cabaran besar merencana negara ke arah model ekonomi baru

8/14/2019 Cabaran Besar Merencana Negara Ke Arah Model Ekonomi Baru

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CABARAN BESAR MERENCANA NEGARA KE ARAH MODEL EKONOMI BARU

Ucaptama Perdana Menteri Malaysia, Datuk Seri Najib Tun Abdul Razak padaPersidangan Invest Malaysia 2009 Anjuran Bursa Malaysia Berhad dan KumpulanCIMB pada 30 Jun 2009

Konsep 1Malaysia bertujuan supaya rakyat Malaysia bekerja sebagai satu pasukanmencapai negara maju menjelang 2020

TERLEBIH dulu, saya ingin mengucap terima kasih kepada pihak penganjur Invest Malaysia2009, kerana menjemput saya menyampaikan ucaptama pada Sidang Invest Malaysia ke-5.Saya gembira melihat begitu ramai pelabur yang hadir dan mengalu-alukan kehadirankepada tetamu antarabangsa kita.

Invest Malaysia sudah menjadi forum tahunan paling penting bagi kita bertemu denganpelbagai pelabur antarabangsa dan mempersembahkan apa yang kita lakukan. Ia jugamenyediakan peluang untuk syarikat pelaburan swasta tempatan berurusan dengankomuniti pelaburan.

Pada pendapat saya, 'road show' yang membawa pelabur ke negara kita akanmembolehkan pelabur menyaksikan sendiri apa yang kita ada dan menilai secara peribadiiklim pelaburan di Malaysia, mengkaji cara untuk saling melengkapi dan mempromosi usahabersama di pasaran antarabangsa.

Seperti yang anda ketahui, acara ini selalunya diadakan pada Mac, seiring denganperlumbaan Grand Prix Malaysia. Bagaimanapun, menyedari akan berlaku perubahan padapucuk pimpinan negara, penganjur sengaja melewatkan program ini selama dua bulan bagimembolehkan saya berucap sebagai Perdana Menteri.

Bagi saya, ini adalah majlis penting yang akan membolehkan saya berkongsi pendapat

bersama anda semua dan memberi aspirasi kepada Malaysia dan pasaran modalnya. Bagiyang menjadi peminat Formula Satu di kalangan anda, saya memberi jaminan saya sendiriakan meminta penganjur mengadakan sidang ini mengikut jadual asal pada tahun depan.

Hari ini kita bertemu dalam persekitaran yang amat mencabar. Dunia mengalami suasanaluar biasa dalam aspek peraturan kewangan global. Krisis kewangan global telahmenggugat teruk institusi kewangan yang amat mantap. Akibatnya, ia memusnahkankekayaan dunia dan mencetus persoalan membabitkan kebijaksanaan corak pengurusanyang konvensional. Apa yang lebih buruk ialah krisis kewangan kali ini sudah melampauipelbagai krisis kewangan yang pernah berlaku.Apa yang nyata banyak pelajaran yang kita peroleh dan proses pemulihan perlu dilakukanuntuk membetulkan keadaan. Semua pasaran kewangan mesti diberi perhatian lebih serius

dan kita tidak boleh teragak-agak dalam membuat keputusan dasar yang sukar sebaik sajakita melihat tanda-tanda awal yang di luar kawalan mula berlaku.

Piawaian urus tadbir dan pengurusan risiko pada peringkat perbankan dan syarikatkewangan mesti diperkukuhkan.

Peraturan dagangan atas kaunter (OTC) dan beberapa firma yang peraturannya agaklonggar mesti dikaji kesan dan peranan yang dimainkan mereka dalam pasaran kewanganhari ini. Amalan jualan dan pengambilan berisiko yang tidak dilindungi mesti diberi perhatianserius.

Kita semua tahu dan sudah merasai sendiri bagaimana krisis kewangan yang boleh

diterjemah kepada padah amat buruk kepada ekonomi sebenar

syarikat, pekerjaan,sumber manusia dan keluarga di seluruh dunia. Malaysia tidak terkecuali.

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Justeru, keutamaan saya sekarang ialah untuk menyediakan respons tegas bagimengekang impak kemurungan ekonomi global. Kami sudah menyediakan dua pakejrangsangan bernilai RM67 bilion atau kira-kira sembilan peratus daripada Keluaran DalamNegara Kasar (KDNK) untuk dibelanja dalam tempoh dua tahun akan datang.

Pakej fiskal ini mengandungi langkah komprehensif bertujuan mengurangkan kesan ke atas

individu dan perniagaan, merangsang permintaan agregat untuk jangka pendek danmembina kapasiti ekonomi jangka panjang.

Kami telah memberi jaminan bahawa perniagaan akan mempunyai akses yang cukup baikke atas kewangan dan sudah melaksanakan pelbagai inisiatif untuk menyediakan bantuankewangan kepada kumpulan perusahaan kecil dan sederhana (PKS), memperkenalkanmekanisme jaminan untuk menyokong pembiayaan sektor swasta selain mekanismepenyelesaian hutang.

Sehingga 19 Jun, projek bernilai RM9 bilion telah ditawarkan di bawah pakej rangsangan 1dan 2, dan RM3 bilion daripadanya sudah dibayar. Dengan meningkatkan pembayarankemajuan projek kerana projek ini sedang dilaksanakan, saya yakin suntikan perbelanjaan

ke dalam ekonomi domestik ini dan kesan pelbagai kemuraman luaran, akan membantumengurangkan impak dan menetapkan peringkat pemulihan ekonomi menjelang separuhkedua tahun ini.

Perubahan kepada model ekonomi baru

Cabaran lebih besar yang akan kita hadapi bukan menangani keadaan kerapuhan jangkapendek, tetapi membabitkan persaingan nasional dalam jangka panjang. Dalam tempoh tigadekad lalu, kita sudah mengambil langkah cemerlang dalam membasmi kemiskinan,meningkatkan taraf hidup rakyat Malaysia, membangunkan infrastruktur kelas dunia danmenyediakan pertumbuhan ekonomi yang memberangsangkan.

Tetapi kita tidak boleh dan tidak akan sebagai negara berpendapatan sederhana. Kita perluberubah kepada ekonomi berpendapatan tinggi atau menghadapi risiko kehilanganmomentum perkembangan dalam ekonomi dan pasaran kita.

Cabaran dalam menguruskan perubahan begitu besar seperti itu bukanlah mudah dan iaperlu digaris lebih berhati-hati dengan mengambil kira kelemahan dalam kerangkakewangan global dan tekanan saingan yang semakin meningkat berikutan perubahandramatik dalam ekonomi global.

Tetapi saya ingin memberi jaminan bahawa keutamaan saya hari ini ialah mengubah masadepan kita kepada kedudukan ekonomi berpendapatan tinggi. Dasar kerajaan saya dankeutamaan akan dilaksanakan berasaskan kepada matlamat ini.

Konsep 1Malaysia yang saya cetuskan bertujuan untuk seluruh rakyat Malaysia bekerjasebagai satu pasukan dalam usaha mencapai satu matlamat iaitu ke arah negara majumenjelang 2020. Saya telah menggerakkan usaha, melakukan pelbagai usaha yangmenggaris formula sebuah model ekonomi baru, yang berasaskan inovasi, kreativiti dan nilaitinggi, bagi mengangkat kita kepada kedudukan sebagai negara berpendapatan tinggidalam tempoh sedekad ini.

Model ekonomi baru kita adalah untuk mengubah kedudukan kita daripada bergantungkepada asas pengeluaran yang menggunakan pekerja separuh mahir dan buruh murahkepada industri teknologi tinggi dan sektor perkhidmatan moden, yang bergantung kepadapekerja mahir dan berpendapatan tinggi.

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Pelaksanaan model ekonomi baru akan memerlukan rombakan dasar secara besar-besarandan komprehensif dalam pelbagai aspek, tetapi amat penting kepada masa depan Malaysia.Kita perlu membuat perubahan asas dalam strategi, di samping perubahan minda. Kita akanmenerima pakai pendekatan holistik yang akan mencetus persaingan dalam semua sektorekonomi. Kita akan secara sistematik merangsang proses inovasi sebagai kunci utamakepada nilai tambah dan mempromosi sumber tambah nilai tinggi seperti pendidikan swasta,

pelancongan kesihatan, ICT, industri kreatif dan bioteknologi.

Dalam konteks ini, adalah kritikal untuk mengekalkan momentum melalui dasar-dasar yangmesra pasaran dan yang boleh mencipta sumber pertumbuhan baru dalam sektorperkhidmatan. Justeru, kita akan terus mengubahsuai atau menghapuskan polisi yangmengekang pertumbuhan. Kerja-kerja sudah bermula. Kami sudah pun mengumumkanliberalisasi dalam 27 sub-sektor perkhidmatan, disusuli langkah liberalisasi untukmeningkatkan peranan sektor kewangan sebagai pemangkin pertumbuhan ekonomi.

Pasaran Modal melakukan perubahan strategik ke arah agenda pertumbuhan

Begitu juga, kami sudah melalui perjalanan yang jauh dalam pasaran modal. Dibantu

dengan agenda pembangunan teratur melalui pelan induk Pasaran Modal, kami telahmembangunkan satu pasaran modal yang pelbagai dan luas di rantau ini. Kami mempunyaipasaran bon yang kukuh dan besar, iaitu ketiga terbesar mengikut tanda aras Asia jikadiukur melalui KDNK. Kami memiliki antara bursa terbesar di Asean dan jumlah terbanyakbagi syarikat disenaraikan.

Industri pengurusan dana juga tumbuh begitu pesat dan kami memiliki industri sahamamanah terbesar di Asean. Pasaran Modal Islami kami juga adalah yang terbesar di dunia,dengan lebih 50 peratus terbitan sukuk global diterbitkan dari Malaysia; jumlah tertinggidana berasaskan Islam di seluruh dunia dan nilai besar dalam ekuiti berasaskan syariah.

Kerangka kawal selia kami mematuhi keperluan antarabangsa dan telah dinilai oleh penilai

pakar luar. Kami telah menarik begitu banyak firma utama antarabangsa dalam industripengurusan dana dan kewangan Islam untuk beroperasi di Malaysia.

Mengantarabangsakan pasaran modal

Bergerak kepada fasa selanjutnya dalam membangunkan pasaran modal, kami memerlukanpembabitan antarabangsa yang lebih luas. Ini tidak boleh dielakkan dan ia satu daripadaaspek penting dalam strategi mencapai pendapatan tinggi. Mengantarabangsakan sektorperkhidmatan kewangan dan pasaran modal akan membantu meningkatkan skop peluanguntuk negara kami seperti terbukti dalam sektor sumber dan perusahaan. Meliberalisasiperaturan pemilikan akan membolehkan pelabur asing yang ingin melabur di negara ini danmenggunakan Malaysia sebagai pangkalan operasi mereka pada peringkat serantau dan

antarabangsa.

Justeru, proses liberalisasi memang tidak boleh dielakkan dan kita hanya boleh memilihuntuk menguruskan tahap kepantasannya. Ia akan memberi kelebihan kepada Malaysiauntuk mencapai liberalisasi dengan lebih pantas kerana ia akan membenarkan kitamengetuk peluang yang ada di gelanggang antarabangsa lebih awal.

Kami juga menjangka penyertaan lebih luas daripada pelabur untuk meningkatkan tahappersaingan dan mempromosi inovasi yang akan memacu pertumbuhan dengan lebihpantas. Ini akan membolehkan pasaran modal Malaysia mencapai persaingan lebih tinggidengan kepelbagaian pilihan dan tawaran lebih berkualiti untuk pelanggan. Pertumbuhanakan dipacu oleh pelaburan dalam teknologi, bakat, infrastruktur, penyelidikan dan

pembangunan (R&D), dan pemasaran untuk memaksimumkan peningkatan keuntunganjangka panjang serta merangsang pasaran kita.

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Pelabur tempatan pula telah membina operasi tempatan yang kukuh. Ramai telahmewujudkan operasi pada peringkat serantau. Sekarang, mereka patut mengambilkesempatan daripada fleksibiliti yang ada untuk mencari peluang baru dan modelperniagaan dengan membentuk perkongsian strategik serta rakan kongsi bagimengembangkan operasi mereka pada peringkat global.

Saya sungguh yakin atas kemampuan mereka untuk meningkatkan tahap kemampuanmereka dan bersaing secara berkesan. Kek ekonomi yang ada mesti dikembangkan. Tidakada gunanya mempunyai bahagian lebih besar ke atas kek yang semakin mengecil. Kitamesti mengembangkan kek yang ada walaupun ia bermakna terpaksa mengagihkansebahagiannya kepada firma persendirian.

Semua ini telah membentuk beberapa asas kepada pengumuman saya mengenailiberalisasi ke atas sektor perkhidmatan termasuk beberapa langkah yang diumum baru-baru ini bagi sektor perbankan. Dengan itu, saya dengan senang hati hari ini untukmengumumkan beberapa langkah lagi yang akan memberi kesan yang sama ke ataspasaran modal Malaysia.

Pengurusan Pelaburan Pengurusan Dana dan Unit Amanah

Bagi mengukuhkan kedudukan Malaysia dalam segmen pengurusan dana dan sahamamanah daripada rantaian nilai pasaran modal, juga untuk membenarkan pengurus danapilihan tambahan untuk beroperasi di rantau ini, saya ingin mengumumkan perkara berikut:

Pertama, pemilikan di dalam industri pengurusan dana dibuka sepenuhnya bagimembolehkan 100 peratus pemilikan asing bagi syarikat pengurusan dana menubuhkanoperasi di Malaysia. Kedua, bagi segmen peruncitan, had pegangan saham asing bagisyarikat segmen runcit pengurusan dana saham amanah kepada 70 peratus daripada 49peratus ketika ini.

Segmen Broker Saham

Perubahan besar-besaran dalam industri bursa saham telahpun mengukuhkan pelaburtempatan dan meluaskan skop aktiviti pasaran modal mereka. Kami juga telah menyaksikanlebih banyak penyertaan asing melalui lesen skim khas yang memperbaiki persaingandalam industri bursa saham, di samping hubungan global membabitkan pasaran modalMalaysia. Beberapa syarikat broker saham telah mengembangkan operasi mereka kenegara lain. Tetapi masih ada peluang lain bagi syarikat broker saham ini untuk membentukperkongsian baru, terbabit dalam usaha meluaskan perniagaan di peringkat tempatan danantarabangsa, di samping mempromosi lebih banyak produk inovasi dan meluaskankemahiran serta kemampuan.

Bagi membolehkan semua ini berlaku, saya ingin mengumumkan bahawa had pemilikanpegangan saham asing dalam syarikat broker saham meningkat kepada 70 peratusdaripada paras sekarang, 49 peratus.

Menggalakkan lebih banyak penyenaraian dan menangani kecairan

Mesti ada lebih banyak usaha dilakukan untuk menarik lebih banyak syarikat besardisenaraikan di bursa saham kita. Kerajaan komited untuk membuat lebih banyaksumbangan dengan menyenaraikan lebih banyak entiti dan asetnya bagi memastikanpenyenaraian lebih mantap serta menyediakan pelabur tempatan dan antarabangsa lebih

banyak peluang untuk melabur dalam ekonomi Malaysia.

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Kami telah merombak kerangka bagi mengumpul dana dengan peraturan lebih berkesandan meluaskan kemudahan kewangan melalui gabungan papan utama dan kedua di bursasaham, serta mengubahsuai kedudukan Mesdaq untuk menarik lebih banyak syarikat dipasaran. Kami juga membenarkan penyenaraian asing dan saya dimaklumkan terdapatbeberapa syarikat sedang dalam penilaian. Saya berharap pelabur pasaran saham supayamerebut peluang daripada semua perubahan ini dengan menggandakan usaha anda untuk

mengenalpasti syarikat tempatan dan asing yang berkualiti untuk disenaraikan di Malaysia.

Saya juga meminta supaya terbitan tahap pengapungan bebas dan kecairan di pasaranditangani segera dengan penilaian holistik dan komprehensif. Bagi kerajaan dan entitisekutunya akan melihat cara di mana mereka boleh menyumbang ke arah mengurangkanpegangan saham masing-masing, bagi membolehkan pelabur memiliki lebih banyak saham.

Mengawal selia urus tadbir melalui penguatkuasaan berkesan

Walaupun kita bergerak ke arah persekitaran pasaran modal yang lebih luas di gelanggangantarabangsa, kita mesti memastikan matlamat kawal selia kita adalah adil, pasaran lebihteratur, telus, kewangan yang mantap dan perlindungan pelaburan yang kukuh, dipenuhi.

Dalam aspek ini, adalah penting untuk memiliki kod etika yang tinggi dan amalan urus tadbirkorporat yang mantap. Semua ini memerlukan kita mengukuhkan rejim bagi pelaksanaanberkesan terhadap jenayah korporat dan kesalahan sekuriti.

Kami akan membentangkan satu pindaan Akta Perkhidmatan Pasaran Modal (CMSA) diParlimen dalam usaha memantapkan lagi penguatkuasaan Suruhanjaya Sekuriti (SC) keatas pelanggaran tadbir urus korporat.

Pindaan ini akan memberi kuasa kepada SC untuk mengambil tindakan terhadap pengarahatau pegawai yang menyebabkan kerugian secara salah kepada syarikat senaraian awam(PLC) atau anak syarikatnya sehingga menjejaskan pemegang sahamnya.

Ia juga akan membenarkan SC menghalang pelupusan aset PLC secara salah oleh merekayang menguruskannya. Sebagai tambahan, peraturan baru diwujudkan bagi menghalangsesiapa saja daripada mempengaruhi, memaksa atau menipu mana-mana pihak yangterbabit dalam penyediaan atau audit penyata kewangan PLC. Kerajaan juga akanmenubuhkan Lembaga Pemantauan Juruaudit bebas menerusi pembentangan pindaan AktaSuruhanjaya Sekuriti 1993 pada sesi persidangan Parlimen yang berlangsung ketika ini.

Menarik Modal Manusia

Pasaran modal adalah industri berasaskan pengetahuan intensif. Menarik dan mengekalkanbakat adalah aspek kritikal dalam proses untuk memperoleh kemahiran diperlukan danhubungan sosial kepada penyertaan antarabangsa yang semakin meningkat dalam pasaran

modal Malaysia. Kita mesti mengiktiraf wujud persaingan antarabangsa yang sengit untukpasaran manusia dan kita mesti berada dalam proses pengambilan pantas untukmendapatkan kemahiran antarabangsa. Bagi tujuan ini, saya mengumumkan bahawa BankNegara Malaysia dan SC akan mengkaji semua permohonan visa bagi industriperkhidmatan kewangan dan pasaran modal.

Pemansuhan Garis Panduan Jawatankuasa Pelaburan Asing (FIC)

Tidak syak lagi Malaysia memang mencatat banyak cerita kejayaan sejak kami mencapaikemerdekaan. Suatu masa dulu, Malaysia adalah sebuah negara miskin yang bergantungkepada pengeluaran getah dan bijih timah. Dengan memilih jalan untuk kepelbagaian danperindustrian, ekonomi Malaysia telah mengalami perubahan, mencatat pertumbuhan tinggi

jika dibandingkan sekiranya kami terus bergantung kepada komoditi asal. Dalam tempoh ini,Malaysia mengekalkan pertumbuhan pesat, dengan purata tahunan 6.4 peratus.

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Digandingkan dengan beberapa polisi lain, pertumbuhan ekonomi pantas ini memberifaedah besar kepada semua segmen penduduk Malaysia. Tahap kemiskinan hari ini beradadi bawah empat peratus, berbanding 49 peratus pada 1970.

Ini adalah pendekatan kami berkembang bersama ekuiti - cara Malaysia. Tidak ada isupembahagian tidak adil. Ekuiti dicapai melalui agihan adil. Tanpa pertumbuhan yang kukuh,

kami tidak akan mencapai matlamat untuk membuat agihan yang adil. Pengenalanpertumbuhan melalui ekuiti pada 1971 juga mencerminkan kemampuan Malaysia untukmembuat keputusan pragmatik dan berani, terutama untuk mendahulukan kepentingannasional pada masa krisis.

Tidak seperti krisis sebelum ini, saya percaya kami sekali lagi berada di persimpanganperjalanan. Saya yakin bahawa kegagalan atau tindakan teragak-agak akan memberi kesanjangka panjang kepada negara ini. Di satu sudut, apabila berdepan dengan krisis sebelumini, kami mempunyai matlamat yang jelas untuk mencapai pertumbuhan dengan ekuitidalam usaha kami mencapai wawasan sebagai negara maju. Bagi meneruskan kejayaanitu, kami sekali lagi perlu menstranformasi ekonomi ke tahap pertumbuhan lebih tinggi.

Tetapi di sudut lain, kami menghadapi cabaran besar untuk merealisasikan semua wawasanini disebabkan faktor luaran dan domestik, yang boleh mengekang kepada pertumbuhanekonomi yang kukuh.

Dalam mencapai wawasan kami untuk mencatat pertumbuhan dan ekuiti lebih kukuh, kamimenghadapi empat cabaran besar, iaitu:

Satu, apa yang pernah berfungsi untuk kami, dalam menggerakkan Malaysia ke hadapansehingga menjadi negara berpendapatan sederhana, kelihatan tidak lagi berkesan untukmenggerakkan kami ke arah status negara maju. Pengalaman lalu kami telah memberipengajaran bernilai mengenai apa yang berfungsi dengan baik dan apa yang tidak, tapi iatidak semestinya memberi kami laluan yang jelas untuk mara ke hadapan.

Dua, lanskap persaingan sudah berubah. Tidak seperti sebelum ini, kami sekarangberdepan dengan persaingan sengit, terutama dalam aspek modal, bakat, pengetahuan dansumber secara global.

Tiga, krisis ekonomi global mengukuhkan keperluan untuk menjadi destinasi pelaburan,berikutan syarikat kini bergabung tenaga dan memindahkan operasi mereka ke destinasiyang paling kompetitif; dan

Empat, tahap persaingan untuk kumpulan pelaburan lebih kecil, memerlukan usahamenghapuskan kekangan ke atas pelaburan, sama ada yang nampak atau diandaikan,serta menguruskan dasar agihan dengan lebih berkesan serta dalam suasana yang lebih

mesra pasaran.

Dalam konteks cabaran yang negara hadapi, garis panduan Jawatankuasa Pelaburan Asing(FIC) dilihat semakin kurang keberkesanannya. Bila FIC ditubuhkan pada 1974, iamerangkumi komponen utama strategi bagi pertumbuhan dengan ekuiti.

Kini ia tidak lagi menjadi alat yang berkesan bagi membantu pertumbuhan dengan ekuiti.Pada 1970, ekuiti Bumiputera hanya 2.4 peratus. Berdasarkan jumlah kecil itu, maka adalahsesuai melaksanakan dasar sedemikian bagi menangani ketidakseimbangan. Ketika itu juga, adalah praktikal dilaksanakan susulan kekurangan persaingan bagi mendapatkanpelaburan.

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Bagaimanapun, kini dasar pelaburan itu telah mewujudkan ketidaktentuan dalampembentukan peraturan dan tidak sejajar dengan amalan antarabangsa, justerumenjejaskan potensi pertumbuhan.

Hari ini kita berdepan dengan senario yang berbeza. Polisi pelaburan menghasilkanperaturan yang tidak menentu dan tidak selari dengan amalan antarabangsa boleh

menyekat pertumbuhan ekonomi kita. Hanya pertumbuhan yang memberangsangkanmembolehkan objektif pengagihan yang disasarkan tercapai. Lebih daripada itu, ekonomiyang rencam dan kompleks kini tidak selari dengan pendekatan FIC.

Bagi mencapai dan membantu Bumiputera, ia memerlukan fokus kepada penyertaan yangberkesan dan bermakna bukan setakat pemilikan saja. Penguasaan minoriti 30 peratus tidakmemberi ruang yang cukup bagi penyertaan berkesan. Malah kekangan modal dihadapiBumiputera menyebabkan hak milik 30 peratus tidak mampu bertahan. Dengan itu,penilaian objektif memutuskan bahawa FIC dalam keadaan sekarang, tidak membantupertumbuhan atau mengekalkan ekuiti milik Bumiputera.

Dunia cepat berubah dan kita perlu bersedia menghadapinya jika tidak kita akan

ketinggalan. Jika kita terus bertahan dan menjadikan kejayaan lampau sebagai panduan,kita akan kalah dalam persaingan. Kita tidak boleh lagi mengenang kejayaan lalu,sebaliknya berusaha keras bagi memanfaatkan rakyat untuk jangka panjang. Pragmatikmemerlukan fokus terhadap inti pati bukan pada bentuk. Kerajaan cukup komited bagimeningkatkan usaha untuk membangunkan negara ini.

Bagi menarik lebih ramai pelabur ke Malaysia, kerajaan mengumumkan untukmengurangkan peraturan termasuk garis panduan pelaburan yang diguna pakai FICsekarang. Skop dan fungsi FIC akan dipermudahkan termasuk pengurangan transaksi danperaturan. Ia selaras dengan usaha kerajaan untuk menyediakan suasana yang lebihkondusif bagi sektor swasta untuk maju dengan kemudahan kegiatan pelaburan danpasaran modal yang menarik.

Kajian semula garis panduan FIC membabitkan:

Pertama - pembelian kepentingan, penggabungan dan pengambilalihan; Kedua - kegiatan meraih dana oleh syarikat senarai awam, dan Ketiga - pembelian hartanah.

Berkuat kuasa serta merta, garis panduan FIC meliputi pembelian hak ekuiti, penggabungandan pengambilalihan akan dilaksanakan. FIC tidak lagi memproses urus niaga saham ataumengenakan sebarang syarat ekuiti ke atas urus niaga. Mulai hari ini, fungsi FIC ini berakhir.

Walaupun fungsi FIC berakhir, bagi memastikan kepentingan negara dalam sektor strategik

terus terpelihara, syarikat dalam sektor berkenaan masih lagi tertakluk kepada syarat ekuitioleh badan kawal selia sektor masing-masing seperti Suruhanjaya Tenaga, LembagaPelesenan Kenderaan Perdagangan, Suruhanjaya Perkhidmatan Air Negara danSuruhanjaya Komunikasi dan Multimedia.

Kemudahan bagi pengumpulan dana oleh syarikat tersenarai adalah langkah terbaik bagimenjadi Malaysia sebagai destinasi menarik bagi penyenaraian. Sekarang, syarikat yangingin diapungkan dikehendaki memenuhi syarat 25 peratus saham tebaran awam ditetapkanPeraturan Penyenaraian Bursa Malaysia selain kedudukan ekuiti Bumiputera berdasarkangaris panduan FIC.

Suruhanjaya Sekuriti akan mengeluarkan garis panduan baru bagi syarikat senaraian awam,

untuk menawar 50 peratus saham tebaran awam kepada pelabur Bumiputera. Dengan itu,syarikat senaraian awam tidak lagi tertakluk kepada syarat pegangan ekuiti Bumiputera

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seperti yang ditetapkan FIC sebelum ini. Dengan kelonggaran peraturan ini, akanmemperkukuhkan lagi kedudukan Malaysia sebagai destinasi utama bagi tujuan pelaburandan menjalankan perniagaan.

Sebagai tambahan, untuk meringankan pengumpulan dana daripada pasaran ekuiti,kegiatan mengumpul dana selepas penyenaraian tidak lagi tertakluk kepada sebarang

syarat ekuiti. Kelonggaran ini akan dengan segera menyokong syarikat senarai awam sediaada untuk mengumpul dana bagi mengendalikan perniagaan dan mengurangkan kospematuhan. Peraturan baru untuk menawarkan 50 peratus saham tebaran awam kepadaBumiputera hanya untuk syarikat Malaysia yang ingin disenaraikan Bursa Malaysia.

Garis panduan sedia ada untuk syarikat asing yang mahu disenaraikan tanpa sebarangkeperluan untuk pematuhan dengan mana-mana syarikat ekuiti, kekal dan hasilnya kitamelihat beberapa syarikat asing berjaya disenaraikan di Malaysia.

Skop FIC berkaitan urus niaga hartanah akan juga dipermudahkan dengan segera.Kelulusan FIC bagi urus niaga hartanah kini hanya diperlukan sekiranya ia membabitkanpenghapusan kepentingan Bumiputera atau kerajaan bagi hartanah bernilai RM20 juta dan

ke atas. Bagi lain-lain transaksi hartanah termasuk antara orang asing dan bukanBumiputera tidak memerlukan kelulusan FIC lagi. Pemansuhan peraturan ini dijangkamemudahkan transaksi hartanah dan pelaburan termasuk pemilikan hartanah komersialoleh kepentingan asing.

Kerajaan percaya melalui kelonggaran peraturan ini ia akan meletakkan Malaysia sebagaidestinasi selesa untuk pelaburan dan perniagaan. Dengan melonggarkan garis panduan FICini pada tahap yang diperlukan, Unit Perancang Ekonomi akan memfokus semula langkahmenyelaras dan pemantauan polisi pengagihan pada peringkat makro. Dalam hal ini,kerajaan masih komited dalam meningkatkan penyertaan Bumiputera dalam ekonomi.Pendekatan baru akan diambil dengan memfokuskan penyertaan mapan melaluiperkongsian bijak dan meritokrasi.

Tuan-tuan dan puan-puan,

Selaras dengan pendekatan baru ini, institusi pelaburan baru, Ekuiti Nasional Berhad(Ekuinas) akan ditubuhkan. Ekuinas adalah dana ekuiti swasta dengan modal awalsebanyak RM500 juta yang akan boleh dikembangkan menjadi RM10 bilion. Ekuinas akanmemberi tumpuan kepada pelaburan dalam sektor yang mempunyai potensi pertumbuhantinggi bagi menyokong model ekonomi baru. Pada masa sama, Ekuinas akan membuatperkongsian pelaburan dengan dana sektor swasta, dalam usaha untuk mempromosikanperkongsian tulen dan pendekatan komersial sepenuhnya. Dengan cara ini, penyertaanBumiputera melalui Ekuinas adalah berdasarkan premis merit.

Sejak 1970-an, keupayaan profesional Bumiputera meningkat. Mereka banyakmenyumbang dan bersaing dengan aktif dalam pengurusan dan pekerjaan selain sebagaivendor. Adalah diharapkan melalui dana pelaburan seperti Ekuinas, Bumiputera yangcemerlang akan dibantu untuk mencapai cita-cita mereka.

Syarikat Berkaitan Kerajaan (GLC) dan Koridor Pembangunan: Perubahan danKelangsungan berteraskan Persaingan.

Bagi membolehkan Malaysia merealisasikan impian status negara maju, perubahan besarperlu dilakukan dan pada masa sama usaha pengukuhan perlu dilakukan bagi bidang yangkini kita berada pada landasan betul. Bagi memenuhi hasrat itu, polisi kerajaan dalam GLCdan koridor pembangunan akan diteruskan dengan gabungan perubahan dan kelangsungan

yang mantap.

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GLC akan terus menjadi tulang belakang struktur ekonomi negara. Bagi memastikankepentingan kerajaan di dalam GLC terpelihara dan berjaya sebagai Perbadanan Malaysia,kerajaan akan memastikan program transformasi GLC akan diperkenalkan. Ia dapatmemastikan potensi pertumbuhan negara terus dijana.

Kejayaan GLC perlu ditingkatkan dalam kelas tersendiri atau muncul terbaik di kalangan

negara serantau jika bukan juara global, seperti yang dipamerkan Petronas, MISC, SimeDarby, Mas, Axiata, CIMB, Maybank, sekadar beberapa contoh. Syarikat ini perlumeningkatkan kehadirannya di peringkat antarabangsa bagi menembusi persainganpasaran antarabangsa. Kejayaan yang ditunjukkan syarikat berkenaan mampu menjayakanPerbadanan Malaysia pada masa akan datang.

Pada masa sama, GLC cukup signifikan dalam konteks Malaysia, bukan saja saiz tetapitanggungjawab kritikal kepada sektor perniagaan dan perdagangan di Malaysia terutamapenyediaan perkhidmatan elektrik, komunikasi, penerbangan dan lapangan terbang, air danperkhidmatan kewangan. Pencapaian tinggi yang diperoleh CLC akan membantu dayasaing Perbadanan Malaysia.

Dalam pada itu, GLC berperanan saling melengkapi dalam pembangunan sektor swasta diMalaysia. Tiga kunci utama perlu dilaksanakan bagi membolehkan GLC maju ke depan iaitu:

Pertama: GLC perlu memberi fokus kepada aktiviti teras dan mengurangkan ataumenghapuskan aktiviti bukan teras.

Kedua: GLC perlu beroperasi dalam sektor yang mereka boleh bersaing, memangkindan membangun ekosistem domestik termasuk vendornya. GLC juga perlumelupuskan anak syarikat yang beroperasi atau mengurangkan kegiatan yang bolehdilakukan syarikat usahawan.

Ketiga: Dalam sektor teras, GLC juga perlu bersaing secara sihat dengan sektor

swasta lain. Tiada lagi isu kerajaan memberi bantuan kepada GLC atas dasarpegangan saham yang boleh menjejaskan saingan sektor swasta.

Kerajaan yakin GLC akan memainkan peranan saling melengkap dengan sektor swastabagi menjayakan dinamisme Perbadanan Malaysia dan meningkatkan daya saing dalamnegara.

Dalam pada itu, kerajaan akan terus membantu dan menggerakkan koridor pembangunansupaya mencapai matlamat yang ditetapkan bagi setiap koridor pembangunan yangdirancang. Sebagai contoh pembangunan Iskandar Malaysia akan terus menjadi penerajuuntuk meningkatkan integrasi serantau yang lebih besar dalam rangkaian ekonomi.

Ini termasuk membangunkan kawasan baru dengan sektor perkhidmatan nilai tambahtermasuk perkhidmatan pelancongan dan riadah, logistik, pendidikan, penjagaan kesihatan.

Kesimpulannya, apa yang saya ingin sampaikan ialah komuniti pelabur tidak perlu ragudengan hasrat Malaysia menjemput pelabur tempatan dan asing ke negara ini. Kita hanyamampu mencapai pendapatan yang tinggi dengan mencipta lebih banyak peluangpertumbuhan berbanding melindungi ruang yang sempit. Kita hanya boleh mencapaimatlamat ekuiti sosial dengan mengembangkan.

Berita Harian, Rabu 1 Julai 2009

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ESCAPING FROM THE MIDDLE-INCOME TRAP

Minister Datuk Seri Najib Razak at Invest Malaysia 2009 in Kuala Lumpur on June 30

FIRST of all, let me thank the organisers of Invest Malaysia 2009 for their kind invitation forme to speak at the Fifth Invest Malaysia conference. I am delighted to see such a largeturnout of investors and would like to extend a warm welcome to our international visitors.

Invest Malaysia has become the most important annual forum for us to meet withinternational portfolio investors and showcase what we are doing. It also provides anopportunity for Malaysian public limited companies (PLCs) to engage with the investmentcommunity. We feel that this reverse road-show of bringing investors to our shores allowsinvestors to see firsthand what we are doing and gauge for themselves the investmentclimate in Malaysia and complements our promotional and marketing efforts internationally.

As you are aware, this event is typically held in March to coincide with the Grand Prix.However, recognising the imminent transition of leadership then, the organisers delayed theevent by a couple of months to allow me to speak to you as prime minister.For me, this is an important occasion to share with you my views and aspirations forMalaysia and its capital market. To the Formula One fans among you, rest assured that Ihave asked the organisers to revert to the original schedule for next year!

We meet today in a very challenging environment. The world has experiencedunprecedented displacements and distortions to the global financial order. The globalfinancial crisis has had severe ramifications on once revered financial institutions, led totremendous wealth destruction and questioned the wisdom that has driven conventionalthinking in finance.

But what's more damaging has been the economic cost that this financial crisis has had

across the world beyond the epicentre of the financial crisis.

There are clearly many lessons to be learnt and reforms that will need to be put in place.Markets must be subject to stronger oversight and there must be no hesitation in makingdifficult policy decisions when we see early signs of excesses and irrationality startappearing on the horizon.

Governance arrangements and risk management standards at the level of banks andfinancial firms must be strengthened.

Regulation of Over The Counter (OTC) markets and some loosely regulated firms must becommensurate with the impact and role they have in today's financial markets. Sales

practices and unfettered risk-taking must be subject to adequate oversight.

We all now know and have felt how this financial meltdown translated into devastatingconsequences for the real economy, companies, jobs, people and families all aroundthe world. Malaysia has not been spared. Therefore, my immediate priority has beento provide a decisive response to blunt the impact of the global economic downturn.

We have put together two stimulus packages amounting to RM67 billion or roughly nine percent of gross domestic product to be spent over two years. The financial package comprisedcomprehensive measures aimed at easing the hardship of affected individuals andbusinesses, stimulating aggregate demand in the short term and building the long-termcapacity of the economy. We have ensured that businesses have sufficient access to

financing, implemented various initiatives to provide financing to small- and medium-sized

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enterprises (SMEs), established mechanisms to provide guarantees to support private-sector financing and reactivated debt resolution mechanisms.

As of June 19, projects worth RM9 billion have been awarded under the Stimulus Package 1and 2, of which RM3 billion has been paid. Given the step-up progressive payments to bemade as these projects are rolled out, I am confident that this spending injection into the

domestic economy and the related multiplier effects will help cushion the impact of the sharpexternal downturn and set the stage for economic recovery some time in the second half ofthis year.

The larger challenge before us lies not in addressing the short-term vulnerabilities anddislocations but over the long-term national competitiveness. In the last three decades, wehave made great strides in poverty eradication, enhancing the living standards ofMalaysians, developing world-class infrastructure and providing respectable economicgrowth. We have become a successful middle-income economy.

But we cannot and will not be caught in the middle-income country trap. We need to makethe shift to a high-income economy or we risk losing growth momentum in our economies

and vibrancy in our markets. The challenge of managing such a major transition is not easyand has been made more considerable by the weakness in the global financial architectureand intensifying competitive pressures arising from dramatic changes in the global economy.

But let me assure you that making this transition to a high-income economy for the future ofour country has become my key priority. My government's policies and priorities will bedriven by this overall objective.

The concept of 1Malaysia that I have propagated is meant to get all Malaysians to work asone team in order to achieve one goal, and that is towards a developed nation by 2020.

I have set in motion efforts to formulate a new economic model, which will be based on

innovation, creativity and high value, to lift us into the ranks of a high-income nation withinthe decade. Our new economic model is intended to shift our reliance from a manufacturingbase dependent on semi-skilled and low-cost labour to one that hinges on a high technologyand modern services sector dependent upon skilled and highly paid workers.

The implementation of the new economic model will require a major and comprehensivepolicy overhaul in many areas, but it is pivotal for Malaysia's future. We need to makefundamental changes in strategies as well as mindset.

We will adopt a holistic approach to bring about competition in all sectors of the economy.We will systemically foster innovation as a key driver of value-add, and promote higher valueadd sources of growth, such as private education, health tourism, Islamic finance, ICT,

information and communications technology, creative industries and biotechnology.

In this context, it is critical to sustain the momentum through policies that are market-friendlyand that create new sources of growth in the services sector. Therefore, we will continue tomodify or eliminate policies that inhibit growth.

The work has already begun. We have already announced the liberalisation of 27 servicessub-sectors and followed through with liberalisation measures to enhance the role of thefinancial sector as a key enabler and catalyst of economic growth.

Similarly, in the capital market, we have come a long way. Assisted by a structureddevelopment agenda through the Capital Market master plan, we have developed one of the

most diversified and broad-based capital markets in the region.

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We have a deep and sizeable bond market that is the third largest in Asia benchmarked byGDP. We have one of the largest exchanges in Asean and with the highest number of listedcompanies.

The fund management industry is growing rapidly and we have the largest unit trust industryin Asean. The Islamic capital market is the largest in the world, with more then 60 per cent of

global sukuk issuance out of Malaysia; the largest number of Islamic funds globally and alarge number of syariah-compliant equities.

Our regulatory framework is internationally benchmarked and has been assessed to be ofinternational standards by expert external assessors. We have attracted leading internationalfirms in broking, fund management and Islamic finance to establish operations in Malaysia.

Moving to the next phase of developing our capital markets will necessitate greaterinternationalisation. This is inevitable and is an integral aspect of a high-income strategy.Internationalisation of the financial services sector and the capital market will serve toexpand the scope of opportunities for our country -- as was evident with the resources andmanufacturing sector.

Liberalising ownership rules will serve to allow foreign players who wish to invest inour country and to use Malaysia as a base for their regional and internationaloperations.

Liberalisation is, therefore, inevitable, and we can only choose to manage its pace. Itwould be to Malaysia's advantage to liberalise at a faster pace, as this would also allow usthe flexibility to tap international opportunities earlier.

We also expect the wider participation of foreign players to raise the level of competition andto promote innovation to drive growth at a faster pace. This would facilitate the Malaysiancapital market industry to attain higher competitiveness by rapidly expanding the range of

choice and quality of offerings that is available to customers.

Growth will be driven by investment in technology, talent, infrastructure, R & D research anddevelopment (R&D) and marketing to maximise long-term revenue growth and enhancemarket vibrancy.

Our domestic players have built strong local operations. Some have even establishedregional presence. They should now leverage on the flexibilities granted to explore newopportunities and business models by establishing strategic partnerships and alliances toexpand their global reach.

I have every confidence in their ability to raise the bar and compete effectively. The pie must

expand. There is no point in having a larger share of a shrinking pie.

This has formed the basis of some of my recent announcements on the liberalisation of theservices sector, including recent measures announced for the banking sector. I am pleased,therefore, to announce a set of measures today that will have the same impact on theMalaysian capital market.

To further strengthen Malaysia's position in the fund management and unit trust segment ofthe capital market value chain and to allow fund managers an additional option to establishtheir operations in the region, I am pleased to announce the following:

First, ownership in the wholesale segment of the fund management industry will be fully

liberalised to allow 100 per cent ownership for qualified and leading fund managementcompanies to establish operations in Malaysia.

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Second, for the retail segment, the foreign shareholding limits for the unit trust managementcompanies will be raised to 70 per cent from its current level of 49 per cent.

Major reforms in the stockbroking industry have already strengthened domestic players andwidened the scope of their capital market activities. We have also seen greater foreign

participation through the special scheme licences improve competition in the stockbrokingindustry, as well the global connectivity of Malaysia's capital market.

Some of our domestic stockbroking companies have expanded their operations into othercountries. But there are still opportunities for domestic stockbroking companies to form newpartnerships and facilitate the expansion of business domestically and internationally, as wellas to promote more product innovation and expand the range of skill sets and capabilities.

To allow this to occur, I wish to announce that the foreign ownership shareholding limits inexisting stock broking companies will be increased to 70 per cent from its current level of 49per cent.

There must be a lot more effort made to attract leading companies to list on the exchange.The government is committed to contributing its part through listing more of its entities andassets to ensure more significant listings, and to provide domestic and internationalinvestors more opportunities to invest in the Malaysian economy.

We have revamped the fund-raising framework with more efficient rules, and broadened theease of financing through the merger of the main and second boards of the exchange andre-positioning Mesdaq as a sponsor-driven market for a wide range of companies.We have also allowed for foreign listings, and I note that there are several already in thepipeline. I urge market players to take advantage of these changes by redoubling yourefforts to identify quality local and foreign companies to list in Malaysia.

I have also asked that the issue of free-float levels and liquidity in the market be addressedimmediately with a holistic review and comprehensive measures. On its part, thegovernment and its associated entities will look for ways to contribute towards reducingsome of their shareholdings and having more shares available for investors.

Even as we move towards a more internationalised capital market environment, we mustensure that our regulatory objectives of fair and orderly markets, transparency, financialsoundness and investor protection are met.

In this regard, it is even more necessary to ensure that there are high standards of ethicalconduct and practice of good corporate governance. This requires that we strengthen ourregime for effective enforcement against corporate crime and securities offences.

We will be tabling in Parliament a set of far-reaching amendments to the Capital MarketServices Act (CMSA) to further strengthen the enforcement powers of the SecuritiesCommission (SC) on corporate governance transgressions.

It will empower the SC to take action against a director or officer who causes a wrongful lossto a PLC or its subsidiary to the detriment of shareholders of the PLC. It will also allow theSC to prevent the wrongful dissipation of assets of a PLC by those managing the PLC.

In addition, a new offence is created to prohibit any person from influencing, coercing ormisleading any person engaged in the preparation or audit of financial statements of a PLC.

In addition, an independent Auditor Oversight Board will be established through the tabling ofamendments to the Securities Commission Act 1993.

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The capital market is a knowledge-intensive industry. Attracting and retaining talent is acritical aspect of the process to capture the necessary skills and social relationships toincrease international participation in the Malaysian capital market. We must recognise thatthere is strong international competition for human capital and we must be in a position tofast-track the recruitment process for international talent. For this purpose, I am pleased to

announce that Bank Negara Malaysia BNM and SC will review all visa applications for thefinancial services industry and capital market industries.

Malaysia has undoubtedly been a success story in what we have achieved sinceindependence. Then, Malaysia was but a poor nation reliant on rubber and tin.

By choosing a path of diversification and industrialisation, the Malaysian economy wastransformed, resulting in a higher growth trajectory than what would have been possible if weremained reliant on those commodities.

Over this period, Malaysia sustained rapid economic growth, averaging 6.4 per centannually. Coupled with distributive policies, this rapid economic growth benefited all

segments of the population. Poverty has now fallen to below 4 four per cent from 49 per centin 1970. This is our approach of growth with equity, the Malaysian way. There is no issue ofexpropriation. Equity is achieved through a more equitable distribution of an expandingeconomic pie. Without strong economic growth, we cannot achieve our objective of a morebalanced distribution.

The introduction of growth with equity in 1971 also reflected Malaysia's ability to takepragmatic and courageous decisions, particularly to advance the national interest at times ofcrisis.

Not unlike previous crises, I believe we are yet again at a critical juncture in our nation'sjourney. I am convinced that failure or hesitation to act now will have long-term ramifications

for the nation. The crux of the problem is that on one hand, we have clear ambitions topursue growth with equity as we strive to achieve developed nation status.

To succeed, we would need to again transform the economy onto a higher growth trajectory.Yet, on the other hand, we face major challenges to realising these ambitions, given externalfactors and domestic constraints to strong economic growth.

Against our ambitions for high growth and greater equity, we are faced with four majorchallenges:

First, what has worked before, in advancing Malaysia into a high-middle-incomecountry, appear to be no longer effective in moving us towards developed-nation

status.

Our past experience has given us valuable lessons in what has worked well and whathas not, but they don't necessarily provide us with a clear way forward;

Second, the competitive landscape has changed. Unlike before, we now face intensecompetition, particularly globally for capital, talent, knowledge and resources;

Third, the global economic crisis is amplifying the need to be a preferred investmentdestination, given that corporations are consolidating and moving operations towhere it is most competitive;

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Fourth, the intensity of competition for a smaller pool of investment necessitatesremoving impediments to investment, whether real or perceived, and to administerdistributional policies more effectively but in a more market-friendly manner.

In the context of the challenges the nation faces, the guidelines of the Foreign InvestmentCommittee (FIC) appear to have outlived their usefulness. When the FIC was first introduced

in 1974, it represented a major component of the strategy for growth with equity. Today, it isno longer an effective instrument to support growth with equity.

Back in the 1970s, Bumiputera equity was only 2.4 per cent. Given the very low base, it wasperhaps relevant to adopt allocation-type policies to quickly redress the imbalance. Backthen, it was still practicable to use such policies, given the relative lack of competition forinvestments.

Today, we face a completely different scenario. Investment policies creating regulatoryuncertainty and that are not in line with international practice will only constrain our growthpotential; growth that will allow our distributional objectives to be achieved.

Further, the dynamism and complexity of today's economy does not sit well with the blunt"one size fits all" approach of the FIC. With the progress achieved and enhanced capabilitiesof Bumiputeras today, the pursuit of sustainable equity requires a focus on effective andmeaningful economic participation, not just ownership.

A 30 per cent minority stake in a given company in fact does not provide an avenue forrepresentative participation. Further, it has been shown that the lack of capital results in the30 per cent stakes held at company level not being sustainable. Thus, an objectiveassessment would conclude that the FIC in its current form does not facilitate growth, nordoes it effectively promote sustainable equity for the "capital-disadvantaged" Bumiputera.

The world is changing quickly and we must be ready to change with it or risk being

left behind. If we stand still and attempt to cling on to past glories during thesedynamic times, we will be swiftly overtaken by our competition, as we have overtakenothers in the past.

It is not a time for sentiment or half-measures, but to renew our courage and pragmatism totake the necessary bold measures to advance the national interest for the long-term benefitof all Malaysians.

Pragmatism requires a focus on substance, not form. The government continues to becommitted to pursue the spirit and substance of growth with equity. We are not hostage toforms or instruments, which, though they have been long associated with growth with equity,are no longer effective in substance.

As a major initiative to ease doing business in Malaysia and make Malaysia more attractiveas an in vestment destination, I am pleased to announce a comprehensive deregulation ofinvestment guidelines administered by the FIC.

The scope and functions of the FIC have been substantially rationalised. FIC's scope nowinvolves far fewer transactions, far fewer rules and far fewer conditions. This is in line withthe government's focus on establishing a more conducive regulatory environment for theprivate sector to prosper, by facilitating robust investment activity and a more vibrant capitalmarket.

The review of FIC guidelines encompasses:

First, acquisition of equity stakes, mergers and takeovers;

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Second, treatment of fund-raising by listed companies; and

Third, acquisition of properties.

With immediate effect, the FIC guideline covering the acquisition of equity stakes, mergers

and takeovers is repealed, without any new guideline in its place. FIC will no longer processany share transactions, nor impose equity conditions on such transactions.

This represents a major rationalisation of FIC regulation. Up till yesterday, processing suchtransactions were the mainstay of FIC. From today, this function of FIC ends.

Notwithstanding this deregulation, the national interest in terms of strategic sectors willcontinue to be safeguarded through sector regulators. Companies in such sectors willcontinue to be subject to equity conditions as imposed by their respective sector regulator,such as the Energy Commission, Commercial Vehicles Licensing Board, National WaterServices Commission, and Malaysian Communications and Multimedia Commission.

Even for such regulated companies, the repeal of the FIC guideline enhances the regulatoryenvironment, given that the oversight will only be by the sector regulators, who are bestplaced to tailor regulation according to the needs of their respective sectors.

The treatment of fund-raising by listed companies has also been significantly enhancedtowards raising Malaysia's attractiveness as a listing destination. Currently, companiesseeking listing are required to satisfy the public shareholding spread requirement of 25 percent based on Bursa Malaysia's Listing Rules and also the Bumiputera equity conditionbased on FIC guidelines.

Going forward, the public spread requirement remains and in addition, the SC will introducea new guideline which requires companies seeking listing to offer 50 per cent of the public

shareholding spread to Bumiputera investors.

The Bumiputera equity condition, therefore, becomes subsumed within the public spreadrequirement. This reinforces the competitiveness of Bursa Malaysia as a listing destination,as promoters of companies seeking listing will no longer need to divest equity beyond thatrequired to satisfy the public spread requirement.

In addition, to further ease raising funds from the capital markets, post-listing fund-raisingexercises will no longer be subject to any equity condition. This deregulation will immediatelysupport existing listed companies seeking to raise funds to undertake investments andreduce the friction cost of compliance.

This new requirement to offer 50 per cent of public shareholding spread to Bumiputeraapplies only to Malaysian companies seeking listing on Bursa Malaysia.

The current guidelines for foreign companies to seek listing without any need for compliancewith any equity conditions remain, and we have seen several foreign companies successfullyapplying for listing in Malaysia as a result.

The scope of FIC with respect to property transactions will also be substantially rationalisedwith immediate effect. FIC approval for property transactions will now only be required whereit involves a dilution of Bumiputera or government interests for properties valued at RM20million and above. All other property transactions, including those between foreigners andnon-Bumiputeras, will no longer require FIC approval.

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For example, a dilution of Bumiputera interests refers specifically to the instance where aproperty is currently majority-held by Bumiputera and as a result of a transaction ceases tobe owned by a majority Bumiputera entity.

Transactions no longer requiring FIC approval fall into two categories; First, any transactionsinvolving sale by non-Bumiputera or foreign majority interests (e.g. for example, non-

Bumiputera selling to foreign) and second, any transactions involving purchase by aBumiputera-controlled entity, and this would include a Bumiputera-owned company acquiringproperty from another Bumiputera-owned company.

This deregulation is expected to facilitate greater property transactions and investments,including acquisitions of commercial properties by foreign interests.

The government believes that the above easing of regulations will significantly enhanceMalaysia's value proposition as a place to do business and invest.

With the comprehensive easing of FIC guidelines at the firm level, the Economic PlanningUnit will re-focus its efforts towards coordinating and monitoring distributional policies at a

macro level. In this respect, the government remains committed to enhancing economicparticipation by Bumiputeras.

A new approach shall be undertaken, focused on promoting sustainable, meaningful andeffective participation through genuine partnerships and meritocracy.

Let me emphasise here that while the government remains fully committed to the goals ofequitable growth, our approach will be to implement these goals in a market-friendly manner,given that robust and sustainable growth is a precondition for equitable distribution.

In line with this new approach, a new investment institution called Ekuiti Nasional Berhad(Ekuinas) will be established. Ekuinas will be set up as a private equity fund, with an initial

capital of RM500 million. It is targeted that Ekuinas will subsequently be enlarged to becomea RM10 billion fund.

Ekuinas will focus its investments in sectors with high growth potential, in line withsupporting the New Economic Model. At the same time, Ekuinas will invest jointly withprivate-sector funds, in order to promote genuine partnerships and a fully commercialapproach. In this way, participation of Bumiputeras through Ekuinas will be premised onmerit.

Since the 1970s, the capabilities of Bumiputera professionals have been substantially raised.The Bumiputeras of today are keen to contribute and compete to play an active role inemployment, management and as vendors. It is hoped that through investment funds such

as Ekuinas, the ambitions of the best and brightest Bumiputeras can be supported andnurtured.

The comprehensive deregulation of FIC guidelines has been formulated to strengthenMalaysia's attractiveness as a place to do business and invest, for Malaysians andforeigners alike. A facilitative business and regulatory environment that unleashes the fullpotential of the private sector is required, together with a new economic model to transformthe nation towards a sustainable trajectory of higher growth.Combined with a more effective distributional policy, the government is convinced themeasures announced benefit all stakeholders. We are committed to drive strong economicgrowth, which is equitably enjoyed by all Malaysians, in line with the spirit and substance ofpromoting growth with equity.

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In order for Malaysia to successfully realise its ambition for developed-nation status, therewill clearly be key areas in need of major change and at the same time, other areas wherewe are already in the right direction, which therefore will be reinforced.

In this regard, our policies on government-linked companies (GLCs) and corridordevelopment going forward will involve a judicious combination of continuity and change.

GLCs continue to constitute a major part of the nation's economic structure. Thus, it is in thenational interest that GLCs play their role, both in supporting the success of other companiesthat make up Malaysia Inc and at the same time, leading the way as successful corporationsin their own right.

Both roles require a continued focus on performance and competitiveness, which needs tobe benchmarked not only locally but at global standards. In this context, the government iscommitted to ensure that the GLC Transformation Programme continues to be implemented.If anything, with greater urgency and focus.

The continued drive for high performance is critical to ensure that Malaysia is able to unlock

its full growth potential.

There are clearly key examples of GLCs that must aspire to greater heights, whether interms of being best-in-class or emerging as future regional if not global champions. Theseinclude the likes of Petronas, MISC, Sime Darby, MAS, Axiata, CIMB, and Maybank, toname but a few.

These companies must continue to pursue an increasingly international outlook in terms ofmarket penetration and international competitiveness. The success of such Malaysianchampions will help define the boundaries and reach of Malaysia Inc in the years to come.

At the same time, GLCs are significant in the Malaysian context, not only in terms of their

size but also with respect to the business-critical functions they provide to businesses inMalaysia, particularly services such as electricity, telecommunications, postal, airlines,airports, water and financial services.

Hence, greater competitiveness and performance by such GLCs supports thecompetitiveness of Malaysia Inc.

GLCs must also play a complementary role in the development of the Malaysian privatesector, in terms of the space in which it competes. In terms of defining the role of GLCsgoing forward, three key principles will be applied:

First, GLCs should be focused on core activities, and therefore should proceed to dispose of

non-core activities;

Second, GLCs should only operate in sectors in which GLCs as institutionally-owned entitiescan be competitive, and even in these sectors, GLCs should catalyse and develop thedomestic ecosystem, including vendors. GLCs should divest companies operating in sectorsor scale of activities best undertaken by entrepreneurs.

Third, in their respective core sectors, GLCs must compete on a level playing field with theprivate sector. There will be no issue of government providing assistance to GLCs by virtueof its shareholding, to the detriment of private-sector competition.

Through these principles, the government is confident that GLCs will play a complementary

role with the private sector towards fully unleashing the dynamism of Malaysia Inc andenhancing the competitiveness of the country.

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Similarly, the government's support and drive for corridor development will continue to beanchored on the competitiveness intrinsic to each corridor and in terms of its activity to helpdrive immediate-term fiscal stimulus imperatives as well as medium- and longer-termstructural change to the economy.

In this regard, the development of Iskandar Malaysia, for example, will continue to beanchored on its push towards greater regional integration in a networked economy and itspropensity to develop a new template for newer higher value-added service-based sectors,including in healthcare, wellness, education, leisure and tourism and logistics services.

In conclusion, if there was one message I wanted to leave with the investmentcommunity, it is that there should be no doubt that Malaysia welcomes foreign andlocal investors and participants.

We can only achieve high income by creating more opportunities for growth, ratherthan protecting our narrow turf. We can only achieve our social equity goals byexpanding the pie.

A high-income society must be socially inclusive. It must provide incentives for those who"have a lot" and yet be fair to those who "have a little".

It must lead to high returns for companies and entrepreneurs who invest, better and higherincomes for those who are employed, and greater capability for those who requireassistance to help themselves or to get help from government.

Above all, a high-income society must be one where every Malaysian feels he/ orshetheyhas have a place and a promising future under the Malaysian sun. It is towards this ultimategoal that I dedicate the energies and efforts of this government.

I hope, as investors, you too will continue to play your part, and walk along with us in thisgreat Malaysian journey.

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cabaran besar merencana negara ke arah model ekonomi baru

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