Execution and commitment very important, say traders

PETALING JAYA: The visionary Madani Economy will not make it without proper execution and commitment from all government departments and agencies, say trade groups.

They said when all the hype of the announcement has receded, the roll-out of practical measures over the years will be crucial to making things work.

Associated Chinese Chambers of Commerce and Industry of Malaysia’s (ACCCIM) treasurer-general Datuk Koong Lin Loong said that it is “not so simple” to regain Malaysia’s status as an Asian Tiger.

“We need continuous improvement, especially in ease of doing business and how we attract foreign direct investment (FDI) while solidifying our domestic direct investment (DDI). Execution is very important. Announcements are not new to Malaysia, as several of our former premiers also had similar plans. But execution is key,” he said in an interview yesterday.

Lauding the Madani Economy plan, Koong likened it to a “mini Budget” and a “mid-year message of confidence level” to the people.

“Our Prime Minister gave us a grand direction. He wants to implement many things, and he wants Malaysia to advance, beat corruption and become a top country again.

“These are good aspirations where we will fly again the second time,” he said.

Koong, who is also ACCCIM’s SMEs committee chairman, said the coordination between government departments and agencies must be improved to make Malaysia the champion of the region again.

“This is what we have been lacking all this while. We need good follow-up and follow-through,” he said.

Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI) president Datuk Seri N. Gobalakrishnan said Anwar’s new economic vision, which emphasises building a better Malaysia together with assistance from the private sector, civil servants and government-linked companies (GLCs), is a timely and cohesive approach.

With the participation of the three main sectors, it will enhance and add value to the Madani Economy plan, he said.

Gobalakrishnan added that weaknesses such as leakages, which the incumbent government has agreed to check and plug, must be affirmatively addressed by the government to make the Madani Economy a success.

Universiti Malaya Ungku Aziz Centre for Development Studies adjunct professor Dr Zakariah Abdul Rashid said structural reforms hold the key to success.

“It will require structural change, which includes measures that are not politically popular. Political will is needed.

“And when there are any setbacks, the government must give more priority to what we want to change and not so much to politics,” he said.