KUALA LUMPUR: The new Malay economic policy which will be formulated to address current challenges faced by the Malays will be a realignment of the previous New Economic Policy launched in 1971.
Entrepreneur Development Minister Datuk Seri Redzuan Md Yusof said the move to introduce the new policy was not to ignore the struggles of the non-Malays as they have their own schemes to assist them.
He said the Malays, despite making up 65 to 68 per cent of the population, only contributed eight per cent of the gross domestic product (GDP).
“Most of them (Malays) are grouped under the bottom 40 group. If we don’t make the changes we described, nothing will change,” he told reporters after launching the Empowerment, Economic Progress and Growth in New Malaysia Seminar.
Redzuan said things could be improved for the Malays through strategic alliances with businesses in other countries, thus increasing their GDP contribution.
On Tuesday Economic Affairs Minister Datuk Seri Mohamed Azmin Ali had said the new policy would ensure equitable sharing of wealth.
He had said the policy would spur the spirit of inclusivity and the value of fairness which will contribute to the conceptualisation of shared prosperity among Malaysians. --Reporting by Beatrice Nita Jay, Aina Aqilah and Sidra Ahmed