SHAH ALAM - The time has come for the government to formulate new New Economic Policy (NEP) and National Development Policy (DPN) to increase the number of wealthy Malays in this country.
Global Islamic Finance University (INCEIF) economic analyst Associate Professor Dr Baharom Abdul Hamid said the existing policy has failed to achieve its objective after only three Malays were listed as the richest individuals in Malaysia.
"Only six per cent of Malays are listed in the 50 richest in Malaysia and it does not reflect the demographic pattern of the Malaysian population by race.
"It seems to be a blow and a signal that DEB and DPN have failed to meet their goals. It has also gone astray.
"But it should be seen from a wider context, where is the mistake? The planning is good, (but) is the implementation good or is there no regular monitoring?" he told Sinar.
Forbes Magazine 2023 listed Kuok Group Founder Tan Sri Robert Kuok as the richest individual in Malaysia and has held that position for over a quarter of a century with a total wealth of US$11.8 billion.
Meanwhile, Baharom said the need to review the effectiveness of certain government agencies' functions to ensure that their roles and responsibilities are aligned with the intended objectives.
Among the agencies involved are Mara, the Bumiputera Agenda Leadership Unit (Teraju), the Malaysian Administrative Modernisation and Management Planning Unit (Mampu), the Bumiputera Education Leadership Foundation (Peneraju Foundation) and the Economic Planning Unit (EPU).
He said the planning of DEB 2.0 together with a good implementation plan, close monitoring and periodic measurement and reporting should be prioritised.
"All parties should be open-minded, sit at the same table (discuss between) the executive, academic experts, and even involve the Council of Malay Rulers," he said.