It is not a political mimic. Setting a target of elevating the annual per capita income from US$7000 to US$15000 in ten years sounds like what Mat Jenin has dream of but going through the thrust of the New Economic Model (NEM), it is within reach should all plans are engineered to accordingly. Prime Minister Najib Tun Razak who himself is an economist did not simply emulate the policy on simple calculations but one which has taken into account all aspects of the economic development.
Announcing the NEM today, the premier said the Model has taken into consideration the achievement of all races in Malaysia as not to allow any over-zealous implementation to flaw the 1Malaysia concept. The time has come for all sectors of the economy, every section of the community and all political parties to take part and support its implementation if the objectives are to be attained.
To create a highly-income nation (read Benama here), all government agencies and its implementing arms will have additional roles to play in assisting the GLCs, the private sector and foreign investors to deal with the grueling world economic situation. The rakyat, too will be provided with ample support in enabling them to participate in any kind of economic activities, not only to support their families but to boost the government effort in eradicating poverty, improving their income and enhancing their yield per investment.
He said that creating a high-income nation will mean higher wages throughout the economy as growth is derived not only from capital, but from greater productivity through the use of skills and innovation, improved coordination, stronger branding and compliance with international standards and intellectual property rights.
Najib lamented that 80 per cent of the workforce today have education only up to SPM qualification -- Malaysia's equivalent of the O-levels, which "is not in line with the high income economy that Malaysia aspires to be."
While the NEP's original policies are still relevant, it is time to review its implementation. "We will chase the same goals but transform the way we do things," he said.
The renewed affirmation action policy will be market-friendly, merit-based, transparent and needs-based. A notable point under the NEM was that a competitive and transparent tender process with set and clear rules for the whole Bumiputera community made up of both Malay and other indigenous groups was developed.
Thumbs up, Najib!
Also read NEM Proposes Malaysia lead Global Green Revolution
Also a commentary by BusinessWeek