Najib promises administrative reforms to support NEM

HONG KONG: The Government will carry out administrative reforms to support the implementation and ensure the success of the New Economic Model (NEM), said Datuk Seri Najib Tun Razak.

“The stress has to be on execution because no matter how good our policy is, we will not be able to achieve what we desire if the implementation is not carefully planned. I will announce some administrative reforms along with the NEM on March 30,’’ he told Malaysian journalists covering his visit here yesterday.

Najib, who is also Finance Minister, did not provide details but said that Malaysians would be in for a surprise.

The Prime Minister was in Hong Kong to convey the direction of the NEM and the Government’s plans for a big transformation to the economy to fund managers and investors at a conference organised by Credit Suisse.

He said among the feedback from investors was their desire to see more listings in the Malaysian capital market involving large and strong companies, and a reduction in shareholdings by government-linked companies and government bodies.

He said they were keen to invest in Malaysia but felt that certain constraints were squeezing out their opportunities. The constraints included large companies with little free float for them to buy into and GLCs and government bodies having large shareholdings in corporations.

“The market wants us to reduce government holdings and I have directed Khazanah Nasional Bhd and the Employees Provident Fund to act accordingly,’’ he said.

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