theSun | WEDNESDAY JULY 1 2009 11

speak up!

thesun says

A freer economy
will benefit all
DATUK SERI Najib Abdul
Razak is on track with what
he promised to do on be-
coming prime minister three
months ago. He promised to
free up the economy as part
of his “new economic model”
reforms and yesterday he
began by announcing a slew
of changes to the stifling
Foreign Investment Commit-
tee, a cornerstone of the New
Economic Policy.
FIC was meant to protect
bumiputra shareholding
in businesses but much of
what it did all these years
was to dampen foreign and
local investors’ enthusiasm. It
was a very powerful but con-
servative committee which
oversaw all investments and
transactions to ensure they
conform to the 30% bumi-
putra equity requirement for
firms seeking public listing.
Under the new regime
for doing business the 30%
equity ruling is dropped.
But Malaysian firms seeking
public listing will now have
to offer 50% of the public
shareholding spread to
bumiputra investors. Najib
said the bumiputra equity
condition within the public
spread will reinforce the
competitiveness of Bursa
Malaysia. Foreign investors
will also no longer have to
obtain approval for acquisi-
tions and mergers. Thus, for
all intents and purposes the
FIC no longer exists.
Besides freeing up the
economy to compete fa-
vourably in a changed global
environment with other
investment-hungry countries
such as India, China, Vietnam,
Indonesia and Thailand, the
courageous move also con-
firmed Najib’s profile as a
reformer. In undertaking the
reforms, he had to balance
the economic health of the
country – economists have
warned the government that
the economy could contract
by as much 5% this year
– with the objections and
fears of the community for
which the policy was devised
decades ago.
The liberalisation move is
necessary and timely. It has
been hailed by economists
and one of them said that the
“move that will put Malaysia
in a favourable position to
attract FDIs and sustain
domestic investments which
have been in the doldrums
since the 1998 Asian financial
crisis”. In arguing for de-regu-
lation the government admit-
ted that Malay entrepreneurs
had benefited from the NEP
but not the bumiputras in
general. Also when the policy
was introduced, bumiputras
had only 2.4% ownership in
Malaysian companies but the
figure grew to about 19.4%
one-and-a-half decades ago
and there it remains till today.
Because it has not grown, it
has been forcefully argued
that a new mechanism is
needed. And one of them
is the setting up of Ekuiti
Nasional Berhad, or Equinas,
a new investment institution
tasked with, among other
things, the promotion of the
participation of bumiputras
in the economy. It is also to
promote genuine partnership,
based on a fully commercial
approach, as against the
much maligned “Ali-Baba”
association.
Najib said bumiputra
participation through Equinas
will be based on merit. There
is thus no cause for anyone
to be concerned as all the
reforms seem to be designed
to ensure “the greatest
happiness for the greatest
number of people.”

letters
letters@thesundaily.com

Parents jittery over ‘final decision’

PARENT Action Group for Educa-
tion (PAGE) was initiated voluntarily
by parents in 2008 as a platform to
voice the views of the largest stake-
holders in the discussion on policy
of teaching science and maths in
English. While views of national-
ists and politicians were clearly
represented, the non-political and
altruistic voice of parents was clearly
lacking.
Since its set-up, PAGE has been
the vanguard championing to main-
tain the existing policy and has been
at the forefront at ministerial round-
table discussions. PAGE had also
worked closely with the Education
Ministry, providing it with parents’
feedback and justifications to the
policy. It was very happy that studies
and statistical evidence put together
by the ministry supported arguments
put forth by PAGE and was pleased
that the policy was maintained for
this year.
Recent announcements by the
deputy prime minister saying that
there will be a “final decision” raise
grave concerns among parents. This
is also shown by the numerous let-
ters from concerned parents, fearing
that the ministry is embarking on
a change of policy. In this regard,
PAGE has sought an appointment
with the deputy prime minister to
express the views of parents.
Foreign
It is the hope of parents that their ownership
children will do better than them in in stock
life. Good education is the backbone
of their successes overcoming their
firms
challenges in their time. raised
PAGE is anxious that the decision to 70%
will be politically motivated as the
media reported that the deputy prime
pg 14
minister had met opponents of the
policy. Reports also seem to show
the two deputy ministers who helm
the ministry are not in favour of the
existing policy notwithstanding vast
ministry data showing arguments to
the contrary.
We hope that the government
will take an objective stand for the
policy to be maintained in English in
all primary and secondary schools.
Datin Noor Azimah Abdul
Rahim
Chairperson
PAGE

Ripped off by illegal foggers

I REFER to “Illegal fogging danger”
(June 30). I think it is high time
the authorities do something about
this menace. Fogging companies
frequently visit my neighbourhood
in Puchong. They usually come in
a group in the evening. One or two
men will have a fogging machine
switched on while the others knock
on doors.
Their tactic is to do it in such a
way that it seems that they are sent
by the authorities to fog the area.
They ask residents to let them in
for fogging and once in, they issue a
receipt and demand payment.
Usually a lump sum payment is
requested for a period of either six or
12 months. They do it in such a hur-
ried manner and in a big group that
most people are confused and are
coerced to part with their money.
Most residents in my area fell for
the tactic the first time one of the
fogging crews came by. Many paid
for a six-month service which the
foggers never fulfilled. Calls to an
office number on the receipt proved
futile. The fogging proved ineffective
as mosquitoes can easily fly away
and return once the fog has settled. I
urge all house owners to be careful
and not fall for such scams.
The authorities must ensure
housing areas are properly fogged
regularly and effective measures
are taken to curb illegal fogging
activities.
MT
Puchong