Malays buy things that have nothing to do with the business when they get a loan of capital, says Prime Minister Tun Dr Mahathir Mohamad.
“The Bumiputeras still do not know how to handle or manage money, because money to them is something to spend, not to invest,” he said.
However, in an interview with Focus Malaysia, the world’s oldest head-of-state said he was pinning his hopes on the younger generation.
“The younger people give us much hope but they must also remember that they are doing business to also reduce the disparity of income between the Bumiputera and the others.
“The best thing is for the Malays to realize that only through business can they prosper and business requires discipline.” – Dr Mahathir
He also explained why the current 30 per cent Bumiputera shareholding quota in listed companies should remain.
Dr Mahathir said Malays are overlooked when it comes to contracts from the private sector.
And, because his government does not engage in direct negotiations with companies, Malays would be overlooked when it comes to public sector contracts, too.
“What you are going to see is greater disparity between the races,” he said.
The information in this article was compiled from:
1. Focus Malaysia, March 30, 2019 (Racing against the clock)