I prefer Nazir than Najib? what say you? he talks more sense compare to his brother .....
KUALA LUMPUR: A top banker has come out strongly to urge the government to show leadership by coming up with strategic solutions, rather than just spending money and cutting interest rates, to steer the country safely through the global economic crisis.
CIMB group chief executive Datuk Seri Nazir Razak, who is also the youngest son of Tun Abdul Razak, the architect of the New Economic Policy (NEP), listed five strategic initiatives that should be undertaken, including a review of the NEP.
“Review how the NEP retards national unity, investments and economic efficiency and develop a new, more relevant framework for economic policy-making,” he said.
Speaking after CIMB’s EGM yesterday, Nazir said: “The Malaysian government must show economic leadership beyond just orthodox fiscal stimulus and monetary measures, as major global economic dislocations and enforced reconstruction present not only severe challenges but also tremendous opportunities.”
Aside from the overhauling of the NEP, Nazir also proposed:
1. Leveraging on the Middle East, China and India (MCI) as there will be an accelerated shift in economic power to these countries;
2. Encouraging a cooperative spirit among the academia, business and the civil service (ABC) to develop and execute national development plans;
3. Stimulating the acquisition of brands and distribution by developing a clear framework of incentives and co-investment opportunities abroad that can fill traditional gaps in the branding and distribution of Malaysian products and services; and
4. Attracting foreign talent to work in Malaysia, particularly to fill gaps in the education sector in the teaching of English and Mandarin.
On the NEP, Nazir said: “I have talked about this before. The NEP is almost 40 years old. It was meant to be only for 20 years. I think it’s important that it is reviewed. I don’t want to prejudge it. It is an important step for the nation. I think there should be a platform for Malaysia’s best and brightest to debate and arrive at a new framework”.
“Obviously, it doesn’t take much genius to look at some of the present policies arising from the NEP that are undermining national unity and also investment,” he added.
The NEP, aimed at restructuring the socio-economic landscape of the country by giving preferential treatment in certain areas of business and education to bumiputeras, was launched in 1971 by the government which was then led by Nazir’s father.
Nazir reckons that in the current crisis, there is a scarcity of investment, and countries need to go out and attract investors. “In that context, the bargaining hand has shifted decisively to the hand of the investor as opposed to the investee. Countries need to do whatever they can to attract investments,” he said.
He added that while fiscal and monetary stimulus would provide a temporary boost to the economy, Malaysia needs a strategic and proactive leadership to advance the country’s relative economic position in the new world order that will emerge from this crisis.
“I’m just urging that we take a more strategic perspective in terms of the leadership that the government can provide in this environment... not just monetary and fiscal but to actually deal with some of the long-term strategic issues which on hindsight later, could really be a turning point for Malaysia,” he said.
“Malaysia is in a good position — strong national resources, strong reserve, strong financial system, etc… but tactically, I think it’s important to understand the global dynamics... it’s a seismic shift, and Malaysia must be well positioned,” Nazir noted.
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