Putra Business School’s Ahmed Razman Abdul Latiff said that instead of another council, the government should focus on ensuring that its economic policies were implemented holistically.

He added that any development of new sources of revenue and growth can be overseen by the NEAC, which is chaired by the prime minister.

“My view is that there’s no need for a ‘core economic action council’ as its objectives would overlap with that of the NEAC’s,” he told FMT.

Zulkifly Osman of Universiti Kebangsaan Malaysia (UKM) agreed about the overlap in functions, especially since the NEAC was already tasked with dealing with the nation’s economic structure.

“But that’s the way things are. I don’t see anything new (in Zahid’s proposal) because for those in top positions, they have to put effort into developing a certain brand for themselves, even if there’s only a slight difference in the name,” he said.

In opening Umno’s general assembly on Friday, Zahid mooted the setting up of a core economic action council specifically aimed at helping Malaysia pivot to new sources of revenue and growth, such as rare earths and digital economy.

Aside from the NEAC, the government also has the Bumiputera Economic Council, which is also chaired by the prime minister.

However, Malaysia University of Science and Technology’s Barjoyai Bardai agreed with Zahid’s proposal, and suggested that it be accompanied by a wakaf (Muslim endowment) institution to ensure revenue from new sources of growth do not fall into the hands of foreigners.

He cited Norway’s government pension fund, commonly known as the “Oil Fund”, which was formed as soon as the Nordic nation discovered oil and gas reserves.

He said that in Norway, the government did not touch the Oil Fund for more than 10 years before tapping into it for spending, which made it one of the richest countries in the world.

“Turn it into public property, not controlled by individuals or companies, nor owned by international corporations,” Barjoyai said.