Ku Li: We need bold reforms, not Najib’s NEM

(Free Malaysia Today) – Pouring cold water on the government’s New Economic Model (NEM), Tengku Razaleigh Hamzah took a swipe at Prime Minister Najib Tun Razak, saying that the country needs bold reforms, and not piecemeal economic measures.

In his speech at a book launch last night, the veteran Umno leader stressed on the importance of setting the house in order and instilling confidence in the people.

Tengku Razaleigh pointed out that reforms must be undertaken to restore the independence of the police, the anti-corruption commission and the judiciary.

Confidence in the rule of law, he added, is a basic condition of economic growth.

“We are in a foundational crisis of our political system. People can no longer see what lies ahead of us, and all around us they see signs of decaying institutions. The country will continue to haemorrhage wealth and talent.

“To reverse that exodus we must restore confidence in the country. We do not get confidence back with piecemeal economic measures but with bold reforms to restore transparency, accountability and legitimacy to our institutions,” he said.

Tengku Razaleigh said confidence will return if people see decisive leadership motivated by a sincere concern for the welfare of the country.

The opposite occurs if they see decisions motivated by short term politics, he added.

“Nevermind FDI (Foreign Direct Investment), if Malaysians started investing in Malaysia, and stopped leaving, or started coming back, we would see a surge in growth,” he noted.