In 1970, based on government statistics, almost 50% of the population were categorised as poor.
The following year, Tun Abdul Razak launched the New Economic Policy, with its two-pronged stated objective of poverty eradication and economic restructuring so as to eliminate the identification of ethnicity with economic function. In terms of distribution of the national wealth, a target was set to redistribute the wealth to increase the ownership by Bumiputras from the then 2.4% to 30% of the national wealth. In tandem with this, the government was to spur economic growth so that, even as it was sought to increase the Bumiputra share of the national wealth, this, it was touted, would not impinge on the scope for expansion of non-Bumiputra businesses.
In 1974, national oil company, Petronas, was incorporated.
In 1976, Petronas entered into agreement with both Sabah and Sarawak in relation to their vast oil and gas reserves. In the result, both Sabah and Sarawak would receive 5% royalty for all oil and gas extracted. Continue reading →
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