Country Manager For A Day ... For Make Benefit Glorious Nation of Malaysia
If I Was An Invited Speaker At The UMNO Assembly...
I am basically a supporter of Malaysia's current PM Badawi. I believe his heart is good, just that he may be pulled by many "hidden forces" in all directions which prohibits him from doing a better job. May never be PM, but if I was, for a day, I would implement the following Ten Things:
1) Instruct all government depts to pay outstanding bills of more than 3 months, and work towards a target "to pay all outstanding bills within 30 days" from mid-2007 onwards
2) Remove KJ from UMNO
3) Raise Anti Corruption Agency's annual budget to RM250m a year, set conviction targets to triple current convictions (less than 100 a year), strengthen the independence of ACA with new regulations. Cash incentives for informers resulting in positive convictions.
Install a new Internal Audit department of all local government bodies, municipals, trade units, cooperatives - to audit that all funds allocated to specified bodies are accounted for and reaches the target audience (e.g. if RM500m was to be spent to improve livelihood of rubber tappers and its owners, the funds must reach the final targeted parties minus reasonable operational cost)
4) Once a company is controlled by foreign investors, the company no longer needs to comply with NEP equity ratio. This is to boost investments into REITs, private equity and M&A activity
5) A one-stop center manned by EPU, which will process all applications concerning FDI, capital transfers, professional job permits and travel visas, FIC approvals, fund mgmt applications, MSC relocations and investments and tax holidays - turnaround time within 24 hours on all issues
6) Stop subsidising any industry in the country with a clearly mandated time frame. Removal of import taxes and duties on all autos by end-2007. No more APs. No more minimum or maximum prices for steel and cement. Fuel and gas subsidies to be erased with a proper time frame - 50% of current subsidy by 2008, 25% subsidy by 2010, total removal by 2012. (The subsidy removal will be cushioned by zero duties and import taxes on cars). Only subsidy to be maintained for "necessities" (poultry, flour, rice, sugar, etc.)
7) Establishment of proper masterplan economic zones, not just for South Johor alone. Do one for Kedah-Perak area, that is a huge area untapped. Another for East Coast/Terenggannu-Pahang. And another for East Malaysia. Each economic zone should have a concentration of specified industries, target investors, critical mass for production, export and dissemination, tax incentives and financing plans.
8) Engage an Asian/European clearing system for Malaysian stocks and derivatives. This way you do not have to send funds to Malaysia or keep CDS in the country to buy/sell stocks and derivatives. Things get cleared in places like Euroclear and custody is kept there as well. You know and I know why we need to do that, the CLOB thing and capital controls are things we need to rectify.
9) Transparent bidding and awarding of all contracts and projects. Blacklisting all parties publicly who are just rent-seekers, alibabas, and those who fail to carry out projects effectively from any future government projects
10) Stop dreaming! ... and remove KJ again (just in case).
p/s ... actually I have a number (11), but ... sigh ... anyway, it is to sell Johor to Singapore for RM300 billion - then we don't have to fund the South Johor miracle, plus those who want to stay with the economic miracle of Singapore can do so, and be citizens of the Mega Free Trade SJ Miracle Zone. The RM300 billion will be divided among 25 million Malaysian citizens only (Indonesians living less than 5 years in Malaysia need not apply) and we will get RM12,000 each, every man, woman and child...
.. actually on further deliberation, this might not be such a great idea ... a family of 4 will get RM48,000 ... they will probably go to holiday in Singapore because of the new IRs , the wife will spend RM20,000 on shopping while the husband will lose another RM20,000 at the very nice Sands casino ... before you know it, we will have dumped back RM300 billion into the Singapore economy, and lost Johor in the process (not that that's a bad thing, anyway) ..