Exploit public, private collaboration experience for growth, prosperity

MALAYSIA'S economic and social landscape has entered a transformative phase under the Madani framework, which aspires to create a prosperous, inclusive, and sustainable nation.

Key to achieving these objectives is the strategic collaboration between the public and private sectors, embodied in the Public-Private Partnership (PPP) model.

The Public-Private Partnership Main Plan 2030 (Pikas 2030) unveiled in September is a welcome move.

PPP in Malaysia has a long history, with over four decades of projects that span from infrastructure development to public services.

Under the Madani framework, PPPs are crucial due to their adaptability, ability to reduce fiscal burdens, and potential for large-scale, rapid implementation of projects.

PPPs bring together the government's strategic oversight and regulatory framework with the private sector's efficiency, technology, and innovation.

By blending these strengths, PPPs address crucial needs in Madani's development pillars:

1. Economic Prosperity and Sustainability: PPPs drive sustainable economic development by promoting green infrastructure and eco-friendly practices.

2. Social Inclusion and Welfare: In healthcare, education, and housing, PPPs enable the government to expand public service offerings and ensure equitable access for all Malaysians.

For example, through PPPs, the government can collaborate with healthcare providers to offer affordable and comprehensive medical care in underserved areas.

3. Technology and Digital Innovation: To compete in the global economy, PPPs can expedite the implementation of digital infrastructure, allowing for rapid deployment of 5G, smart city projects, and digital education platforms.

Thus, policymakers must design transparent frameworks that safeguard public interests while providing reasonable incentives to attract private investment.

We need a clear regulatory framework that promotes transparency, fairness, and accountability; risk-sharing mechanisms where proper allocation of risks between public and private sectors is key and a long-term commitment strategy as PPPs require sustained commitment which strengthens adaptability in facing emerging needs and challenges.

As we look toward the future, PIKAS 2030 provides a roadmap for these collaborations, calling for an intensified commitment from all stakeholders — policymakers, private enterprises, and civil society — to work together under a shared vision towards a better Malaysia.