KUALA LUMPUR: Malaysia needs new policies to reset the country's economy and protect the well-being of the people, especially vulnerable households and businesses.

Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah said the country's economy, which had been badly affected by Covid-19, needed extraordinary initiatives especially in 2022 Budget.

Cheah said the policies needed to be very different from the old, taking into consideration the suffering of the rakyat.

"We need policies that will encourage business and also bring back confidence in the government institution. The government needs to get people to really come out united as one to bring prosperity into the country's economic system," he said at the virtual Merdeka and Malaysia Day edition of MIDF Conversations today. 

Cheah said the government also needed to relook at its Malaysia My Second Home (MM2H) policy, considering an improvement to the programme as a strategy to assist in the country's recovery.

"To me, (changes to the) MM2H now is very demotivating. Instead of giving incentives, they are adding more hurdles to the foreigners. These people have brought in billions of ringgit to the country as they bring in tourists.

"We can easily capture a lot of cash on this tourism with these people bringing their families and friends to visit Malaysia. Why does the government want to change this policy?

"Luckily, now the minister said they will relook at it. I hope that the government will put their full commitment on this matter, but if they don't, it is going to be wasted," he said.

On August 11, the government said the MM2H would be reactivated with nine new conditions after the programme was suspended in August last year in view of the global Covid-19 pandemic.

The new conditions, among others, require participants to be in the country for at least 90 cumulative days in a year and have an offshore income of at least RM40,000 a month compared to RM10,000 previously.

They must also have a fixed deposit account of at least RM1 million, with 50 per cent maximum withdrawal allowed for the purpose of buying property or spending on health and children's education.

Previously, there was no minimum stay requirement for participants who only needed to place RM300,000 in fixed deposits while for those over 50, the amount was RM150,000.

Also new are processing fees of between RM5,000 and RM2,500, which was not imposed previously.

On Wednesday, Home Minister Datuk Seri Hamzah Zainudin said the government was prepared to re-examine the new criteria imposed on the programme.

https://www.nst.com.my/business/2021/09/723908/reset-malaysia-new-policies-says-sunway-group-founder