How the Malays can be richer

In one of Dr Mahathir Mohamad’s recent interview, he said the Malays should do business like the Chinese to be richer so that they can send their children overseas for further studies.

I have been doing business for more than 50 years and have been watching the stock market to find companies that have profit growth prospect to buy.

With my long experience, I can teach Malays how to do business to make more money. Unless the government changes some of the policies to encourage or force the Malays to do business, Malays will not want to do business.

The first policy of reserving almost all the government-sponsored university places for the Malays should be changed. As it is, even low-grade Malays want to go to universities instead of starting work as apprentice or tradesmen.

The second policy of reserving all the civil service, army and navy for the Malays should be changed. As it is, all the Malays who could not enter the universities would join the civil service, the army or navy. They are sure of getting free meal tickets for life. Why should they take the risk by doing business?

Ever since the Chinese could not enter universities, join the civil service, the army and navy so easily, they are forced to become apprentices, tradesmen or venture in doing small businesses and gradually become successful businessmen.

As a result, the Chinese are richer and in total, they pay more taxes than the Malays. How could they do it?

Contractors and property developers:

I think the Malays should concentrate to be construction contractors and property developers.

The Chinese constructed all the buildings and infrastructures in every town and city in Malaysia. They are the construction contractors and property developers.

The Chinese are controlling this industry. It is like the Chinese are operating an economical trap door which sucks up all the people’s savings. Almost everybody eventually wants to spend his or her saving to buy a house. Those who are richer, want to buy more than one house.

How the Malays can break the Chinese monopoly

Up till now, there are extremely few successful Malay contractors and property developers. To start, the Malays must be prepared to work with their hands. Learn how to lay bricks, how to make concrete, fix timber formwork etc.

Have you seen Malay bricklayers or construction workers?

Why should the Malays want to be construction workers when they can easily join the civil services, police, army and navy?

I must tell you it is not so easy to break the Chinese monopoly because they have some inherent advantages.

It is our culture to push our next generation to do better than the last. Be smarter. Be stronger. Be faster. Be more righteous. Be more pious. Be more innovative. Be more creative. Be richer. Be everything that you can be in this lifetime.

From young, we are taught to count every cent. What we take for granted like money management, is not taught by other races. The logic of money is pounded into us from the beginning of time.

Nobody cares if we succeed as individuals or not. But our families take pride in knowing we have succeeded. Yes, some will fail. We take nothing for granted. We don't expect privileges to fall on our laps. No one owes us anything.

We know we have nothing to lose if we try to succeed. Thus, we have no fear of trying. That is why Chinese are addicted to gambling. We thrive on taking risks. All or nothing.

We always want to make a better place for ourselves in this country we call home. It is in our DNA to progress forward for a more comfortable life.

I hope Mahathir, after reading this article, will not re-introduce the Bumiputera policy (new economic policy). At that time our GDP per capita was about the same as Singapore, Taiwan and South Korea. But after 48 years, Singapore, Taiwan and South Korea are four times, three times and 2.5 times ours respectively.

I trust Mahathir realises his mistake in extending the new economic policy in 1970 which is not the best way to make the Malays richer. As a result of the NEP, you can see Mahathir is sacking hundreds of corrupted Malay government officials and MACC is arresting many of them. I am pleasantly surprised to see that no Chinese is involved.

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KOON YEW YIN, a retired chartered engineer, is a philanthropist. -Mkini