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Former finance minister Daim Zainuddin says the influence of too many state-owned enterprises is crowding out the private sector in the country. – The Malaysian Insight file pic, July 10, 2022.

GOVERNMENT-LINKED companies (GLCs) and government-linked investment companies (GLICs) were never meant to compete against the private sector, Daim Zainuddin said.

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The former finance minister said the over-dominance of state-run enterprises will only stifle the private sector and this would result in losses, as running a business is not the same as entrepreneurship.

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