pywong
1st July 2009, 05:49 PM
PRESS STATEMENT
JULY 1, 2009 (WEDNESDAY)
EKUINAS MUST NOT DUPLICATE EXISTING INVESTMENT ARMS
SHAH ALAM: The Federal Government must ensure that the new investment institution, Ekuiti Nasional
Berhad (Ekuinas) will not duplicate the roles and responsibilities assumed by the existing investment arms.
It would not be wise for the government to increase its overhead cost unnecessarily considering that it already
has various investments arms like Permodalan Nasional Berhad (PNB), Khazanah Nasional, Tabung Haji and
ValueCap which are already managing various types of investments.
Prime Minister Datuk Seri Najib Tun Razak must make clear the roles of Ekuinas and its beneficiaries. He
also must ensure that the new investment arm is transparent and accountable to the rakyat in making its
investments.
The Selangor State Government welcomed the new economic liberalization policies introduced by the Prime
Minister to boost economic growth amid a slowing economy. However, it must be pointed out that these
policies are medium-term measures and cannot solve the current issues in hand quickly.
We call on the Federal Government to create a stimulus programme with a “credit-multiplier” effect that is
able to create business opportunities and employment thus addressing the current issues within short term.
While the need to liberalised the economy cannot be denied, these policies must be balanced with policies to
protect the local players. Malaysia players must be prepared for the challenges created by a liberalized
economy.
If we look at developed countries that are already practicing liberalized economy, it is clear that that
international investors and players are likely to concentrate on those with excess fund and players with
sophistication and ability to participate in the capital and financial market.
If this is allowed to happen here, Malaysian banks, small-time investors and people at the rural areas will be
isolated from reaping the benefits of a liberalized economy. This would create further gap and disparity in
economic development in Malaysia.
It is therefore hoped that the federal government will set up business-targetted programmes targeting the local
service industry players so that small-time players will be able to join the mainstream of the financial and
capital.
The Federal Government will also have to ensure that the “backroom support” is ready to cater for the
business activities that are projected to come in following the liberalization measure. Therefore, steps must be
taken to ensure that local universities and institute of higher education are able to supply the experience,
expertise and skills that are on par with international standards. Proper focus must also be given to the
accreditation of professionals needed in the banking and capital market industry.
If this is not done, the professional positions will only be filled by expatriates and Malaysians will end up
losing in the globalization race.
TAN SRI ABDUL KHALID IBRAHIM
DATO’ MENTERI BESAR SELANGOR
JULY 1, 2009 (WEDNESDAY)
EKUINAS MUST NOT DUPLICATE EXISTING INVESTMENT ARMS
SHAH ALAM: The Federal Government must ensure that the new investment institution, Ekuiti Nasional
Berhad (Ekuinas) will not duplicate the roles and responsibilities assumed by the existing investment arms.
It would not be wise for the government to increase its overhead cost unnecessarily considering that it already
has various investments arms like Permodalan Nasional Berhad (PNB), Khazanah Nasional, Tabung Haji and
ValueCap which are already managing various types of investments.
Prime Minister Datuk Seri Najib Tun Razak must make clear the roles of Ekuinas and its beneficiaries. He
also must ensure that the new investment arm is transparent and accountable to the rakyat in making its
investments.
The Selangor State Government welcomed the new economic liberalization policies introduced by the Prime
Minister to boost economic growth amid a slowing economy. However, it must be pointed out that these
policies are medium-term measures and cannot solve the current issues in hand quickly.
We call on the Federal Government to create a stimulus programme with a “credit-multiplier” effect that is
able to create business opportunities and employment thus addressing the current issues within short term.
While the need to liberalised the economy cannot be denied, these policies must be balanced with policies to
protect the local players. Malaysia players must be prepared for the challenges created by a liberalized
economy.
If we look at developed countries that are already practicing liberalized economy, it is clear that that
international investors and players are likely to concentrate on those with excess fund and players with
sophistication and ability to participate in the capital and financial market.
If this is allowed to happen here, Malaysian banks, small-time investors and people at the rural areas will be
isolated from reaping the benefits of a liberalized economy. This would create further gap and disparity in
economic development in Malaysia.
It is therefore hoped that the federal government will set up business-targetted programmes targeting the local
service industry players so that small-time players will be able to join the mainstream of the financial and
capital.
The Federal Government will also have to ensure that the “backroom support” is ready to cater for the
business activities that are projected to come in following the liberalization measure. Therefore, steps must be
taken to ensure that local universities and institute of higher education are able to supply the experience,
expertise and skills that are on par with international standards. Proper focus must also be given to the
accreditation of professionals needed in the banking and capital market industry.
If this is not done, the professional positions will only be filled by expatriates and Malaysians will end up
losing in the globalization race.
TAN SRI ABDUL KHALID IBRAHIM
DATO’ MENTERI BESAR SELANGOR