The Concept Of Privatization In Malaysia
The concept of privatization in the broadest sense covers all aspects of reformative action subjecting administrative activities to the discipline of the market place. Privatization is the transfer of public sector activity and ownership to private hands together with the modalities to set up such policies to achieve the designed goals. It involves transfer of not only ownership but also activities from government profit and non-profit organisations.
In Malaysia, the term privatization is officially defined as the transfer of ownership, activities and functions traditionally rested with the public sector to the private sector. The privatization policy was launched in the middle of 1983 during our former Prime Minister Tun Dr. Mahathir Mohamed. The privatization policy is contradicted with the nationalization, which is a process to bring ownership and control of a nation for the government in the economy. Basically, privatization involved some interest and investment of government into the private sector. During our former Prime Minister Tun Dr. Mahathir Mohamad’s speech in ‘The Securities Industry in Malaysia’ conference ceremony on 28th April 1984, Tun stated that “Government the world over are notorious for inefficiency when running enterprises, even aided by monopoly and the authority of government. On the other hand, the private sector is better motivated and generally more efficient. It is hoped that privatization will improve the economic and general performance of the
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