KUALA LUMPUR, July 4 — Former premier Tun Dr Mahathir Mohamad has dismissed the efforts of Prime Minister Datuk Seri Najib Razak to liberalise the economy, saying they were “not going to help anybody”.
The plan seemed designed to make Najib popular, said Dr Mahathir, adding: “It will not help the Chinese, Malays or Indians.”
Dr Mahathir was asked to comment on Najib's steps to open up the economy to make it more attractive for foreign investors.
The steps included relaxing a host of restrictions on foreign investment, including a rule requiring businesses to be partly owned by Malays.
Listed companies will no longer be required to allocate 30 per cent of their stake to Malays as part of an affirmative action programme for the country's Malays.
Among other measures were allowing stock brokers and unit trust management companies 70 per cent foreign ownership, up from the current level of 49 per cent.
Najib also announced a government private equity fund to invest in high-growth industries and promote Bumiputera ownership of Malaysian businesses.
Najib said the Bumiputera rule for companies was neither benefiting poor Malays nor sustainable amid the global economic slowdown, which would force Malaysia into its first recession in a decade.
But Dr Mahathir was not impressed.
“I think it's a kind of move more designed towards becoming popular. I don't know if it will help the economy, because Malaysia has been growing since independence,” The Star newspaper on its website quoted Dr Mahathir as saying.
“Now that there is a lack of growth, this is due more to external reasons. It's not about internal things,” he told reporters.
He also said Malaysia should be cautious of foreign investors keen on total ownership of fund management companies as they “owed no loyalty to the country”.
“They are here to make money. When they can't make money, they go out and we pay the price,” he was quoted as saying.
He asserted the potential hazard of capital flight should investors no longer find the Malaysian market lucrative saying: “In some instances, they come to build factories and produce things for export. Well, that's fine. But when they can openly go into the market, well, that's not good,” he said. — Straits Times
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written by Direktoraat, July 04, 2009
written by Direktoraat, July 04, 2009
When he was in charge he used tax payers money to speculate on the currency exchanges against Soros. Was he being "loyal to the country". Or was he trying to show the world how smart he is? If that's his definition of loyalty I would prefer a fund manager who has loyalty is to his customers.
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written by TaBolehTahanLagi, July 04, 2009
written by TaBolehTahanLagi, July 04, 2009
Why keep asking his opinion? This old man is history and please go retire in peace with your millions, and at your age, spend precious valuable time with your family & grandchildren. Let the current goverment run the country in peace.
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written by Eedgewhey, July 04, 2009
written by Eedgewhey, July 04, 2009
[Dr Mahathir was asked to comment on Najib's steps to open up the economy to make it more attractive for foreign investors.]
Can't understand why these people like to ask what this old fart's view on everything the govt does. Why ask someone who has admitted that he himself is nobody? No other news to report or trying to find some of his sarcasm to amuse the public?
Anyway since he had commented,he has got 2 points and the rests are just rubbishes.
First,it's true that the ease of 30% bumi equity quota requirement for initial public offerings doesn't help much.How many people are hired by investment banks here? Is Malaysia an international financial hub? Can anyone pls remind me Malaysia's strategies to become high income country or there isn't any at all?
Second,yes we need foreign capital to set up their plants here and export whatever they produce.Question is are we cheaper than China,India,Vietnam etc and are we able to fulfill high tech companies' requirements to set up plants here like Taiwan,South Korea,Singapore etc? Mind you,we are neither here nor there to convince investors.
How's Proton doing right now? How's Perwaja doing right now? There are simply too many failures to list.
Can't understand why these people like to ask what this old fart's view on everything the govt does. Why ask someone who has admitted that he himself is nobody? No other news to report or trying to find some of his sarcasm to amuse the public?
Anyway since he had commented,he has got 2 points and the rests are just rubbishes.
First,it's true that the ease of 30% bumi equity quota requirement for initial public offerings doesn't help much.How many people are hired by investment banks here? Is Malaysia an international financial hub? Can anyone pls remind me Malaysia's strategies to become high income country or there isn't any at all?
Second,yes we need foreign capital to set up their plants here and export whatever they produce.Question is are we cheaper than China,India,Vietnam etc and are we able to fulfill high tech companies' requirements to set up plants here like Taiwan,South Korea,Singapore etc? Mind you,we are neither here nor there to convince investors.
How's Proton doing right now? How's Perwaja doing right now? There are simply too many failures to list.
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written by Merdeka57, July 04, 2009
written by Merdeka57, July 04, 2009
Dear Tun, I beg to differ from your opinion on these issues.
I think what Najib is doing is a step in the right direction, although there is so much more work to be done and the economy could be further liberalised and the NEP further scaled back.
The previous 30% requirement was a breeding ground for corruption. UMNO politicians were using it to fill their pockets and at the same time it was a disincentive for FDIs into the country. Anything that is reducing the level of corruption in the country is good for the country and hence the man on the street. It will help to promote a healthier economy for everyone.
Also, other Asian countries were offering much better terms of investment for the multinational companies. Malaysia had no choice if it still want to compete at the global level.
At the domestic level, the non-Bumis in Malaysia have always felt discriminated against by the implementation of the NEP over the decades. That is one of the reasons why they were voting overwhelmingly for the opposition parties in the previous election.
Enough is enough, it is time for everyone to be treated equally in Malaysia.
Regardless of what may or may not have been provided in the constitution regarding Malay special rights, this country can no longer be seen to be administered just for the Bumis or worse still for the connected UMNOputras. The non-Bumis feel that the current system is unjust as it is unfair to them and their children. To those born after independence, they and their children cannot and will not accept to be categorised forever under Non-Bumis and be treated differently to the Bumis.
So, what Najib has done is a step in the right direction for the country, its citizens , its economy, and for investors, both foreign and local.
I think what Najib is doing is a step in the right direction, although there is so much more work to be done and the economy could be further liberalised and the NEP further scaled back.
The previous 30% requirement was a breeding ground for corruption. UMNO politicians were using it to fill their pockets and at the same time it was a disincentive for FDIs into the country. Anything that is reducing the level of corruption in the country is good for the country and hence the man on the street. It will help to promote a healthier economy for everyone.
Also, other Asian countries were offering much better terms of investment for the multinational companies. Malaysia had no choice if it still want to compete at the global level.
At the domestic level, the non-Bumis in Malaysia have always felt discriminated against by the implementation of the NEP over the decades. That is one of the reasons why they were voting overwhelmingly for the opposition parties in the previous election.
Enough is enough, it is time for everyone to be treated equally in Malaysia.
Regardless of what may or may not have been provided in the constitution regarding Malay special rights, this country can no longer be seen to be administered just for the Bumis or worse still for the connected UMNOputras. The non-Bumis feel that the current system is unjust as it is unfair to them and their children. To those born after independence, they and their children cannot and will not accept to be categorised forever under Non-Bumis and be treated differently to the Bumis.
So, what Najib has done is a step in the right direction for the country, its citizens , its economy, and for investors, both foreign and local.
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written by zakk, July 04, 2009
written by zakk, July 04, 2009
Malaysia is growing but others are growing much much faster and our currency getting lower. Our graduates are now so bad that even with lower wages, our actual cost to get anything done is much higher, all thanks to Dr. M great leadership and wisdom.
Should we keep doing the same thing and expect different results? Einstein called that insanity or should we call it senility.
Should we keep doing the same thing and expect different results? Einstein called that insanity or should we call it senility.
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written by Lingam, July 04, 2009
written by Lingam, July 04, 2009
The old man still don’t get it why Lee Kuan Yew is popular while he is a bitter old man. After years of corruptions and nepotism, other countries are catching up with us and the stupid old man could not understand why things have to change.
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written by Salak, July 04, 2009
written by Salak, July 04, 2009
Orang Tua is right.
He did keep out the money foxes in his time. What he didn't do was disengage narrow political indoctrination in the education system and the government machinery that brought the nation little skills, talent and self worth, so badly needed for the next few decades to come out of the regressed mess.
There is little argument for his policies of the 30% bumi thingy; was never meant for the balance of 70%; was never meant for anyone else but his crony.
He understood wealth but little of the human potential for self expression that is so vital for the economic forces of the market. These criticisms may or may not be valid but his concealed arrogance betrays his supposed humility in the mega-phallic twin display down Jalan Ampang.
We need a remake Orang Tua. And you're right, its not in Najib's wake. Nor UMNO!
He did keep out the money foxes in his time. What he didn't do was disengage narrow political indoctrination in the education system and the government machinery that brought the nation little skills, talent and self worth, so badly needed for the next few decades to come out of the regressed mess.
There is little argument for his policies of the 30% bumi thingy; was never meant for the balance of 70%; was never meant for anyone else but his crony.
He understood wealth but little of the human potential for self expression that is so vital for the economic forces of the market. These criticisms may or may not be valid but his concealed arrogance betrays his supposed humility in the mega-phallic twin display down Jalan Ampang.
We need a remake Orang Tua. And you're right, its not in Najib's wake. Nor UMNO!
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written by Robin2Hoots, July 04, 2009
written by Robin2Hoots, July 04, 2009
All these is reactive.
Too little, too late. Volkswagen has just invested USD140 million in Indonesia. Imagine the number of jobs it would have created if VW decided to come here instead. There is no such thing as a never ending party. Malaysia's just did.
From now on, Indonesia will continue to rise.
It is not difficult to find the answer to why FDIs are avoiding Malaysia. Be honest and Najib can find it in 5 minutes.
Too little, too late. Volkswagen has just invested USD140 million in Indonesia. Imagine the number of jobs it would have created if VW decided to come here instead. There is no such thing as a never ending party. Malaysia's just did.
From now on, Indonesia will continue to rise.
It is not difficult to find the answer to why FDIs are avoiding Malaysia. Be honest and Najib can find it in 5 minutes.
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written by zackeye, July 04, 2009
written by zackeye, July 04, 2009
Fully agreed. This is a popularist policy and scarry policy. Najib must be happy that non Malays are praising him for this open to all policy. But it is also scarry that the stock market may be in the hands of foreigners who are neither Malays, Chinese or Indians. May be a certain amount of Malaysian participation must be made as a condition for listing. The Malays are not supposed to be angry for loosing the so called 30 percent equity because only the cronies really benefit from the offer. The angry party should be UMNO because easy money is not so easy now.
Just imagine one day we wake up and find that the listed companies in Malaysia are totally foreign owned. It is just like being colonised again. Even now people are already talking this company belong to Singapore that company belong to Hong Kong so on and so forth. Real properties and assets are already being taken up by foreigners when our ringgit dropped. The coastal areas facing Selat Melaka are already in the hands of Singaporeans in particular.
Before making such a drastic announcement such matters should be discussed with the stake holders i.e. the rakyat. It should be tabled and debated healthily in the Parliament and make sure the decision is backed by the rakyat not just by the cabinet who are always scarred of the PM because their tenure depend on the pleasure of the PM.
Just imagine one day we wake up and find that the listed companies in Malaysia are totally foreign owned. It is just like being colonised again. Even now people are already talking this company belong to Singapore that company belong to Hong Kong so on and so forth. Real properties and assets are already being taken up by foreigners when our ringgit dropped. The coastal areas facing Selat Melaka are already in the hands of Singaporeans in particular.
Before making such a drastic announcement such matters should be discussed with the stake holders i.e. the rakyat. It should be tabled and debated healthily in the Parliament and make sure the decision is backed by the rakyat not just by the cabinet who are always scarred of the PM because their tenure depend on the pleasure of the PM.
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written by Johan, July 04, 2009
written by Johan, July 04, 2009
Quote: "I don't know if it will help the economy..." (TDM, above)
Well, if you don't know, then you should just keep your trap shut!
Well, if you don't know, then you should just keep your trap shut!
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written by Kuntom Borhan, July 04, 2009
written by Kuntom Borhan, July 04, 2009
What does a senile old man know? The PM got a team of young, savvy experts, e.g. multi-linguist consultant Dr Oh, advising him. Stop splashing water on others, ok?
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written by jin, July 04, 2009
written by jin, July 04, 2009
I dont think anyone listening to him anymore. I cant find any logics behind his remarks.
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written by part time fisher, July 04, 2009
written by part time fisher, July 04, 2009
So Tun, what's your offer? Back to self-sponsored MEGA projects?
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written by Warga Tua, July 04, 2009
written by Warga Tua, July 04, 2009
Mahathir always thinks he is the best and is always right. He never admits his 22 years misrule has caused problems in Judiciary system, Economy and Racial relationship. The messy problems created by him are there for future PMs to sort out. Yet he continues to pick on them; perhaps until he has his puppet installed there so that he can rule behind the scene again.
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written by monk, July 04, 2009
written by monk, July 04, 2009
Of course, now, everything is going to be liberalized because of the flagging economy but one thing is a permanent feature and that is: whatever UMNO top leadership decides now is only temporary. When things are getting better and stronger, "the discriminative policies" be shift gradually back into place.
This "flip-flop" habit in changing policies and moving goal posts is the greatest achiever by UMNO-BN leadership and THIS IS THE MAIN DISINCENTIVE that Singaporean investors are fed-up of.
It had happened before and it will happen again in future.
This "flip-flop" habit in changing policies and moving goal posts is the greatest achiever by UMNO-BN leadership and THIS IS THE MAIN DISINCENTIVE that Singaporean investors are fed-up of.
It had happened before and it will happen again in future.
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written by Zen88, July 04, 2009
written by Zen88, July 04, 2009
The same had been said of South Korea when the economy went down and foreigners bought some of their biggest company. Today, does anyone in South Korea felt like being taken over by Foreigners?
Nope, in fact South Korea is pretty much a success these days.
Just look at LG, Samsung, Hyundai and KIA today. A pride born out of Korea. Can we said the same thing here in Malaysia?
Nope, in fact South Korea is pretty much a success these days.
Just look at LG, Samsung, Hyundai and KIA today. A pride born out of Korea. Can we said the same thing here in Malaysia?
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written by Johannes, July 04, 2009
written by Johannes, July 04, 2009
Can we please have a total black-out on everything this old buggar says, writes or implies. He only manages to increase blood pressure levels. He had his days, let him play chess or do some dirty dancing.
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written by eng ah por, July 04, 2009
written by eng ah por, July 04, 2009
Again Mahat has to have his last say.I do not believe he will ever go away as long as the stupid media keep asking him for comments.This old man thrives on attention, if everybody especially the media ignors him, he has no platform.Seek comments from the economist,thinkers,literatis & people of substance even LKY if necessary at least you recieve constuctive criticism or positive comments.What you will get from this bitter HASBEEN are negative input which is of no use to anybody.For Mahat he needs the limelight which he misses so desperatly.
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written by ron Real, July 04, 2009
written by ron Real, July 04, 2009
So many of the commenators here sounds like little children whining about an adult who doesn't let them go and play in the mud and muck. "It's all so unfair". He's old!"
Most of Matathir says can be condense to "Don't be a whore", either as a person or as a country. Besides being immoral, it doesn't pay in the long run.
Most of Matathir says can be condense to "Don't be a whore", either as a person or as a country. Besides being immoral, it doesn't pay in the long run.
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written by Tun Lanang, July 04, 2009
written by Tun Lanang, July 04, 2009
Surely the comments from some body like Tun Dr. Mahathir are worth our attention. He is not always negative. He praises as and when necessary.What's wrong with giving negative statements ? In business, it is called the "down side". The apple polishers will tell the PM all the good things he wants to hear.
Tun Dr. Mahathir does not look for the press. Rather the press looks for him. He is happy if left alone, having his own blog to pen his thoughts. Nobody is forced to read his blog.
Be a sport. Hear other people's views, though negative for they still make us think.
Tun Dr. Mahathir does not look for the press. Rather the press looks for him. He is happy if left alone, having his own blog to pen his thoughts. Nobody is forced to read his blog.
Be a sport. Hear other people's views, though negative for they still make us think.
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written by Hamilton Bacon, July 04, 2009
written by Hamilton Bacon, July 04, 2009
If we want to stay relevant in the world, we have to open up our economy. We cannot be another North Korea or Myanmar, whose people are suffering. We have to open ourselves to scrutiny. Why would investors want to pull out unless we become uncompetitive. Having investors will thus keep us on our toes. And we need not be afraid of being abandoned if our economy is diversified. Don't just depend on a few industries. And like Singapore, we ourselves should become investors in other countries too. Also, when we are being criticised by outsiders as part of the scrutiny, for goodness sake don't be defensive like during the mad-hater era. If we think we are right, we play the PR game and try to win friends and influence people to our ways. If we know we are wrong, then let's just eat humble pie, learn and move on. That is how Najib should govern, not like how his earlier predecessor who only knows how to moan did.
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written by Asam Pedas, July 04, 2009
written by Asam Pedas, July 04, 2009
The biggest pariah of the country talks about economics ? When a doctor talks economics, you will know he will talk like a doctor. Keep spinning as if the doctor knows best. This real pariah is showing it again.
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written by BusukNajiz, July 04, 2009
written by BusukNajiz, July 04, 2009
Dictator Mahat should tells us how to achieve Vision2020 behind close door !!!
We are just 10 Yrs away from 2020 to supposedly become a develop nation according to Dictator Mahat Wawasan 2020. Look at where we r now !!!
Looks like W2020 was just a tool for the old demon to make his own pocket fat !!!
His other legacy....
From highway tolls, Tenaga IPP, mega & giga projects, man-made lakes & bridges in Putrajaya, countless bailouts on Perwaja, MAS, Proton.......
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We are just 10 Yrs away from 2020 to supposedly become a develop nation according to Dictator Mahat Wawasan 2020. Look at where we r now !!!
Looks like W2020 was just a tool for the old demon to make his own pocket fat !!!
His other legacy....
From highway tolls, Tenaga IPP, mega & giga projects, man-made lakes & bridges in Putrajaya, countless bailouts on Perwaja, MAS, Proton.......
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written by BC, July 05, 2009
written by BC, July 05, 2009
You are commenting what you have been doing all this while and still doing. Shamless hypocrite! no word can describe you. Thickest face skin in this world. No wonder you dont age so much.
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written by BC, July 05, 2009
written by BC, July 05, 2009
When you first spoke in the UN Assembly, I was so proud of you and as a Malaysian. Sad to say, this respect has diminished like what my fellows Malaysia feel. You spent all the nation money to build your popularity and still have the cheek to ask now how the Petronas money was spent. You are worst than George Soros, At lease he admitted he is in business to make money but you just act like a Bollywood star doing what it seem is impossible but in fact just like a failed clown!
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written by Balck or white, July 05, 2009
written by Balck or white, July 05, 2009
For an investor, regardless of local or foreign, the ultimate goal is to make profit. What else do you expect?
His remarks against Abdullah, Najib, Anwar etc is solely for his greediness for power. His unscrupulous son now got a post as deputy trade minister, this isn’t enough for him! So he gave remarks about corruption , about races, he wants to know how Abdullah spent PETRONAS money , what about the last 22 years under his dictatorship! Still it is not enough ?
Sick greedy mamak trying to bleach himself ? No way old man, you are not Michael Jackson !
You only deserve a big "F" and wait for the next bypass if you are lucky enough ....
His remarks against Abdullah, Najib, Anwar etc is solely for his greediness for power. His unscrupulous son now got a post as deputy trade minister, this isn’t enough for him! So he gave remarks about corruption , about races, he wants to know how Abdullah spent PETRONAS money , what about the last 22 years under his dictatorship! Still it is not enough ?
Sick greedy mamak trying to bleach himself ? No way old man, you are not Michael Jackson !
You only deserve a big "F" and wait for the next bypass if you are lucky enough ....
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written by Apa nama, July 05, 2009
written by Apa nama, July 05, 2009
What the old apa nama is saying don't scrap the 30% quota otherwise his children, grand children and great great grandchildren will have nothing at all! No more free lunches for them!
Poor old apa nama will become poorer!
Poor old apa nama will become poorer!
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written by nkkhoo, July 05, 2009
written by nkkhoo, July 05, 2009
“I think it's a kind of move more designed towards becoming popular. I don't know if it will help the economy, because Malaysia has been growing since independence,” The Star newspaper on its website quoted Dr Mahathir as saying.
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Dear Tun Mahathir, singapore and taiwan were growing since 1957 but at must faster rate than bolehland.
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Dear Tun Mahathir, singapore and taiwan were growing since 1957 but at must faster rate than bolehland.
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