Malaysia's 2011 Budget,,, "light at the end of the tunnel"?
The highly anticipated announcement of Q4 2011....well as usual there are quite a number of large and heavy projects being lined up for major GLCs to benefit from.... Malaysia PM's noble intention is to bring Malaysia out of the middle income trap towards a high income nation, and certainly if at least 80% these projects materialized and were well executed.... it would likely help the country gain closer to its goal above.
However, being a skeptic since I have been following the budget for years now and let me tell you what, it does not take a lot of brains for us to discover that the problem may not lie in not having the right projects but rather how the governement actually follow through those projects and get the receipients of these big contracts to honour their word and complete the projects on time and within the expectation in terms of quality at the very least (we haven't talk about value add that comes from giving these projects to those GLCs).
Regardless, my opinion is this. Having great projects are essential but not a necessity for success. It requires holistic planning and excellent project managers to really drive these projects and ensure they meet the expected completion timeline. When I say excellent, it means commited, well connected, honest, noble and competent. At the same time, the subcontractors who were assigns to work on the projects are also required to possess these values, integrity, competent and well connected.
In summary, the government needs to really look into those the performance of those contractors in the past projects and evaluate if the country should continue to engage them or source new contractors. Bottomline, we need to build a country with quality people to maintain it if we are to achieve a high income nation and a successful one in the future. There is certainly no point in having 1st class infrastructure in the world but living with a 3rd world human capital and mentality.
Lastly, I think its time to sell the stocks in KLCI that have raked in gains. Not like its going to be a double dip in the world economy but rather simple, whatever that goes up will eventually come down before going up again.
However, being a skeptic since I have been following the budget for years now and let me tell you what, it does not take a lot of brains for us to discover that the problem may not lie in not having the right projects but rather how the governement actually follow through those projects and get the receipients of these big contracts to honour their word and complete the projects on time and within the expectation in terms of quality at the very least (we haven't talk about value add that comes from giving these projects to those GLCs).
Regardless, my opinion is this. Having great projects are essential but not a necessity for success. It requires holistic planning and excellent project managers to really drive these projects and ensure they meet the expected completion timeline. When I say excellent, it means commited, well connected, honest, noble and competent. At the same time, the subcontractors who were assigns to work on the projects are also required to possess these values, integrity, competent and well connected.
In summary, the government needs to really look into those the performance of those contractors in the past projects and evaluate if the country should continue to engage them or source new contractors. Bottomline, we need to build a country with quality people to maintain it if we are to achieve a high income nation and a successful one in the future. There is certainly no point in having 1st class infrastructure in the world but living with a 3rd world human capital and mentality.
Lastly, I think its time to sell the stocks in KLCI that have raked in gains. Not like its going to be a double dip in the world economy but rather simple, whatever that goes up will eventually come down before going up again.
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