Najib Abdul Razak is convinced that the various liberalisation measures he has announced since taking over as prime minister three months ago will translate into votes for the ruling coalition in the next general election.

He argued that top Umno leaders as well as the Malays have reacted positively to his bold economic liberalisation measures revealed earlier this week.

However, he took pains to stress that he was not turning his back to the New Economic Policy (NEP).

najib ong tee keat chinese association 1 malaysia event 290609 04 While NEP still exists, the instruments used to achieve to restructure society and achieve equality would have to be changed, he was quoted as saying by Bernama .

“I have engaged with the key players before making this announcement and they believed that it is time for us to change, review and move forward. I think people realised that," he said when asked if Umno was behind him on such moves.

Najib, who is also finance minister, also told CNBC in an interview that Umno was working towards regaining the people's confidence.

"A policy is as good as translated into votes. That is one of the fundamentals of democracy and ultimately you have to go to the people,” he said when asked if his party will gain strength with the introduction of the new measures.

“I want people want to judge by my actions and hopefully they will judge it favourably when the time comes."

Best for Malays to move forward

Najib added that he was confident that the Malays would realise that the changes put in place by the government was the best way forward.

Among the most recent liberalisation measures was repealing the Foreign Investment Committee (FIC) guidelines with immediate effect covering the acquisition of equity stakes, mergers and takeovers.

While the 30 percent bumiputera equity requirement for Malaysian companies seeking public listing will now be dropped, half of the 25 percent public shareholding spread will nevertheless be set aside for bumiputeras.

He believed that the Malays would support the economic liberalisation.

"There are some really good bumiputera entrepreneurs and corporate players. Some of them run major corporations and run them very well. So they are not people without substance."

The only thing new in the policy is that the government would identify and help the right bumiputera company which has high potential for growth.

"If you support the companies that are deserving and promising, I don't think even the non-Malays will cage you for that. I think they want to see it being implemented in a fair manner and we will do that," he said.

Father’s policies still ‘alive’

To suggestions that he was reversing his father's policies relating to bumiputera equity participation, he said: "In terms of the goals, (second prime minister) Abdul Razak's vision is still alive but the path we choose (and) the instrument to get there must be new, (they) cannot be the old instruments.

"Times have changed, old instruments have not really worked, not delivered. But this whole notion of having a fair and equitable society is a dream and I think all Malaysians share that dream.

"It is just that it must be fair in the way we implement it, we must ensure that no ethnic group is marginalised and disincentivised as well," said Najib.

"So, within the premise of what I have mentioned, I came up with the tag line of 1Malaysia, and I am interpreting 1Malaysia of specific policies but we must work together as one people, one nation and above all one dream," he said.