Some of the country's development under a former leader had come with an unnecessary price tag in the form of a class of crony capitalists whose wealth came at the cost of ordinary Malaysians, said Datuk Seri Najib Tun Razak (pic).
In his keynote address at Invest Malaysia 2018 conference here Tuesday, the prime minister said his government vowed this would end as it had learned lessons from past mistakes in planning Malaysia's economic transformation, confronting many legacy issues along the way.
Citing public transport as an example, he said the matter was neglected for decades resulting in it being incoherent, with different owners and systems, and certainly no integration.
“One man’s obsession with the idea of a national car – which is now being turned round under international joint ownership – led to Malaysia lacking an efficient public transport system.
“This was a serious obstacle to our ambition to achieve high income status and for Kuala Lumpur to be a world class capital. So, we immediately took steps to rectify that and indicated that public transport would be a top priority for the Government,” said Najib who is also finance minister.
Taking aim at the Independent Power Plant (IPP) concessions signed by the Government during that time, Najib said they were so lopsided that consumers had to pay far more for energy than they should have, even energy they were not using.
Read the full original article at The Star Online.