Is Najib's ETP a success?

The Star Newspaper Headline

PM Najib has just announced (Star, June 14th) that his Economic Transformation Programme (ETP), one of a dozen acronyms that he is fond of throwing at us Malaysians, has succeeded in attracting some Rm170 billion in investments.

Najib is obviously happy to announce the "good" news to try to convince Malaysians that he is their man, especially in view of a snap general election that he is expected to call.

But Malaysian are no longer easily impressed or taken in by what the government says. In other words, Malaysians are no longer easily fooled.

It is very strange. For a decade or so lately, Malaysia has been hard put to it to attract investments, especially direct foreign investments. In fact, some pundits say that for some years already, outward investments by Malaysians exceed inward investments. In other words, there was negative investment.

Suddenly, within about 9 months since the launch of the so-called ETP, Malaysia has succeeded in attracting some Rm 170 billion in investments! If true, this is impressive indeed by any standards.

But who are the investors, what are the investments, how are they financed? Are they genuine investments or are they crony-type investments i.e investments by government cronies who come up with grandiose schemes allegedly benefiting the Rakyat and the country, but really are nothing but cunning schemes to make hay while the sun still shines. The number of bailouts of failed companies by the government is now legendary.

Najib also said the the ETP has to date recorded some 362,000 new jobs. However, Malaysians do not feel any positive effects from the so-called ETP.

In fact, Malaysians are feeling the heat of a rising cost of living.