THE Malaysia Incorporated (Malaysia Inc) policy should be revived with the proviso that it must be restructured to meet current needs.
The impact from the US-China trade war, expected downturn and the coronavirus outbreak are crises that call for structured well-coordinated public and private sector efforts to stop our economy sliding backwards.
The policy will help to enhance cooperation between the government and private sector.
The rationale is that government’s or taxpayers funded share for development projects will be reduced. The focus will be on projects that will be implemented and funded by the private sector via full privatisation or public private partnerships sharing the cost of the development projects.
Importantly, Malaysia Inc policy must heed the Shared Prosperity Vision plan. SPV 2030 fulfils PH government’s mandate for greater inclusiveness. SPV 2030 aims to restructure the economy and correct income and wealth disparities. This enhances political stability.
Its charter to bring a “decent standard of living for all Malaysians” by 2030 regardless of economic class, race, and geographic location enhances the creation of a common social ground to improve harmony and unity that are critical for economic growth.
Malaysia Inc policy must incorporate needs-based elements to tackle the key issue of Malaysia’s transition to become a high-income country. This will only be meaningful if more Malaysians are given a share of the bigger pie.
As with all policies, good governance must be in place with transparent mechanisms. The outcomes must be properly monitored and accounted for.
Sze Loong Steve Ngeow