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Loaded 10 FEB 09.

Thursday, October 30, 2008

:: Malaysia ::

I thought I wanted to share this article.

"30 Per Cent Equity Shows The Malays Have Compromised A Lot"

SHAH ALAM, Oct 30 (Bernama) -- Higher Education Minister Datuk Seri Mohamed Khaled Nordin said the policy to have 30 per cent Bumiputera equity participation in public companies showed that the community had compromised a lot even though they form 70 per cent of the country's population.

"The question is, what is the appropriate percentage of Malay and Bumiputera participation in the economy?

"Should the Malays be left without any involvement in economic activities or let them remain at 20 per cent or should they be given 60 to 70 per cent instead?" he said at a news conference after visiting the Al-Madinah International University here.

He was commenting on a statement by MCA vice-president Datuk Liow Tiong Lai urging the government to do away with the 30 per cent Bumiputera equity participation in public listed companies.

Meanwhile the 4B Youth Movement expressed disappointment over the statement.

Its secretary Datuk Jamaluddin Abdul Rahim told reporters in Ipoh, Perak that the policy had been agreed upon by the country's past leaders to address economic imbalances between communities.

"We hope that young leaders in the country look back and study the history behind the 30 per cent equity policy, which was made following the May 13 incident," he said.

-- BERNAMA

Ok. My comments.

First, why is this even a compromise? Should the Malays start their own business and bring it up, they can own 100% in the company. There should be no such discrimination in the first place. Must this law be in place so that the Malays can succeed. I think the Malays can get their share of equity by their own efforts as well, (be it working with other races or within their own races.) The point is equity has nothing to do with race. It is somthing which people worked for. With 70% of the population, should their efforts come in, Malaysia can definitely be more prosperous.

Next, with regards to history. Perhaps Chinese had the advantage initially because they came in from China and has this "business" idea from China. It is definitely natural that the Malays feel uncomfortable about Chinese holding so much equity. However, after such a long time, with this law in place, it should have gone far beyond this 30% mark, so why would this 30% even be relvant in today's world since it has not exactly made a difference. With so many Malays educated up till a University stage, they should have performed much better than 30%. Hence. removing this rule would not even be significant to the Malays at all. Its all about business sense and not who is Malay or Chinese. A Malay investor would be looking at whether the business is good or not and not looking at whether most of its shareholders are Chinese or not.

On a personal note, I am not against the laws set in place to keep Malaysia a country which places Bumiputera on top. In fact, if the Malays feel comfortable with these laws so that they feel protected more, I more than support this idea. I feel that it is very unique for Malaysia to be functioning like this. I also recognise the history, I would not be comfortable should a Chinese rises to become a PM. However, whoever the PM is, the PM should represent Malaysia as a whole. Over-protection could harm the Malays, younger generations might not appreciate the history and take these for granted, thinking that with these laws, they do not even have to work for it, the law gives such "equity holdings" to them by default.

In summary, these laws can be put in place to protect certain rights. However, these laws are irrelevant because Malays do not even need these laws. They are neither incompetent or has other difficulties that they need these laws. Should these laws be removed, the Malays will be performing as they are now. It is not the law that is going to help them succeed, it is their own talents, competencies and efforts that is going to determine their success. As for political leaders, I think irregardless of the races or parties, the political scene has much room for improvements.

Scribbled by tingtw88 at 10/30/2008 11:14:00 pm
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