I came across an article in Singapore's Straits Times recently.

The article mentioned that the Domestic Trade and Consumer Affairs Ministry is pushing for a mandatory 30 percent bumiputera equity ownership in companies to be implemented across the board. International retail brands, resorts and service companies are among those to be affected.

If this proposal is implemented, we will definitely see escalated departure of foreign investment, of which the inflow is already suffering due to stiff competition from China and India.

As a Malaysian, I am very sad to learn that the Umno-led BN administration is willing to trade the long-term future of the country for the short-term purpose of reassuring its representation amongst the Malays.

Any layman on the street can reason that foreign investment will stop coming if forced bumi equity is required. Bumi share ownership will thus never reach its 30 percent target, which in turn will lead to increased unemployment. If the foreign investments do come, it will only benefit those already rich bumis who have the cash to invest and who know the right people. In the long term, this will further widen the already huge income gap that currently exists.

The government seems running out of ideas to keep their support base.

The leaders of the country must understand that Malaysia is just one of the many markets in a globalised world, that competition is very tough out there. The government should prepare the bumis with skills and ability to overcome competition instead of giving them another crutch, another easy meal. Until the government stops giving out the fish and starts to teach fishing, do not expect much change from the current messy state of affairs.