A European Union envoy, Thierry Rommel, said today that Malaysia's racial quota policy favouring the majority ethnic Malays is detrimental to the country and could hinder a free-trade agreement.
EU ambassador said Malaysia's attractiveness to foreign investors has weakened as a result of the affirmative action policies for the majority ethnic Malays or "bumiputras".
Rommel said the bumiputra policy was detrimental to Malaysia's human capital development due to its "pervasive impact" throughout the public education system.
I met up with another foreign envoy today and he told me that the perception of the IDR is nothing more than 'a real estate development' and that both Khazanah and UEM Land are hoping to turn their Nusajaya project into something more substantial.
Many have pointed out building an economic zone is easy but to turn it into a dynamic industrial hub is not so easy. IDR will have to attract skilled workers from all over the world if it wanted to attract credible investors and high tech companies.
On the other hand, the government is planning to announce the establishment of the Northern Economic Development Region and the Eastern Corridor.
What is obvious is the need to rethink our model of economic development. The NEP, even with its original objectives, is outdated and outmoded. A development strategy must take into account real capacity building, enhancing competitiveness and the flexibility to attract the best brains.
Can our communal centric policy and politics achieve all these?
I DON'T THINK SO.
I told a government policy maker that his party should start thinking about effecting real changes rather than merely interested in self-preservation.
Wonder why we haven't improved that much since the 1997 financial crisis?