Bumiputera Companies’ GDP Contribution Target To Be Reviewed -- Akmal Nasrullah
KUALA LUMPUR, Sept 7 (Bernama) -- The target to increase the contribution of Bumiputera micro, small and medium enterprises (MSMEs) from 15 per cent to potentially double by 2035 will be reviewed in greater detail at the end of this year or early next year, said Economy Minister Akmal Nasrullah Mohd Nasir.
He said the review would be based on a report on the current progress of the Bumiputera Economic Transformation Plan 2035 (PuTERA35), which has a 10-year implementation period.
“When PuTERA35 was developed, the targets were set for 10 years up to 2035.
“At the same time, I see a need to review the overall progress to date. By the end of this year or early next year, we hope to have a report on the current progress,” the minister told reporters after attending a dialogue session with the economy minister titled “Bumiputera Wealth Creation and Corporate Control” here today.
Tan Sri Abdul Wahid Omar moderated the session.
Akmal Nasrullah said the report would enable the government to assess which targets could be achieved within the stipulated timeframe and identify the shifts needed to improve implementation of the agenda.
However, he said the assessment of PuTERA35 should not focus solely on statistics or figures, but should also take into account the effectiveness of the implementation process and the actual outcomes to be achieved.
Akmal Nasrullah said discussions at the forum also focused on equity ownership, available opportunities and efforts to enhance the potential of Bumiputera-owned companies, as well as land ownership issues.
“The country’s six per cent economic growth in the second quarter of this year is a positive achievement at a time when the global economy is still facing an energy supply crisis.
“However, this achievement needs to be assessed in terms of how far the opportunities and benefits of economic growth are being enjoyed by the people, particularly Bumiputera. With increased Bumiputera ownership, control and participation, the economy will continue to grow more strongly,” he said.
Akmal Nasrullah also said the Ministry of Economy would examine mechanisms to ensure that salary offers were more transparent and fair, particularly for graduates entering the workforce.
“Economic growth needs to translate into higher wages for the people, especially given that income disparities persist among Bumiputera despite the national median wage being around RM3,600.
“Salary transparency is also important to ensure that young people and workers receive more commensurate returns,” he said.
The forum, jointly organised by the TERAJU Bumiputera Corporation, Ekuiti Nasional Bhd (EKUINAS) and UDA Holdings Bhd, brought together representatives from the government, government-linked investment companies, government-linked companies, financial institutions, capital market players, property developers and the private sector.
The forum aimed to outline strategic interventions to strengthen the transition of Bumiputera from economic participation towards ownership and control.
-- BERNAMA