Abolish the New Economic Policy

I have called for the abolishment of New Economy Policy (NEP) in Parliament today when debating on the East Coast Economic Region Development Council Bill 2007.

The NEP has taken its toll on the economy of our country. If our country will to become competitive, we have to abolish the NEP.

Take for example, in the Iskandar Development Region, our government, in order to attract foreign investment, did away with the requirement of 30% Bumi participation. Isn't it an admission that such requirement of Bumi participation is a stumbling block to the attraction of foreign investment?

Musa Hitam, the ex-Deputy Prime Minister, has also openly called for the review of NEP.

Not only is the Bumi participation requirement driving away foreign investors, but it has also driven away our own businessmen who intend to list in the KLSE. A lot of them choose to list their companies in Singapore or HongKong because over there, they are not required to surrender 30% of their shares to Bumis.

For the future of our nation, I sincerely hope that the government will take heed of my call to the abolishment of NEP.