Saturday July 4, 2009
Proton still looking for the right foreign partner, says Najib
KUALA LUMPUR: The Government is still open to the idea of a strategic foreign partner for Proton Holdings Bhd but it has to be on the right terms and conditions, said Prime Minister Datuk Seri Najib Tun Razak.
Najib, who is also Finance Minister, said he did not think Proton could manage without a foreign partner but it had to be the right one.
The terms and conditions must be fair to us as well, he said.
“So, moving forward, a restructuring of the national car maker is necessary in terms of having a strong and appropriate foreign partner,” Najib said in a 30-minute interview with Adam Bakhtiar of CNBC, which was aired yesterday.
He said even the vendor system has allowed the proliferation of too many companies which were making products that were not competitive or of high quality.
Asked if the National Automotive Policy and bumiputra equity participation in the vendor system would be liberalised further, Najib, said: “We certainly want to upgrade the quality.”
The companies should go for consolidation to strengthen their performance, he said.
Najib said that auto tariffs would also need to be reviewed from time to time.
“But we have to look into Proton’s position as well. A stronger Proton certainly will be able to compete within Asean even if the tariffs are reduced,” he said. — Bernama
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