ROCKY'S BRU
Sad to say that Tan Sri Ramon's argument is empirically incorrect as most of the foreign companies that have set up operations in Malaysia are no longer constrained by the NEP's equity shareholding requirement since the past several years.
Furthermore, had the NEP really constrained FDI inflows, Malaysia would not have seen the influx of foreign investments towards the late 1980s and in the 1990s, up to the crisis year when the requirements under the affirmative action were rigorously enforced. On the contrary, net FDI inflows into Malaysia were not only positive but also among the highest in the region.
Furthermore, had the NEP really constrained FDI inflows, Malaysia would not have seen the influx of foreign investments towards the late 1980s and in the 1990s, up to the crisis year when the requirements under the affirmative action were rigorously enforced. On the contrary, net FDI inflows into Malaysia were not only positive but also among the highest in the region.
Dr Muhammed Abdul Khalid is a research fellow with UKM
People like Ramon Navaratnam are a mystery to me. When in Government, he sat behind his desk like a mouse, like a obedient servant who did not questestion anything, right or wrong, that he was asked to do. He became a "top" civil servant, drew good salaries and perks, and defended all the policies of the Government. If had not done all that, he would have been on the streets.
Once out, he bites the hands that fed him. Like an avenging angel, he starts ravaging the very policies that he so staunchly defended.
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