Nazir Razak says NEP 'bastardised'
In the harshest rebuke yet of the abuse of the New Economic Policy (NEP), CIMB group CEO Nazir Abdul Razak described the NEP as having been bastardised by deviating from its original purpose.
In a question-and-answer session after delivering a talk at the Chinese Economic Congress this afternoon, Nazir said, "I have strong opinions about how the NEP has been bastardised over the years." Speaking after delivering his luncheon address titled 'Strength in Diversity, Beyond the Rhetoric', Nazir also told the mainly Chinese participants to look beyond party calls advocating the rights of their own race, pointing out that he too was a descendant of an immigrant family.
After 1969 (May 13 racial riot), no one knew what the outcome of the NEP would be when it was drawn up in 1971 by Nazir's own father, the country's second prime minister Abdul Razak Hussein. The NEP was a social engineering experiment that no one had ever done before in any country, Thus, it was given 20 years to achieve its aim.
According to Nazir, while the NEP has come a long way from the social engineering experiment originally aimed at eradicating poverty, the policy has since appeared to enrich small pockets of people but now it is so embedded in everything that we do - in every part of the government, in every part of businesses - that it has become a problem.
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