This article first appeared in The Edge Financial Daily on October 10, 2018

KUALA LUMPUR: Malaysia’s economy should be private sector-driven “but with care for the needy”, PKR president-elect Datuk Seri Anwar Ibrahim said.

Anwar, formerly finance minister, said the economy cannot be propelled without the private sector and foreign direct investment.

However, policies to attract investments must be balanced with “needs-based affirmative action” which must continue to be vigorously promoted, he told an investors’ conference themed “Malaysia: A New Dawn”.

“Some of us see pro-market reforms at the expense of a large segment of Malays. Some [believe] the country may suffer, particularly at the expense of the poor and marginalised,” he said.

Anwar stressed that while the government will still prioritise meritocracy, it is also important to make sure underprivileged groups are not left behind. “Affirmative-action policies, education and employment will play an important role in sharing opportunities across all religions and social groups. These policies will help break down barriers — the source of frustration today,” he said.

Anwar also said it is necessary to remove patronage and special rights in transactions and activities, so “everyone has skin in the game, from the government to the private sector and the public”.