Khairy: 30% Bumi equity just there for comfort
By Ken Vin Lek, Free Malaysia Today
KUALA LUMPUR: Umno Youth chief Khairy Jamaluddin today said that the 10th Malaysia Plan (10MP) was not much of a change from the previous five-year plans.
“What we see here is similar to the Ninth Malaysia Plan, which is that the private sector has to take over from the public sector in spurring the economy.”
“The only difference here is in our affirmative action (programme). Right now, the government is adopting a reformist school of action where we recognise the need to restructure society and that old policies are simply not workable anymore for the Bumiputera community and Malaysia in general,” he said.
Khairy was speaking at a forum on the 10MP at University College Sedaya International here. With him were PJ Utara MP Tony Pua, and CEO of IDEAS, a think-tank, Wan Saiful Wan Jan.
Khairy seemed optimistic that the 10MP is an innovative blueprint that can lead the country forward.
He said the 30% Bumiputera equity is simply not workable anymore in today’s day and age.
“The 30% policy is just there for comfort. With the 10MP, we believe in a merit-based, market-friendly and fair system. You will see a real sustainable and competitive Bumiputera community from this plan,” he added.
Under the 10MP, the target of achieving at least 30% Bumiputera corporate equity ownership at macro level will be maintained.
The focus, however, will be on promoting genuine economic participation, consistent with the objective of sustainable high growth rather than corporate equity allocation.
It is reported that the Bumiputera median household income of RM2,531 in 2009 is lower than the national median income of RM2,830 and Bumipuetra ownership of share capital (at par value) of limited companies had increased marginally from 18.9% in 2004 to 21.9% in 2008.
Khairy said the 10MP aims to help the bottom 40% regardless of ethnicity.
While he agrees that part of this affirmative action plan would allow the better-connected and educated Bumiputera to benefit substantially more than others, Khairy said the 10MP is different in that it is innovative and strives to be transparent.
“It’s all about helping the country survive and for us to be competitive.”
