MTEM: Shared Prosperity Vision is good but don’t forget the Malays
PUCHONG: The Malay Economic Action Council (MTEM) welcomed the government’s move to introduce the Shared Prosperity Vision 2030 to address the income disparity among Malaysians.
However, the council reiterated that the government must not sideline the bumiputra community in the process, claiming the Malays were still lagging behind compared to other ethnic groups.
“We welcome the Shared Prosperity Vision by the government. I believe the policy is mooted as the income disparity among Malaysians of different races is getting wider.
“The income gap between a bumiputra and a Chinese was at RM497 a month in 1989. The gap became wider in 2016 to RM 1,736 a month.
“The income disparity between a Chinese and an Indian was RM286 a month in 1989. The gap also widened in 2016 to RM1,154,” he said.
In terms of accumulated wealth, Yazid claimed that the income gap between the bumiputra and other communities stood at RM1 trillion.
The MTEM leader acknowledged that while the nation’s Gross Domestic Product (GDP) has grown over the years, majority of Malaysians are not getting any benefit out of the increased prosperity.
“And the targeted 30% equity ownership for the bumiputra community has yet to be achieved. So, I really hope the Shared Prosperity Vision will address this matter so that all Malaysian can benefit from it,” said Yazid.
Touching on the bumiputra community, Yazid said that the government should focus on improving the economy, industries and the education system to facilitate the Malays to face future challenges.
Be it working people or entrepreneurs, Yazid said, Malays from both rural and urban areas should be given incentives, capacity training and strategic aid to help them to become experts in technology, innovation and research and development (R&D).
“Help the bumiputras to also excel in areas such as aerospace, smart plantation and other support services to face the upcoming 4th Industrial Revolution,” he said.
Yazid added that it was vital for all Malaysians to be able to enjoy the economic prosperity of the nation so that no one gets left behind.
“This will ensure that the nation’s political stability is secured and Malaysians live in a harmonious environment,” he said.
On Sept 20, The Malay Mail Online published a study titled ‘The Income Inequality and Ethnic Cleavages in Malaysia Evidence from Distributional National Accounts’ by Paris School of Economics that revealed that the income divide in Malaysia was actually between the rich Malaysians and poor Malaysians instead of among races.
In the study, it showed that Malaysia’s richest 10% controlled nearly half of the total income share from 2002 to 2014, with ultra-rich Malays taking the biggest share in earnings at 8.3%.
By G Vinod
