Malaysian Govt To Strengthen New Economic Policy

KUALA LUMPUR, Oct 16 (Bernama) -- The implementation of the New Economic Policy (NEP) is still relevant and will continue to be strengthened through a more strategic policy to meet current needs, the Dewan Rakyat (lower house of the Malaysian Parliament) was told on Tuesday. Deputy Economic Affairs Minister Dr Mohd Radzi Md Jidin said there was still room for improvement in the NEP, especially in pursuing the interest of the Bumiputera and other races, to ensure transparency and accountability in its implementation. “The NEP, which ended in 1990, emphasised a two-pronged approach, which is the eradication of poverty regardless of race and restructuring of the society to bridge the economic gap among the people. “Anyway, the spirit of the NEP continues under subsequent policies -- the National Development Policy, the National Vision Policy and the New Economic Model -- in efforts to achieve socioeconomic equitability and national unity goals. “As a government that cares for the people, the wealth distribution must be done fairly according to the needs of the people,” he said when responding to ​​​a question from Awang Hashim (PAS-Pendang MP) during the question and answer session. In the quest to re-examine key policies, Bumiputera socioeconomic development will continue to be an important agenda without sidelining other races, he said, adding that the government would continue to develop Bumiputera’s potential to increase their participation in the economy and achieve a more equitable wealth distribution. The micro and macro plans to boost the economy will be highlighted by Prime Minister Tun Dr Mahathir Mohamad when he tables the Mid-Term Review of the 11th Malaysia Plan at 4pm on Thursday, Mohd Radzi said. -- BERNAMA