Father of Racism Dr M asks for GLCs review
KUALA LUMPUR, July 9 — Tun Dr Mahathir Mohamad has asked the Najib administration to review and revise the role of government-linked companies (GLCs) and government agencies in developing Malay economic equity.
The former prime minister claimed GLCs were no longer promoting Malay interests.
“Back then, GLCs only existed in Singapore. We only had Khazanah (Nasional) in Malaysia to safeguard shares allocated to the Malays and it acted as a store house so that Malay shares won’t be sold.
“But now we want to follow Singapore and have GLCs which have government authority and [are] stronger than any private sector. They can invest outside country and they can also lose money but we can only watch. But they are not losing their money but ours,” he said during RTM’s forum on the 10th Malaysia Plan (10MP) at the Putra World Trade Centre last night.
The trenchant critic of Singapore noted that the government did not have to follow the footsteps of the island republic’s GLCs.
“The role of GLCs is different from Khazanah. Without Khazanah, government would not have able to maintain the 20 per cent Malay equity. So I feel that there is a need to study the role of GLCs. Why do we need GLCs? We do not need to follow Singapore,” said Dr Mahathir, who helped create Khazanah.
He added that there was now a surfeit of government agencies which were crowding out Malay businesses, a long-standing complaint of many entrepreneurs.
“We have too many agencies, and every time they are competing with Bumiputeras. We only need agencies to help the Bumiputera in areas that they have no expertise or capabilities.
“Government agencies must not compete with Bumiputeras,” said the politician who wrote the once-controversial “The Malay Dilemma” that discussed the plight of the Malays.
He said the government must instead use the allocations for government agencies to help fund Bumiputera businesses.
However, Dr Mahathir stressed that the community must change their value system in order to become successful.
“Success is dependent on the value system; if the system is not good then they (the Malays) will not be successful. Some do not know how to manage money and do not use it as capital for investment.
“The problem is the attitude of the Bumiputera. If that is to change then the government must be stern. If they sell APs (Approved Permits) then we will seize it from them. If they sell contracts then we will seize it from them,” explained Malaysia’s longest-serving prime minister, who stepped down in October 2003.
Dr Mahathir also admitted that the country would not able to achieve its Vision 2020 if it stayed its current course.
“We cannot achieve it because of internal and international problem such [as the] global financial crisis. The 1997 (Asian financial) crisis also affected us tremendously so it is obvious that we cannot reach our target,” said the architect of the plan that was launched in 1990.
He said the government must change its strategy for the country to achieve developed status by 2020.
“We change our strategy, then only we can achieve Vision 2020 but the government must conduct a conclusive study before we can find a suitable idea.
“I have many ideas but I am not PM so people can accept or reject. Back then, if I had an idea then I will just do it,” Dr Mahathir added.
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