FMT:
Economist says NEP benefits political elite, not ordinary Bumiputeras
4 hours ago
Elill Easwaran
Barjoyai Bardai says many Bumiputera entrepreneurs have written off the policy and Bumiputera privileges entirely
Economist Barjoyai Bardai says most Bumiputeras have never enjoyed any real benefit from affirmative action policies. (Bernama pic)
PETALING JAYA: The New Economic Policy (NEP) and other pro-Bumiputera privileges have largely benefited political cronies rather than the wider Bumiputera community, says economist Barjoyai Bardai, who urged a shift from dependency to competitiveness and self-reliance.
He told FMT that most Bumiputeras, especially those in the B40 group, regard these privileges as “practically non-existent”.
Barjoyai said while some still hope that a future government might genuinely uplift small and micro Bumiputera businesses, many now see the NEP and similar policies as “dirty words” that undermine their credibility as entrepreneurs.
According to him, pro-Bumiputera policies had historically generated economic gains for political elites, but the majority of Bumiputeras have been left behind.
“Most (Bumiputeras) have never enjoyed any real benefit from these policies,” he said. “They have been reserved for a small circle of political cronies and their associates. As a result, many Bumiputera entrepreneurs have written off the NEP and Bumiputera privileges entirely.”
Instead, he said, Bumiputera businesses should focus on building community-based support networks and strengthening cooperation within the ecosystem.
“Long-term sustainability requires Bumiputera firms to evolve beyond protection,” he said, warning that continued reliance on special privileges breeds complacency and weakens the drive to improve.
“Removing Bumiputera privileges would enhance the community’s image and status internationally, positioning them as credible entrepreneurs.
“The struggle for Bumiputera rights is not about special treatment but about ensuring they are not sidelined in national life — something that has occurred under certain state and local government policies.”
He was responding to concerns raised by the Malay Economic Action Council (MTEM) that the Malaysia-US Reciprocal Trade Agreement could undermine affirmative action policies for Bumiputeras.
Barjoyai said trade liberalisation could benefit Bumiputera businesses if supported by proper policies.
He said that with the right support — including training, R&D incentives, and export facilitation — Bumiputera firms can use trade liberalisation as a springboard for growth.
Warning that decades of protectionist policies had fostered dependency and stagnation, Barjoyai said greater competition would strengthen the business ecosystem by driving productivity, promoting best practices, and enhancing transparency and accountability — provided firms have adequate access to capital, talent, and technology.
“Many tariff protections in Malaysia actually benefit non-Bumiputera businesses,” he said. “This overprotection has led to complacency, overreliance on government contracts, limited innovation, weak risk-taking, and poor international branding.
“To thrive globally, all Malaysian firms must be agile, efficient, and customer-focused — qualities that rarely develop in overly protected environments,” he added.
He told FMT that most Bumiputeras, especially those in the B40 group, regard these privileges as “practically non-existent”.
Barjoyai said while some still hope that a future government might genuinely uplift small and micro Bumiputera businesses, many now see the NEP and similar policies as “dirty words” that undermine their credibility as entrepreneurs.
According to him, pro-Bumiputera policies had historically generated economic gains for political elites, but the majority of Bumiputeras have been left behind.
“Most (Bumiputeras) have never enjoyed any real benefit from these policies,” he said. “They have been reserved for a small circle of political cronies and their associates. As a result, many Bumiputera entrepreneurs have written off the NEP and Bumiputera privileges entirely.”
Instead, he said, Bumiputera businesses should focus on building community-based support networks and strengthening cooperation within the ecosystem.
“Long-term sustainability requires Bumiputera firms to evolve beyond protection,” he said, warning that continued reliance on special privileges breeds complacency and weakens the drive to improve.
“Removing Bumiputera privileges would enhance the community’s image and status internationally, positioning them as credible entrepreneurs.
“The struggle for Bumiputera rights is not about special treatment but about ensuring they are not sidelined in national life — something that has occurred under certain state and local government policies.”
He was responding to concerns raised by the Malay Economic Action Council (MTEM) that the Malaysia-US Reciprocal Trade Agreement could undermine affirmative action policies for Bumiputeras.
Barjoyai said trade liberalisation could benefit Bumiputera businesses if supported by proper policies.
He said that with the right support — including training, R&D incentives, and export facilitation — Bumiputera firms can use trade liberalisation as a springboard for growth.
Warning that decades of protectionist policies had fostered dependency and stagnation, Barjoyai said greater competition would strengthen the business ecosystem by driving productivity, promoting best practices, and enhancing transparency and accountability — provided firms have adequate access to capital, talent, and technology.
“Many tariff protections in Malaysia actually benefit non-Bumiputera businesses,” he said. “This overprotection has led to complacency, overreliance on government contracts, limited innovation, weak risk-taking, and poor international branding.
“To thrive globally, all Malaysian firms must be agile, efficient, and customer-focused — qualities that rarely develop in overly protected environments,” he added.
No comments:
Post a Comment