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While Malaysia fiddles, its opportunities are running dry
Michael Backman
November 15, 2006
MALAYSIA'S been at it again, arguing about what proportion of the economy each of its two main races — the Malays and the Chinese — owns. It's an argument that's been running for 40 years. That wealth and race are not synonymous is important for national cohesion, but really it's time Malaysia grew up.
It's a tough world out there and there can be little sympathy for a country that prefers to argue about how to divide wealth rather than get on with the job of creating it.
The long-held aim is for 30 per cent of corporate equity to be in Malay hands, but the figure that the Government uses to justify handing over huge swathes of public companies to Malays but not to other races is absurd. It bases its figure on equity valued, not at market value, but at par value.
Many shares have a par value of say $1 but a market value of $12. And so the Government figure (18.9 per cent is the most recent figure) is a gross underestimate. Last month a paper by a researcher at a local think-tank came up with a figure of 45 per cent based on actual stock prices. All hell broke loose. The paper was withdrawn and the researcher resigned in protest. Part of the problem is that he is Chinese.
"Malaysia boleh!" is Malaysia's national catch cry. It translates to "Malaysia can!" and Malaysia certainly can. Few countries are as good at wasting money. It is richly endowed with natural resources and the national obsession seems to be to extract these, sell them off and then collectively spray the proceeds up against the wall.
This all happens in the context of Malaysia's grossly inflated sense of its place in the world.
Most Malaysians are convinced that the eyes of the world are on their country and that their leaders are world figures. This is thanks to Malaysia's tame media and the bravado of former prime minister Mahathir Mohamad. The truth is, few people on the streets of London or New York could point to Malaysia on a map much less name its prime minister or capital city.
As if to make this point, a recent episode of The Simpsons features a newsreader trying to announce that a tidal wave had hit some place called Kuala Lumpur. He couldn't pronounce the city's name and so made up one, as if no-one cared anyway. But the joke was on the script writers — Kuala Lumpur is inland.
Petronas, the national oil company is well run, particularly when compared to the disaster that passes for a national oil company in neighbouring Indonesia. But in some respects, this is Malaysia's problem. The very success of Petronas means that it is used to underwrite all manner of excess.
The KLCC development in central Kuala Lumpur is an example. It includes the Twin Towers, the tallest buildings in the world when they were built, which was their point.
It certainly wasn't that there was an office shortage in Kuala Lumpur — there wasn't.
Malaysians are very proud of these towers. Goodness knows why. They had little to do with them. The money for them came out of the ground and the engineering was contracted out to South Korean companies.
They don't even run the shopping centre that's beneath them. That's handled by Australia's Westfield.
Next year, a Malaysian astronaut will go into space aboard a Russian rocket — the first Malay in space. And the cost? $RM95 million ($A34.3 million), to be footed by Malaysian taxpayers. The Science and Technology Minister has said that a moon landing in 2020 is the next target, aboard a US flight. There's no indication of what the Americans will charge for this, assuming there's even a chance that they will consider it. But what is Malaysia getting by using the space programs of others as a taxi service? There are no obvious technical benefits, but no doubt Malaysians will be told once again, that they are "boleh". The trouble is, they're not. It's not their space program.
Back in July, the Government announced that it would spend $RM490 million on a sports complex near the London Olympics site so that Malaysian athletes can train there and "get used to cold weather".
But the summer Olympics are held in the summer.
So what is the complex's real purpose? The dozens of goodwill missions by ministers and bureaucrats to London to check on the centre's construction and then on the athletes while they train might provide a clue.
Bank bale outs, a formula one racing track, an entire new capital city — Petronas has paid for them all. It's been an orgy of nonsense that Malaysia can ill afford.
Why? Because Malaysia's oil will run out in about 19 years. As it is, Malaysia will become a net oil importer in 2011 — that's just five years away.
So it's in this context that the latest debate about race and wealth is so sad.
It is time to move on, time to prepare the economy for life after oil. But, like Nero fiddling while Rome burned, the Malaysian Government is more interested in stunts like sending a Malaysian into space when Malaysia's inadequate schools could have done with the cash, and arguing about wealth distribution using transparently ridiculous statistics.
That's not Malaysia "boleh", that's Malaysia "bodoh" (stupid).
Couldn't agree more with some of the facts conveyed.
Sunday, November 26, 2006
Saturday, October 21, 2006
Speaking Out
After reading through another posting on Citizen's blog ( Are we truly Malaysians ? ), i have nothing but total agreement for what have been stated.
Firstly, i must state that i am a truly patriotic and proud Malaysian currently persuing my tertiary education in Singapore. However, here is my dilemma. Whenever asked about my country of origin, i would proudly say that i am a Malaysian and not a Malaysian Chinese as what many do. The following questions that confront us would be " Does your government treat you well, or do they marginalize certain ethnic group ?". Being proud of my home country, my obvious answer would be no and by giving examples of how well the country has treated us. Then come the final nail in the coffin; " Why do you come and study in Singapore then?". All the time, i dreaded this question as it is a pain for me to tell them that i couldn't get my first choice local university. This answer still haunts me everyday as i struggle to find a reason as of why am i not offered my first choice in the local university selection, whereas the Singapore government willingly offer me full scholarship to study in a Singapore University of similar, if not better reputation.
Similarly, for many of the Malaysian scholars who have went studying abroad on their parents' support, there was once an issue accusing these scholars as unpatriotic and so on for not returning to the country after their studies. However, if we were to look at it in a different perspective, we sometimes cannot blame them for not returning to serve the country as their parents might have spent hundreds of thousands of dollars of their hard earned money financing their studies abroad. Hence, it is not unfair for them to want to continue working abroad after graduating, where the pay might be higher and their contributions better recognized.
As what have been said in the blog ( Are we truly Malaysians? ). I am also not a keen admirer of the quota system and various restrictions implemented in Malaysia. This said, it does not mean that what the government does is totally wrong. However, there are other more effective ways of achieving the government's goal of wealth distribution. In this globalize world we are living in, the challenges facing us Malaysian are from the outside world and not among ourselves. Hence, we should liberalize the country policies so as to provide an equal playing field for everyone in the country and promote healthy competition. By implementing the quota system, the government would tend to over protect specific groups causing them to be in their comfort zone and unable to compete in a free market. All these would surely bring more harm than benefit to our country. As what economists say; " When market is allowed to work freely, equilibrium will be achieved and total economic surplus will be maximized. With a larger economic pie size, everyone will enjoy a larger slice of the pie. " According to the recent survey result from (ASLI), it is stated that bumiputras owned up to 45% of the country's business equity. Therefore, isn't the time ripe for us to move on as a nation and concentrate towards expanding our country's wealth creation, not on issues such as wealth distribution or economic protection according to race?
It has always been my intention to return to Malaysia to expand my career there after my studies here in Singapore. This is due to my belief that Malaysia has a large potential to grow and develop as a nation. There is again dilemma facing me as to whether that would be a wise choice. Besides the obvious restrictions and quota system implemented in the country, there are also other issues faced by Malaysia. Since coming over to study abroad, i am privileged to get the chance to compare between the 2 countries. There are aspects where Malaysia can certainly learn from it's neighboring country such as Singapore. For instance, when i was crossing the border back to Singapore the other day by car, i can't help but notice that at the Singaporean customs, there will be only 1 officer in charge in a booth. The officer will always be sitting up straight in a ready position and greet users with a friendly smile before requesting politely with; " May i have your passport please? ". As for the Malaysian side of the customs, there are 2 officers in a counter. One is in a sitting/lying position talking on the phone like no one's business, while the other would greet us with not much satisfaction is his expression; " Mana passport? ". This phenomena is not unique to the customs department only, whereas most of the government departments. When one deals with the government departments in Singapore, they provide you with a service that makes you feel that you are checking into a 5-Stars hotel. In contrary, in Malaysia one gets the impression that they are indebted to and begging for help from the government officers. ( I must note that there are also terrific Malaysian government officers which i have met over time, and also the bad apples in the Singaporean government. However, the majority of situations that i have come about is as described ). Therefore, to build an effective government organization, not only does the system have to be changed, the attitude of the people has to be changed as well. Government officers should feel proud to be serving the nation and adhere to what our PM said repeatedly; " Government officers are there to facilitate, not frustrate. "
As a summary, Malaysia has been and will always be my homeland. However, though we should always be proud of our own tradition and achievement, we should also be humble enough to learn from others to further improve ourselves. As time progresses, I believe we would see constant improvement, be it in terms of financial performance or internal policies. If there is a will, there is a better future. Come on Malaysia !
p/s : I posted this blog on the star online, wonder why they won't publish it :)
Firstly, i must state that i am a truly patriotic and proud Malaysian currently persuing my tertiary education in Singapore. However, here is my dilemma. Whenever asked about my country of origin, i would proudly say that i am a Malaysian and not a Malaysian Chinese as what many do. The following questions that confront us would be " Does your government treat you well, or do they marginalize certain ethnic group ?". Being proud of my home country, my obvious answer would be no and by giving examples of how well the country has treated us. Then come the final nail in the coffin; " Why do you come and study in Singapore then?". All the time, i dreaded this question as it is a pain for me to tell them that i couldn't get my first choice local university. This answer still haunts me everyday as i struggle to find a reason as of why am i not offered my first choice in the local university selection, whereas the Singapore government willingly offer me full scholarship to study in a Singapore University of similar, if not better reputation.
Similarly, for many of the Malaysian scholars who have went studying abroad on their parents' support, there was once an issue accusing these scholars as unpatriotic and so on for not returning to the country after their studies. However, if we were to look at it in a different perspective, we sometimes cannot blame them for not returning to serve the country as their parents might have spent hundreds of thousands of dollars of their hard earned money financing their studies abroad. Hence, it is not unfair for them to want to continue working abroad after graduating, where the pay might be higher and their contributions better recognized.
As what have been said in the blog ( Are we truly Malaysians? ). I am also not a keen admirer of the quota system and various restrictions implemented in Malaysia. This said, it does not mean that what the government does is totally wrong. However, there are other more effective ways of achieving the government's goal of wealth distribution. In this globalize world we are living in, the challenges facing us Malaysian are from the outside world and not among ourselves. Hence, we should liberalize the country policies so as to provide an equal playing field for everyone in the country and promote healthy competition. By implementing the quota system, the government would tend to over protect specific groups causing them to be in their comfort zone and unable to compete in a free market. All these would surely bring more harm than benefit to our country. As what economists say; " When market is allowed to work freely, equilibrium will be achieved and total economic surplus will be maximized. With a larger economic pie size, everyone will enjoy a larger slice of the pie. " According to the recent survey result from (ASLI), it is stated that bumiputras owned up to 45% of the country's business equity. Therefore, isn't the time ripe for us to move on as a nation and concentrate towards expanding our country's wealth creation, not on issues such as wealth distribution or economic protection according to race?
It has always been my intention to return to Malaysia to expand my career there after my studies here in Singapore. This is due to my belief that Malaysia has a large potential to grow and develop as a nation. There is again dilemma facing me as to whether that would be a wise choice. Besides the obvious restrictions and quota system implemented in the country, there are also other issues faced by Malaysia. Since coming over to study abroad, i am privileged to get the chance to compare between the 2 countries. There are aspects where Malaysia can certainly learn from it's neighboring country such as Singapore. For instance, when i was crossing the border back to Singapore the other day by car, i can't help but notice that at the Singaporean customs, there will be only 1 officer in charge in a booth. The officer will always be sitting up straight in a ready position and greet users with a friendly smile before requesting politely with; " May i have your passport please? ". As for the Malaysian side of the customs, there are 2 officers in a counter. One is in a sitting/lying position talking on the phone like no one's business, while the other would greet us with not much satisfaction is his expression; " Mana passport? ". This phenomena is not unique to the customs department only, whereas most of the government departments. When one deals with the government departments in Singapore, they provide you with a service that makes you feel that you are checking into a 5-Stars hotel. In contrary, in Malaysia one gets the impression that they are indebted to and begging for help from the government officers. ( I must note that there are also terrific Malaysian government officers which i have met over time, and also the bad apples in the Singaporean government. However, the majority of situations that i have come about is as described ). Therefore, to build an effective government organization, not only does the system have to be changed, the attitude of the people has to be changed as well. Government officers should feel proud to be serving the nation and adhere to what our PM said repeatedly; " Government officers are there to facilitate, not frustrate. "
As a summary, Malaysia has been and will always be my homeland. However, though we should always be proud of our own tradition and achievement, we should also be humble enough to learn from others to further improve ourselves. As time progresses, I believe we would see constant improvement, be it in terms of financial performance or internal policies. If there is a will, there is a better future. Come on Malaysia !
p/s : I posted this blog on the star online, wonder why they won't publish it :)
Thursday, September 14, 2006
Can You Feel The Love
There's a calm surrender
To the rush of day,
When the heat of a rolling wind
Can't be turned away
An enchanted moment,
And it sees me through
It's enough for this restless warrior
Just to be with you
And can you feel the love tonight?
It is where we are
It's enough for this wide-eyed wanderer
That we got this far
And can you feel the love tonight,
How it's laid to rest?
It's enough to make kings and vagabonds
Believe the very best
There's a time for everyone,
If they only learn
That the twisting kaleidoscope
Moves us all in turn
There's a rhyme and reason
To the wild outdoors
When the heart of this star-crossed voyager
Beats in time with yours
And can you feel the love tonight?
It is where we are
It's enough for this wide-eyed wanderer
That we got this far
And can you feel the love tonight,
How it's laid to rest?
It's enough to make kings and vagabonds
Believe the very best
It's enough to make kings and vagabonds
Believe the very best
- Elton John
Wednesday, August 30, 2006
Happy 49th Birthday Malaysia !!
MERDEKA !!
31st August 1957. Thats the date Malaysia secured her independance. Fast forwarding 49 years ahead, we have accomplished nothing short of astonishing and fascinating success and growth. Although still at a relatively tender age, we have endured the highs and lows and
stayed united. We managed to survive Confrontation from the Indonesian, separation of Singapore and also the 1997 economic crisis. All these did not weaken our spirit, but made as a stronger and wiser nation.
Today, we managed to develop from a inferior 3rd world country towards a developed nation, which also became model country to other developing countries all over the world. We have seen some massive development throughout the country over the years. For instance, we built not one, but two of the world's tallest building ( at that time ) The Petronas Twin Tower. Other mega projects includes Multimedia Super Corridor ( MSC ) and Sepang Formula One Circuit. There is still more to come as we strive towards developed nation status in accordance to Vision 2020.
Apart from infrastructure development, we have also progressed in terms of racial intergration and colaboration. As a multi-racial and cultural nation, every race has blended harmoniously and played an important role in the country's development. Racial harmony and understanding between all the races in the country without discrimination is an achievement in itself.
Hence, for this Independance Day, lets all stand up and be proud to be proud of our nation Malaysia and waave our nation's flag the Jalur Gemilang with dignity and pride. As there is no place better than our home soil. KeranaMu Malaysia !!
Image source : www.thestar.com.my
Saturday, August 19, 2006
24-7 Is Not Enough.
After quite a long break , i'm back up again to post some updates on what happened recently! I know you guys can't wait in anticipation for my updates right :) Sorry for the prolonged inactivity..hehe.
Well then, i was quite busy with school stuff in the past week. That includes attending lectures, tutorials and also some ECA ( Extra Curricular Activites, i supposed thats what it is called ) stuff. So, basically i had a taste of what to expect to be a uni student. The lectures are different from what we usually experience in the classroom. Some lecturers go at a relaxing pace, while others ( Maths in particular ) go supersonic. Therefore, some revision is needed after class. Then comes the holy Tuesday where i need to attend 4 tutorials and a lecture. It was good workout :)
Thats all bout school stuff. Besides classes, i am also in the sub-committee member of lecture recording and Investment Interactive Club ( IIC ) . Basically for the lecture recording part, my job is just to sit in the "director's" box with my partner and record the lecture. It was fun as we can talk, laugh and even sleep and no one will notice.. hehe :) Whereas for the IIC, there have been some programmes lined up to keep us busy.
Now comes the entertainment part. This week alone our school held 2 mini concerts. One of the singer is Lee Sheng Jie, and the other which i attended last night was by Pan Wei Buo. The concert was quite nice, the songs are ok and the dance moves were interesting. It's almost worth the queueing up time to obtain the ticket i would say. ( p/s : Elaine and Jane were the ones queueing up..Thx! )
I guess that more or less summarised my 2nd week in NTU. Look forward to post again in the near future. So guys, sit back, relax and enjoy :)
" There are never enough hours in a day,
but always too many days before Saturday. " - Hanson
Well then, i was quite busy with school stuff in the past week. That includes attending lectures, tutorials and also some ECA ( Extra Curricular Activites, i supposed thats what it is called ) stuff. So, basically i had a taste of what to expect to be a uni student. The lectures are different from what we usually experience in the classroom. Some lecturers go at a relaxing pace, while others ( Maths in particular ) go supersonic. Therefore, some revision is needed after class. Then comes the holy Tuesday where i need to attend 4 tutorials and a lecture. It was good workout :)
Thats all bout school stuff. Besides classes, i am also in the sub-committee member of lecture recording and Investment Interactive Club ( IIC ) . Basically for the lecture recording part, my job is just to sit in the "director's" box with my partner and record the lecture. It was fun as we can talk, laugh and even sleep and no one will notice.. hehe :) Whereas for the IIC, there have been some programmes lined up to keep us busy.
Now comes the entertainment part. This week alone our school held 2 mini concerts. One of the singer is Lee Sheng Jie, and the other which i attended last night was by Pan Wei Buo. The concert was quite nice, the songs are ok and the dance moves were interesting. It's almost worth the queueing up time to obtain the ticket i would say. ( p/s : Elaine and Jane were the ones queueing up..Thx! )
I guess that more or less summarised my 2nd week in NTU. Look forward to post again in the near future. So guys, sit back, relax and enjoy :)
" There are never enough hours in a day,
but always too many days before Saturday. " - Hanson
Wednesday, August 09, 2006
Day of Celebration !!
HAPpY 20th BIRTHDAY YUN !!
This post is dedicated specially to the ever so evillish Yun. Happy 20th Birthday !! Now that you are old and ugly, u can leave for Ireland and be an outcast there..haha :) Anyway, best wishes and all the best to you !
Oh yah, it was a double celebration last night. I went to somewhere near Marina Bay to celebrate Yun's birthday and Singapore's National day with a bunch of friends. Watched fireworks there. It was quite beautiful but lasted for only around 15 minutes. Would post some pics as soon as i get them.
Your birthday is a day to remember and finds me thinking too that the world is much nicer because of friends like you! -Wilsern
Saturday, August 05, 2006
New Friends...
Here are a few friends i met since coming to NTU. Been to a few outings together with them. Really enjoyed the times with them, however they left me out on their excursion to East Coast Park! Won't forget that :)
" There are many types of ships. There are wooden ships, plastic ships and metal ships. But then best and most important types of ships are friendships "
- Old Irish quote
" There are many types of ships. There are wooden ships, plastic ships and metal ships. But then best and most important types of ships are friendships "
- Old Irish quote
Friday, August 04, 2006
Birth of a Newborn
Since a few of you guys were complaining that my portal is bare, let me just add some post to spice it up. Well for your information, Wilsern™ Portal was officially launched on 4th August 2006. This portal is also launched in conjunction of my new challenges faced in NTU. Hence, expect nothing less than exciting updates and improvements to come in the near future.
" It takes a lot of courage to release the familiar and seemingly secure, to embrace the new. But there is no real security in what is no longer meaningful. There is more security in the adventurous and exciting, for in movement there is life, and in change there is power. " - Alan Cohen
Untitled
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