A High Income Society Needs A First Class Mentality

The Prime Minister's speech at the Invest Malaysia conference 09 needs to be read between the lines despite the welcome news that the 30% Bumiputra equity requirement will be lifted (except for newly listed companies who will need to offer half of the 25% public shareholding spread requirement).

Reading Najib’s concluding speech below, there is a trace of irony in his vision for a high income society...one foot in the new era and the other foot in the old era. It is as if he is saying, yes, we will liberalise under the new market-friendly economic model on the one hand but, still we need to take care of those left behind on the other.

A high income society must have a first class mentality and spirit of excellence, no hold bars competition and ensure that losers and cheaters pay the price of defeat. We must change from a Malaysia Boleh society to a Kiasu society like Spore. How else to compete with China, India and kiasuland? (My comments are in blue)

" In conclusion, if there was one message I wanted to leave with the investment community, it is that there should be no doubt that Malaysia welcomes foreign and local investors and participants. We can only achieve high income by creating more opportunities for growth rather than protecting our narrow turf. We can only achieve our social equity goals (the only effective way to having an equitable society is by providing incentives for people to work hard and learn from their failures) by expanding the pie (indeed, we know how much the pie has shrunk because of misuse of Malaysia's resources and taxpayers money).

A high income society must be socially inclusive. It must provide incentives for those who "have a lot" and YET (yes, we know this was coming) be fair to those who "have a little". It must lead to high returns for companies and entrepreneurs who invest, better and higher incomes for those that are employed and greater capability for those who require assistance (clutches again for the undeserving) to help themselves or to get help from government (in other words, money from taxpayers to be distributed without our consent to the undeserving).

Above all, a high income society must be one where every Malaysian feel they have a place and a promising future under the Malaysian sun (nice thing to say but how to make us feel comfortable under the sun when there is the scorching heat of race-based politics promoted by UMNO/BN?). It is toward this ultimate goal that I dedicate the energies and efforts of this Government. I hope as investors, you too will continue to play your part (we shall see how you perform first. At present, we are making lots of money investing in the more vibrant markets of China and SEA), and walk along with us in this great Malaysian journey."