Deputy Prime Minister Tan Sri Muhyiddin Yassin said today he foresees addressing inequalities in many aspects, among them intra-ethnic, inter-ethnic and the gap between the rural and urban areas, as a major challenge for Malaysia in the coming years.
He also said that the salary gap between the top management and lower rank personnel in the corporate sector as well as the development gap between Peninsular Malaysia and Sabah and Sarawak were other challenges.
"The challenges faced by the government in addressing the inequalities of today are far more complex than the task of restructuring society in the 1970s.
"This is because economic liberalisation and open markets have certainly been a major obstacle in the implementation of the government's affirmative action to help the marginalised," he said in his closing speech at the 2015 Malay Economic Summit organised by the Malay Economic Action Council here.
The summit drew economists, members of the Malay chambers of commerce and Malay NGO activists.
The summit was held to determine the direction of the Malay economy, besides proposing policies, interventions and initiatives to empower it.
Muhyiddin referred to several points raised in the Malay Economic Action Council report that needed immediate and serious attention from the government, among them the gap in the household income in the country.
"The highest 20 per cent of any one community earns RM15,254 compared to the lowest group of the same community that earns RM1,686, which is almost 10 times lower," he said.
The deputy prime minister said the report also pointed out that the income disparity between the Malays and another community grew by 10 times, from RM2,600 in 1970 to RM23,000 in 2012.
"Furthermore, the rural community, the majority of which is bumiputera, on the average earned only 60 per cent of the salary of the urban community. Also, the inequality between the income of a junior officer and the CEO of a company in Malaysia was between 90 to 300 times," he said.
Muhyiddin said that despite the various challenges, the people should not be disheartened because the agenda to empower the Malay and bumiputera economy as well as take care of the marginalised communities would continue.
He outlined several areas of primary focus that would have to be made the objective of the national economic management, among them reducing the income and wealth inequalities, bridging the employment gap among communities in the private sector, and eradicating poverty.
The bumiputeras should grab the many opportunities in the various economic sectors under the 12 National Key Economic Areas, including the 3.3 million new jobs in the various viable and lucrative sectors including oil and gas, he said.
In addition, he said, the most important aspect that needed to be emphasised to ensure the success of the bumiputera agenda was to strengthen the governance of ministries, agencies or institutions entrusted to implement bumiputera economic development policies or programmes.
"I believe that if we can reinforce the aspects of governance and integrity, the leakages and weaknesses in the implementation of the bumiputera economic agenda will be resolved and the people's confidence in the government can be restored," he said.
Bernama
Wed Jun 17 2015
MUHYIDDIN: The challenges faced by the government in addressing the inequalities of today are far more complex than the task of restructuring society in the 1970s. - BERNAMA pic
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.