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Don’t compare us with South Korea : Why not?

November 28, 2012

Alyaa Azhar, (FMT) November 28, 2012

KUALA LUMPUR: Pasir Salak MP Tajuddin Abdul Rahman said that people should not compare the Malaysian economy with South Korea as the latter is backed by the US.

He said this while debating the Islamic Financial Services Bill 2012 at Parliament today.

Tajuddin was responding to Kuala Selangor MP Dzulkefly Ahmad’s statement who earlier said that the Gross National Income (GNI) per capita for Malaysia was at USD 400 in the 1970s, while South Korea was at USD 270, showing how Malaysia was ahead of South Korea then.

“Since then, Malaysia was left way behind. In 2011, South Korea’s GNI was at USD 20,870 while Malaysia was only at USD 8,420.

“There is a lot of catching up to do because we have failed to implement and leverage on all the resources that we have,” said Dzulkefly.

However, Tajuddin disagreed and said that the comparison between South Korea and Malaysia is not relevant because South Korea is backed by the US in terms of Foreign Direct Investments (FDI) to counter North Korea, which is a communist bloc.

“Do you know that there is a big market for South Korean products in America? [Thus] this is not a relevant comparison. It is not because we cannot compete with them. It is because the US supports South Korea.

“It is the same with Turkey, the country is catching up in development because they have the European market. We do not have a market in Europe; you must understand the international economics,” he said.

At this juncture, Dzulkefly interjected and said Malaysia lagged behind due to the government’s failure to invest in human capital.

“We have wasted a lot, in terms of our time and resources, with the failure of the first privatisation wave and the 1997 financial crisis,” said Dzulkefly.

The PAS MP added that Malaysia has yet to learn its lesson, claiming that the government is creating a new rent class group that would be a bane to the nation’s economy.

“We created a rent seeking group in the 1980s, and due to that, the 1997 Asian Financial Crisis almost crippled the nation’s economy.

“But now we’re going to repeat the second privatisation wave with a new rent class group,” said Dzulkefly.

He added that Malaysia has to drive the economy through domestic aggregate demand and Malaysia should find new trading partners, for example, like from the Middle East and China.

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3 Comments leave one →
  1. najib manaukau permalink
    November 29, 2012 12:59 am

    Everyone should know why Malaysia is in such a bloody shamble, because it has been under the control of Umno since independence !
    South Korea has gone from strength to strength not because it has the backing of U.S., in fact U.S. themselves is in just a big mess as can be. America has nothing the rest of the world can learn from, if they are that good why are they in debt to the tone of US$16 trillion dollars ? There is a true saying America is just hitting their own faces pretending to show to the world they are fat.

    A good example is why is China, without the any help from America, on the contrary America is just doing the opposite, they tried very hard to retard China’s growth in every possible corner. History will show most western countries including also Japan, had sometime in the past tried to take control and run China but eventually failed. One cannot stop a good thing from taking place eventually.

    In the recent presidential election the defeated candidate, just like most Americans blamed China for the many woes America is facing to day. Instead of blaming the failed policies they implemented over the years he found in China a scapegoat for whatever is happening to his own country. A simple question, for example, why is Singapore without any support from any country, especially America too, has become one of the richest countries in the world, if not the richest in the world as recently reported. Therefore don’t attribute the success of any country to U.S., instead it is the kind of policies, the people implementing them that ultimately will bring them the well being of where the country is.

    Malaysia may be endowed with many natural resources unfortunately it is also endowed with a bunch of incompetent, deceitful and most of all corrupted men to look after the nation. As a consequent Malaysia is to day on the way to where Greece, Spain and Italy are. One will only harvest what they plant, the only question is how much longer do the disillusioned descendants of the pirates will it take to wake up ? If the loss of the millions who immigrated abroad has not awoken the corrupted politicians then the one and only way left to do so is to vote them out of Putrajaya and have them indicted for the crimes and he atrocities they committed over the last five and the half decades. This is the only chance you have before it is gone and don’t even consider giving them another term to address the woes Malaysia is facing !

  2. Black Arrow permalink
    November 29, 2012 1:28 am

    If BN wins the 13th GE, then we are on the slippery slope to oblivion.

  3. November 30, 2012 2:23 am

    damn right Malaysia neglects human capital.
    And if the race based system is not abolished, will continue losing human capital.
    The one thing that the koreans have is grit and determination.

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