchy! This old man prefers the nation not to change and adapt to external demands and globalization to prove he is still right with his expired views! Mr PM, you do not have to time and again avoid confronting such people if your conscience and national objectives are clear!

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written by yuenthiam, July 04, 2009 11:24:57

Don't liberalize, so stay in the jungle and continue living on trees? Damn this rascal. Let all of us know why you think opening the economy wont help. We want to give you a chance to convince us. Stop making your usual foolish and damaging statement and don't behave like a sidekick to Matthias Chang who is beginning to talk more sense.

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written by InEffective, July 04, 2009 11:36:52

so imagine if PM is being coerced by foreign parties to open up (all because he has been caught with evidence of his ties to altantuya) ?

Liberalizing under our will or others ?

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written by cheekhiaw, July 04, 2009 13:10:56

Plan to open up economy won't help...those thieves that support me.

xxx

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written by thirdeye, July 04, 2009 13:31:52

..."It will not help the Malays, Chinese or the Indians".... folks the racist Mamak doesn't care jackshit for the non Malays. Statement made so as to get support across the board. Leopard doesn't lose it spots lah!

As for liberalisation ... my honest assessment is it ain't going to happen. The mechanism at lower level of entry is ironclad with 30% Bumi interest. What Najib is saying is at the final level. So if one cannot pass the preliminary levels how to reach the final level where the 30% requirement is removed.

So all talk only. Politics only. So don't have high hopes for change. This exercise for vote-fishing only.

For REAL change the system need to be dismantled from the lowest level up to the point Najib is describing. Judging from the speed our Gomen officials operate .... it ain't going to happen anytime soon.

Corporate lawyers out there, spell it out for the layman to grasp this matter.

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written by Jan, July 04, 2009 14:22:12

Aiyah Tun, if opening up the economy don't help then NOT opening up during your time lagi worse. At least Najib has the balls to do the necessary while those before him just don't have it.

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written by temanmu, July 04, 2009 14:47:16

As long as BN runs the country their policies are skewed to filling their (and their cronies) pockets first. Money is needed to buy loyalty & votes.

Najib scraps 30% bumiputera policy but opens Ekuiti Nasional Berhad (Ekuinas). Of course this news is buried in the details beneath the BIG headline. Now the rewarding cronies is better controlled... just under one corporation!

What we need are honest leaders... not thieves.

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written by Braino, July 04, 2009 15:27:05

With the economy so exploited by the all the former regime...I doubt if we open now, it will make any difference. We have fallen behind so far that we can't even smell the smoke of our our "nearest" competitor!

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written by HamChak, July 05, 2009 00:28:27

I honestly think that the opening up of the Economy will help
the Malays, Chinese and Indians to be more competitive.
It is a VERY good move. Of course, it will not benefit that Mamak's
cronies and family. Too bad for you, LoonyToon.

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written by Vivarium, July 05, 2009 12:31:46

If we rear pet fish in the acquarium equipped with high tech water filtration and oxygen enhancement gadgets in a food aplenty environment, the fish will shine under the UV lamp. But when you release them into the wild stream, they will not survive for a second, let alone flourish. How much longer do you want to keep those NEP entreprenuers in the acquarium ?

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