Malaysia's economic policies should be based on needs, not race: Economic Affairs Minister Azmin

Economic Affairs Minister Mohamed Azmin Ali assured that any new policies will meet the demand and aspirations of all Malaysians.
Economic Affairs Minister Mohamed Azmin Ali assured that any new policies will meet the demand and aspirations of all Malaysians.PHOTO: BERNAMA

KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - The New Economic Policy (NEP) will be reviewed by the Malaysian government as economic policies should be based on needs and not race, said Economic Affairs Minister Mohamed Azmin Ali.

Datuk Seri Azmin said any new policies will meet the demand and aspirations of all Malaysians.

He added that during his previous tenure as Selangor Mentri Besar, such criteria worked better.

"We should be able to expand that to the national level and see how best our economic policies can benefit all Malaysians," he told reporters at the Parliament lobby on Tuesday (July 24).

He added that the Economic Planning Unit (EPU) has been tasked to look into this.

The proposed review is expected to be presented some time in November, he added.

On Monday, the government announced that the NEP would be reviewed to ensure that it fulfils the needs of the people and Malaysia's socio-economic development.

 

The review of the NEP, an affirmative action policy that was crafted in the aftermath of the May 13 riots in 1969, would be carried out in line with the aspirations of a New Malaysia in ensuring sustainable economic growth and a fair distribution, the government said.