It is reasonable to agree with PM Najib’s logic with regards to the recent Proton deal where China’s Geely Group acquired a 49.9 percent stake in the national carmaker. Najib recently announced that it makes good sense to own a smaller equity in a company poised to access bigger consumer markets and which has the ability to enjoy economies of scale. This is opposed to retaining loss-making companies that are 100 percent Malaysian owned.
This basic economy theory must also be applied to other loss-making government-linked companies (GLCs). It is mind boggling that many of our GLCs suffer huge losses every year despite being “protected” by our government and some GLCs even enjoy market monopoly. It is not only Proton but almost all other national owned transportation companies which are making losses, from Keretapi Tanah Malayu Bhd, Prasarana Sdn Bhd to Malaysia Airlines Bhd. Shouldn’t Najib also look for white knights who are capable of turning around these failing companies? Further examples of loss-making GLCs with market monopoly are Halal Industry Development Corp Sdn Bhd, Indah Water Konsortium Sdn Bhd, MIMOS Bhd and SIRIM Bhd. Perhaps it is time for Najib to reconsider the monopoly privileges granted to these companies.
For the past 9 years under Najib’s administration, Malaysia’s budget deficit remained high at an appalling RM37 billion to RM47 billion. Another example close to home is Singapore, a miniature country in terms of size and natural resources. The Singapore dollar to Ringgit exchange rate has shot up from RM2.40 in 2009 when Najib became the PM to RM3.10 today. The answer is obvious that Najib-led BN government has been a loss-making government for way too long. Malaysia will be better off with BN playing a lesser role in parliament and let Pakatan Harapan administer the country for a change.
Just like in the case of Proton where only time will tell if Geely can successfully turn it around, time will also show whether Pakatan Harapan can turn Malaysia into a more prosperous country. We rakyat have been patiently paying the debts incurred by Najib’s administration and we have nothing else to lose by giving Pakatan Harapan the opportunity to be the new government of Malaysia.