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Najib outlines reform plan
[Straits Times] PRIME Minister Najib Razak on Tuesday outlined an ambitious economic reform plan that promises a significant rollback of a decades-old policy based on race. While stressing that he supported the previous pro-Malay New Economic Policy (NEP), Datuk Seri Najib explained why it would now have to be tweaked. 'We must recognise that some policies, which served a purpose in a previous era, may now be impediments to success,' he told an investment conference, adding that the new policy will be based on merit or needs, rather than race. Mr Najib was unveiling his much-anticipated New Economic Model (NEM) that aims to revive a stagnating economy and lift per capita income from US$7,600 (S$10,600) to US$15,000 annually over the next 10 years. No details were released yesterday as there will be further consultations before a full announcement is made in June. Speaking to a hall packed with top corporate leaders and fund managers, Mr Najib announced a raft of measures, including the potential listing of two Petronas subsidiaries, which signal a shift from state-led to private-led investment. Posted by: Fred 2010-03-31 |
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