UPDATED 5.50PM | The government needs to review the New Economic Policy (NEP) to ensure it benefits all Malaysians and is implemented based on need, said Economic Affairs Minister Azmin Ali.

"The entire policies implemented by BN and Umno for many years should be reviewed. Policies should be based on need instead of based on race," he told media at the Parliament lobby today.

"We want to ensure the (government) policies can meet the demands and aspirations of all Malaysians," he said.

Yesterday, Azmin said the government may review NEP and New Economic Model (NEM) to see if they are still relevant.

He said the Economic Planning Unit (EPU) has been entrusted with looking into a review of both the NEM and NEP.

Need-based policies have been implemented in Selangor and were included in Pakatan Harapan's manifesto, he said.

In its effort to review NEP, he said the federal government will not neglect the bumiputera.

"Of course the need of bumiputeras are guaranteed. While we want to ensure the bumiputera continue to enjoy their rights, we must be fair to all Malaysians, too.

"This is because there is need (to take care of) the Indian communities who live in estates and the rural area. The Chinese community also needs the attention, assistance and support of the government," he said.

The greatest challenge for Harapan now is to restore the confidence of investors so they will stay in the country, he added.

"We want to sustain our foreign direct investments and ensure investors choose Malaysia for investment. This is our priority now," he added.

Meanwhile, former prime minister Najib Abdul Razak said the government should not make changes to the NEP and NEM just for the sake of amendment.

"If they want to make amendments, it must be better from what we (previous BN government) had done.

"If there are uncertainties (as a result of the changes), it could impact market confidence in the Malaysian economy," the Pekan MP told journalists at the Parliament lobby today.

Announced in 1970, after the May 13 racial riots the year before, the NEP was designed to "create national unity by reducing economic, social, cultural, housing and other disparity".

The NEM was introduced by former prime minister Najib in 2010 to double the per capita income in Malaysia by the year 2020.