PM: Monopoly market, corruption and leakages hinder efforts to achieve shared prosperity

KUALA LUMPUR: Unhealthy competition brought about by monopolies in the markets, profiteering, corruption and leakages continue to hinder Malaysia’s efforts to realise the Shared Prosperity Vision 2030 (SPV2030).

Prime Minister Tan Sri Muhyiddin Yassin said these were stumbling blocks to the country’s effort to achieve a fair economic growth and distribution, as well as improve Bumiputera economy.

He said the income gap among ethnic groups and disparity between different regions in Malaysia were still prevalent despite various efforts by the government to enhance the people’s standard of living.

“The wage rate for employees in the country is calculated based on the percentage of the Compensation of Employees (CE) per Gross Domestic Product (GDP), which is still low at 35.7 per cent, compared with 46 to 52 per cent earned by employees in developed countries.

“Apart from that, expenditures for research and development is still low at 1.4 per cent to the country’s GDP.

“This has hindered the wider reception of the most advanced technology and automation by industries, while limiting innovation and increase in productivity,” he said at the Shared Prosperity of Kuala Lumpur town hall organised by Institut Masa Depan Malaysia (Institut Masa) today.

Some 400 Malaysians from all walks of life attended the event. Also present were Senior Education Minister Senator Dr Radzi Jidin, Chief Secretary to the Government Datuk Seri Mohd Zuki Ali and Institut Masa chief executive officer Mohd Nizam Mahshar.

Muhyiddin said products and services in the country had yet to reach the optimum level as dependency on commodity-based exports was relatively high.

He said a huge portion of the industry was still in the low value-added category with minimum usage of technology.

He said the country had yet to reach its real potential, including in fields like information technology and communications, as well as machineries and equipment which needed a boost in investment to generate a more robust growth.

Muhyiddin, who is Institute Masa’s founder and chairman, said the 15 guiding principles identified for SPV2030, along with seven thrusts and eight enablers to achieve its three main objectives, will allow for a united, prosperous and dignified nation for all Malaysians.

“Under Shared Prosperity Vision 2030, nobody will be left behind. Prosperity is colour blind. It must not discriminate against anyone.

“All of you, regardless whether you are Malay, Chinese, Indian, Sikh, Iban, Kadazan, Dusun, Murut, Bidayuh, Bajau, Melanau, Orang Asal – all of you – have the right to be prosperous and successful in this country.”

Meanwhile, Muhyiddin said a Shared Prosperity Action Council will be formed to oversee the implementation of SPV2030.

The prime minister said he would chair the council, while Shared Prosperity Delivery Unit (Sepadu), established to coordinate efforts between agencies and stakeholders, would serve as its secretariat.

He said amendments and enhancements were being made before the policy kickstarts next year, and adjustments needed to be made due to Covid-19 pandemic.

“SPV2030 will be given focus through the implementation of 12th Malaysia Plan and 13th Malaysia Plan.”

Muhyiddin said the townhall was organised to provide further explanation on the government’s plan in implementing SPV2030.

It was themed “Advancing the Shared Prosperity Vision Agenda”. SPV2030 is Malaysia’s 10-year commitment targeted to achieve sustainable growth with fair and equitable distribution across income groups, ethnicities, regions and supply chains.

Date: 29 September 2020
Source and Image from: Free Malaysia Today –

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