PUTRAJAYA - Malaysia's economic policies will focus on reducing income inequality said Prime Minister Mahathir Mohamad on Saturday , after a special Cabinet meeting held to discuss the government's"Shared Prosperity" plan.
The"Shared Prosperity" economic plan was unveiled in May this year as a needs-based approach to achieving sustainable and equitable economic growth by 2030. It aims to provide a"decent standard of living for all Malaysians" across race, geography and class. While the prime minister did not mention the Malays specifically, they stand to benefit the most from these measures as they make up the majority of low-income groups and those who live in rural areas.
Dr Mahathir also said the government will end the practice of indiscriminately handing out licences, contracts and approved permits. The so-called AP system was originally intended to assist Malay entrepreneurs gain a foothold and advance in business, but has been open to abuse.
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