LYCOS RETRIEVER 
Malaysia: Government
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The government of Malaysia reported that labor market conditions in 2005 remained favorable with 3.5% unemployment (the official full employment rate is 4.0%). Unemployment for 2006 is expected to stay at 3.5%. Still, the government announced in November 2005 that Malaysia has approximately 60,000 unemployed university graduates due to a mismatch between university courses and job market requirements. The government has been recruiting the unemployed graduates for filling some 30,000 vacancies in the civil service, in large part through paid internships designed to improve their English language, communication and computer skills. In December 2006 Second Finance Minister Nor Yackop announced that Malaysia now had approximately 25,000 unemployed graduates.
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The government estimates that at current production rates Malaysia will be able to produce oil up to 18 years and gas for 35 years. In 2004, Malaysia is ranked 24th in terms of world oil reserves and 13th for gas. 56% of the oil reserves exist in the Peninsula while 19% exist in East Malaysia. The government collects oil royalties of which 5% are passed to the states and the rest retained by the federal government.
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The Government continues to promote Islamic insurance (“takaful”) as part of its strategy to make Malaysia a global hub for Islamic financial services, including through new tax breaks announced in the 2007 budget. In January 2006, Bank Negara awarded four new takaful licenses to four joint ventures, of which foreign investors were permitted to own up to 49%. On September 16, Bank Negara announced that international takaful operators, both domestic and foreign, would be licensed to conduct business in international currencies. They could be as incorporated entities or branches and would receive a full tax exemption for ten years beginning in 2007. International takaful operators will not be subject to foreign equity caps.
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That respect remains among many, though the fall-out from the decisions the Malaysia elite had to make to protect their own interests at that time has caused concern among many other Malaysians. The Anwar sacking fuelled the rejuvenation of the Islam-based PAS party, who made major electoral gains in Northern states, indeed wresting one, Terangannu, from the ruling Barisan Nasional government. The clean out of Anwar and his supporters caused concerns among traditional and rural Malays who saw their representation in UMNO and the BN being decimated.
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Malaysia's development has been fast but uneven. Contributing to this is the Bumiputra or Malay-first policy, an affirmative action policy which stems out from the race riots in 1969, sparked by the Malays frustration over the ethnic Chinese minority economic clout. The policy favours the bumiputras in areas such as government jobs, housing, bank loans and contracts. This inequity has posed challenges in moving the multi racial country forward.
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By the late 1960s Malaysia was torn by communal rioting directed against Chinese and Indians, who controlled a disproportionate share of the country's wealth. Beginning in 1968, the government moved to achieve greater economic balance through a national economic policy.
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