by Dr Chen Man Hin, DAP life adviser
The ETP (Economic Transformation Programme) without the New Economic Model (NEM) cannot achieve a high income economy for the people of Malaysia
Immediately after the UMNO assembly where the delegates unanimously rejected the NEM proposal to liberalise the economy beginning with the removal of the 30% bumiputra equity. There was alarm that this would mean the end of the NEM which was promoted Najib since he became Prime Minister.
To assuage the fears of investors and the economic and business world, PM Najib quickly assembled a coterie of 10 foreign investors before a gathering of a few thousand people, PM Najib presented them as multi-billion investors who are investing in the country. They were the pioneers of the ETP which is expected to harvest some US$444 billion of projects to propel the economy from a middle income to a high economy status by the year 2020.
This translates to bringing in investments averaging 1,300 billion ringgits a year. The government expects 99% of the money to come from the private sector.
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