Corruption, abuse of power are main factors curbing economic progress

KUALA LUMPUR (Oct 5): Corruption and abuse of power are the main factors hindering the country's economic growth and distribution, not the Bumiputera Empowerment Agenda.

Prime Minister Tun Dr Mahathir Mohamad said the agenda received a major impact from these wrongdoings as the opportunities and support that were supposed to be given to the Bumiputeras were misused and siphoned off to the wrong group of people.

He noted that the target of 30% Bumiputera equity ownership, set under the New Economic Policy, has yet to be achieved.

“As a result (of the wrongdoings), the Bumiputera economic status gap could not be resolved. This cancer has intensified and must be treated quickly.

“As a doctor, I only look towards treating the cancer. It must be cut out and removed,” Mahathir said when launching Shared Prosperity Vision 2030 (WKB2030) here today.

He said the rise in foreign equity ownership is also worrying.

Study findings and data collected on the country's corporate equity position up to 2015 show that Bumiputera equity had fallen to 16.2% and the non-Bumiputera share had slipped to 30.7% while foreign equity ownership grew to 45.3%.

“For comparison, in 2011, Bumiputera corporate equity ownership stood at 23.4% while the non-Bumiputeras held 34.8%,” Mahathir said, adding that foreign equity ownership then was only 37.2%.