Former CIMB Group chairman Tan Sri Nazir Razak and ex-deputy prime minister Tun Musa Hitam expressed concerns about the New Economic Policy (NEP) at a recent forum. They argued that the NEP has fostered dependency among Malays and overly focused on ownership and government support.
Nazir noted that the NEP was designed to be a 20-year policy, likening it to a “handicap.” He emphasized the need for a review of the policy, advocating for an emphasis on education and professional development rather than simply distributing ownership of shares. He criticized the emergence of a “tongkat culture,” where dependency becomes ingrained.
He also raised issues regarding the award of contracts to Bumiputera businesses, questioning why political figures were involved in selecting recipients, which he believed stifled competition and weakened these businesses.
Musa echoed Nazir’s sentiments, stating that the NEP had led to Malays being overly reliant on government support. While acknowledging the benefits the policy brought, he highlighted a pervasive sense of insecurity among beneficiaries, who often feel that assistance is insufficient.
Both leaders called for a critical reassessment of the NEP to better align with contemporary needs.
