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KUALA LUMPUR: Malaysia is willing to review policies or regulations deemed to be hindering the distribution of equity in the most sustainable, competitive and meaningful way.
Prime Minister Datuk Seri Abdullah Ahmad Badawi, however, said Malaysian maintained its position that the New Economic Policy (NEP) was not a cost to doing business.
"Perhaps the most difficult question we must address is to improve equity without sacrificing competitiveness. Many have come to regard Malaysia's affirmative action policies, widely described as the NEP, as a cost to doing business.
"But many fail to appreciate the spirit behind the policy, and this is crucial in understanding Malaysia," he said yesterday.
Abdullah said the objective to dissociate race from occupation or social standing was crucial in ensuring long-term unity for the country ? given its legacy and racial structure.
"Racial-based riots raged in neighbouring countries while Malaysia was spared the experience. The expansion of an educated and multi-ethnic middle class, thanks to affirmative action policies, has mitigated the risk of mass unrest.
"But great disparities in income and social mobility still exist between ethnic groups. Whereas this may just be another issue in other countries, ethnic-based disparity strikes at the heart of national unity for Malaysia," said Abdullah in his keynote address at a high-level dialogue with foreign investors and international business leaders.
The Prime Minister spoke at the two-day "Business Roundtable with the Government of Malaysia." This dialogue allowed the business leaders to engage policy makers on the on-going reform process and to discuss key economic issues.
"In this 50th year of our independence, we see an improving economy and the fruits of our structural changes. The renewed interest in Malaysia is the product of this 50-year legacy as well as recent national efforts at refining our approaches," he said.
