Malaysia

NEP punishes talented Malays too, says Nazir Razak

June 20, 2010

KUALA LUMPUR, June 20 — CIMB chief Datuk Seri Nazir Razak today repeated his call for a review of the New Economic Policy (NEP), adding that the policy has been unfair to the majority of Malays.

Nazir, who is also a younger brother to Prime Minister Datuk Seri Najib Razak, said the time has come for the government to protect the interest of the majority of the Malays and not just selected few.

“I have met a Malay professional overseas who refused to return to Malaysia because he is of the view that successful Malays are not welcomed in the country. This is because the Malays’ success is always linked to NEP,” said Nazir in an interview with Mingguan Malaysia published today.

“In fact some of them refused to return thinking that the NEP is not for them but only to selected Malay groups, so they are better off working overseas,” he said when asked if the new generation of Malays are more open to reviewing the policy.

However, Nazir said certain aspect of the NEP such as scholarships allocation should be retained.

“Those who have been trying to stop efforts to review the NEP are those who are benefiting from the NEP. That was why some contractors were not happy with open tender but they never ask if they get the job, what would happen to other Malay contractors. Why refuse to compete?” said Nazir to a question on the opposition to a review of the NEP.

He said that the policy, introduced during the premiership of his father Tun Abdul Razak Hussein in 1971 has deviated from its original objective.

“In the long term NEP is about national unity. But today we have deviated from the original intention of the NEP to achieve unity,” said Nazir.

“For certain parties, NEP has become the cause of disunity because the policy has been misused by some people for profit,” he added.

He cited the lack of transparency in the allocation of bumiputra shares and the awarding of AP as examples of abused of the NEP.

“In the name of NEP, shares of listed companies are given out to bumiputras, but the question is who is entitled and who is benefiting from it?” he asked.

“And look at the awarding of APs, what is the basis for the award?” said Nazir.