NEP, NEM TO BE REVIEWED
EXPERTS: FOCUS ON ADDRESSING INCOME DISPARITY AND IMPLEMENTATION OF POLICIES 12TH MALAYSIA PLAN WILL HAVE A NEW DIRECTION, WITH MORE DETAILED FOCUS
THE government will review two long-debated affirmative action plans as part of its realignment of the country’s major policies. This is in line with the aspirations of the ‘New Malaysiaʼ. The economic affairs minister adds that as part of its mid-term review, the
11th Malaysia Plan will also be realigned to ensure growth is on a solid footing and to guarantee a more equitable distribution of wealth.
THE government will review the National Economic Policy (NEP) and the New Economic Model (NEM) to assess their relevance to the nation’s economic development.
Economic Affairs Minister Datuk Seri Azmin Ali said the realignment of the country’s major policies was to ensure that the nation’s economic growth was on a solid footing and to guarantee an equitable distribution of wealth.
He said the government would formulate new policies which were more responsive to the people ’s aspirations, based on the needs and direction of the nation’s socio-economic development.
“Following the change in government on May 10, the mid-term review of the 11th Malaysia Plan (11MP) will be realigned in line with the new direction and aspirations of the Pakatan Harapan government.
“This is included in the “Buku Harapan: Membina Negara Memenuhi Harapan” (Nation-building, fulfilling hopes) to ensure that the new direction is taken into account in our plans and development strategies for 20162020.
“This realignment is also important to guarantee that all the government’s efforts bear fruit and benefit the people without any leakages, misappropriation and abuse of power,” he said in a written reply to William Leong (PKRSelayang) in Parliament.
Leong had asked whether the government was seeking to review the two programmes and other economic development policies when it conducted a midterm review of 11MP.
Azmin explained that the 12th Malaysia Plan — for the period between 2021 and 2025 — would have a new direction with focus and development strategies that were more detailed and comprehensive.
“Therefore, in line with the aspirations of the New Malaysia, the country’s main policies, including the NEP and NEM, will be reassessed to determine whether they are relevant to ensure sustainable economic development, which also guarantees an equal distribution of wealth.
“To that end, new policies which are more responsive to the aspirations of the people will be enacted, based on the needs and direction of the country’s socioeconomic development.”
NEM is an economic plan that was unveiled on March 30, 2010, intended to more than double the per capita income in Malaysia by the year 2020.
Keys to the plan were high income, sustainability and inclusiveness.
NEM’s goal to stimulate economic growth was by improving worker productivity across all sectors, in part through an improved system of affirmative action, with an eye towards sustainability.
This plan was intended to replace NEP, which was introduced in 1971.