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It is argued that long before the arrival of the British and the
other immigrant races, notably the Chinese, the Bumiputeras
had enjoyed a period of economic independence and were
involved in commerce with domestic traders as well as with
foreign traders like the Arabs and the Indians (Drabble,
2000).
• The government had targeted that by the end of the NEP period
in 1990, Malays and other Bumiputeras would own and control at
least 30 per cent of the equity capital in the corporate or business
sector, with foreigners and other Malaysians owning 30 per cent
and 40 per cent respectively (MTR 2MP, 1973).
• It intensified its efforts through the creation of trust agencies and
their subsidiaries like the National Equity Corporation Ltd. or
Perbadanan Nasional Berhad (PNB), People’s Trust Council or
Majlis Amanah Rakyat (MARA), Urban Development Authority
(UDA) and State Economic Development Corporations (SEDCs),
The privileges enjoyed by the Malays under the NEP have also
led to what some call the ‘Ali-Baba’ practice (Heng, 1992; Milne &
Mauzy, 1999). Being late starters in the world of modern business,
the Malays lacked experiences and business knowledge.
This had encouraged some of them to go into business joint
ventures with the Chinese. However, rather than being given an
active role in running the business, the Malay (Ali) would usually
be treated as a passive partner by the Chinese (Baba). Ali is a
traditional name for a Malay man, whereas Baba is a term used
for a Straits-born Chinese man.
Even though the Ali-Baba practice existed before the NEP, the
practice became more prevalent after the NEP.
Another major setback of the NEP was that it gave too much
attention to economic importance of accumulation of capital for
Malay enterprises and too little attention to the psychological and
sociological aspects of entrepreneurship.
For example the government was seen as giving the Malays too
much access to capital, contracts, and licences, but had not
provided a conducive environment for their entrepreneurial
development (Tan, 2006).
The National Vision Policy (NVP) was then introduced in 2001 with
the aim of establishing a progressive and prosperous ‘Bangsa
Malaysia’ or Malaysian Race where different ethnic groups live in
harmony and are engaged in full and fair participation in the
economy, so as to ensure national unity (OPP3, 2001).
The policy combines the main strategies of the NEP with that of
the NDP to achieve balanced development of the ethnic groups in
the economy.
The NVP had also introduced new policy directions aimed at:
– developing Malaysia into a knowledge-based society
– eliminating poverty in remote areas and among aborigines and
Bumiputera minorities in Sabah and Sarawak as well as increasing the
income and raising the quality of life of those in the lowest 30 per cent
income category
– achieving effective Bumiputera participation as well as equity
ownership of at least 30 per cent by 2010
– increasing the participation of Bumiputera in the leading sectors of the
economy (OPP3, 2001)