Please enable JavaScript.
Coggle requires JavaScript to display documents.
Registration of Business Entities in Malaysia, Malaysian Progress after …
Registration of Business Entities in Malaysia
The National Development Plan (NDP)
1991 to 2000.
NDP focused on is hardcore poverty, creating employment opportunities, and developing the Bumiputera Commercial and Industrial Community (BCIC).
The Rukun Negara was introduced in 1970 to unite Malaysians through shared values that transcend ethnic, cultural and socio-economic differences.
The NEP restored Malay confidence in the government and reduced Malay-Chinese tensions.
The New Economic Model (NEM)
Three core principles are high income, inclusiveness, and sustainability.
The 13 May 1969 racial riot between Malays and Chinese caused at least 196 deaths and over 400 injuries, exposing the fragility of Malaysia’s multiracial society.
The government introduced the New Economic Policy (NEP) through the National Operations Council (NOC) to address serious economic and social problems.
Malays, Kadazans,
Ibans and a few others left behind economically and less involved in modern commerce and industry.
compared to the Chinese & Indians
Bumiputera’s weak economic position after independence caused dissatisfaction and distrust towards non-Bumiputera, especially the Chinese.
The New Economic Policy (NEP)
1971 promote Malaysia’s socio-economic development by addressing poverty racial economic imbalances that contributed to the 1969 racial riots.
Radicate Poverty: Raise income levels and create jobs for all Malaysians, regardless of race.
Restructure Society: Eliminate economic imbalances so that race is no longer identified with specific economic roles or professions.
- Achieve the objectives of the second prong, three important aspects to accelerate the process of restructuring the Malaysian society:
The three main aspects are:
Employment restructuring –Balance racial epresentation inemployment.
Wealth restructuring –Ensure fairer wealth ownership.
BCIC development –Develop the Native Commercial and Industrial Community.
Non-Malays viewed the policy as discriminatory, but their corporate equity ownership reached 46.2% in 1990, exceeding the 40% target.
Non-Malays,especially the Chinese, benefited from poverty eradication with mean monthly household income rising from RM394 (1970) to RM1,582 (1990).
Native businesses increased but remained smaller and fewer than non-Bumi putera businesses.
By1999, poverty decreased from 16.5% to 7.5%, while hard core poverty fell from 3.9% to 1.4%.
Under the NDP, Native participation in professional and technical jobs increased from 60.5% in 1990 to 63.8% in 2000.
The National Vision Policy (NVP)
2001.
Its aim was to create a prosperous Malaysia, promote ethnic harmony, ensure fair economic participation, and achieve national unity.
Eradicate poverty in remote areas and among aborigines and Bumiputera minorities in Sabah and Sarawak, while increasing income and quality of life for the bottom 30% income group.
Achieve at least 30% Bumiputera equity ownership by 2010.
Increase Bumiputera participation in major economic sectors
NEM aimed to make Malaysia a developed nation by 2020, with high income, a better quality of life, and inclusive and sustainable economic growth.
NEM aimed to create a market-led, well-governed, integrated, entrepreneurial and innovative economy.
emphasized creating a supportive environment for entrepreneurship development.
The Malaysian government supports businesses and start-ups through SME funding, incubators, advisory services, training, and special programmes for young entrepreneurs.
Malaysian Progress after
Independence (cont.)
The New Economic Policy
(NEP)