Monday, April 16, 2007

IDR - Are We Seeing A Reversal Of Concessions?

In TheStar today:

IDR To Have Bumi Trust Fund

A special bumiputra property trust fund will be set up to ensure that Malays are not left out in the development of the Iskandar Development Region.

Mentri Besar Datuk Abdul Ghani Othman said the trust fund, which would be managed by the Iskandar Regional Development Authority, was to ensure that Malays do not lose ownership of land to other races.

“We want them (Malays) to participate in the project instead of just selling it to others.

“Among the strategies planned is using such land for housing or commercial projects. The Property Trust fund will be set up within this year,” he told reporters after briefing about 1,000 Umno leaders and members from various grassroot levels on the IDR project here on Saturday.

He said the members wanted bumiputra-owned companies and agencies in charge of bumiputra affairs to start operations to invest in IDR, following the Government’s decision to relax the 30% bumiputra participation or equity.

***** While help given to the Malays or others is welcomed, it is hoped that the original vision of a thriving area designed to attract the very best is not diluted or in any way hampered by narrow short-term political gains. The real worry is that by going back one by one on all the concessions bravely announced not so long ago, the IDR will end up as a non-starter or at best proceed without credibility or meaningful foreign investment. To talk recklessly even at the very beginning of this ambitious project of "Malays and other races" as if they are sworn enemies is to choose the wrong strategy.

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Anonymous Anonymous said...

Have you ever watch frogs and toads trapped at the bottom of the waterless well? No matter where or how high they jump, they are always at the bottom. The "sky" is only as big as the top of the well which these pathetic creatures see. They can't imagine how big heaven is as long as they are at the bottom. Inescapable! Gutless, and with an incurable inferior complex aggravated with large doses of greed and insecurity at the same time, in time, these frogs or toads will end up as skeletons of the dinosaurs.

12:47 PM GMT+8  

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