tag:blogger.com,1999:blog-30383122.post4817616546464112939..comments2023-09-03T17:00:01.831+08:00Comments on Rojak and Cocktail: Malaysia's half-century of independence overshadowed by race tensionsAh Yun Wonghttp://www.blogger.com/profile/07784542466984573686noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-30383122.post-17437270457838305252007-01-31T21:56:00.000+08:002007-01-31T21:56:00.000+08:00In my daily work, I'm heavily involved in issues r...In my daily work, I'm heavily involved in issues related to Malaysia's ability to compete in the International economy. <br />Actually both of the PM and Navon Navaratnam are correct. <br />The reality is China and India are like giant magnets pulling in investors either in labour intensive industries or looking to tap their huge internal markets. Malaysia has a relatively small economy, and we are a fringe player compared to those two. But its still up to us whether we become a successful fringe player or an irrelevant one. If we don't fix the problems as a nation, the future could be very bleak for everyone.<br />Foreign investors in Fully export-oriented industries actually face few restrictions with regard to the NEP. Their concerns with competitiveness revolve around government red tape, slow and inefficient government procedures (which leads to corruption) and declining standards of education and skills among schooleavers and graduates.<br />But Malaysia can no longer count on export industry as the primary engine for growth. All the labour intensive industries are going to China and places like Vietnam. We need to move up the value chain, but our workforce skills are not up to it.<br /><br />When it comes to foreign investment in the service sector and manufacturing for the local market or mixed local/export, the NEP is a very significant Turn-Off for foreigners. The full force of the NEP related restrictions is still in place here. Bumiputra shareholding, interference in management decisions, hiring quotas, tons of red-tape.<br />The policies are frozen time from the 1970's. <br /><br />Rafidah Aziz was quoted as telling foreign investors that we will stick to our NEP policies and they can take it or leave it. We know what the answer is to that - they simply decided to park their money elsewhere.Monsterballhttps://www.blogger.com/profile/05482725674818312298noreply@blogger.com