Bumiputera Companies Must Evolve From Suppliers To Technology Owners, Industry Leaders – Mohd Shahar
KUALA LUMPUR, Oct 13 (Bernama) -- Bumiputera companies need to evolve from suppliers to strategic partners, technology owners and industry leaders.
Deputy Minister of Economy Datuk Seri Mohd Shahar Abdullah said the companies must play a larger role and not just focus on certain levels in the value chain, while technology and high-value markets are dominated by others.
"To achieve this goal, capital alone is not sufficient. The company requires strong governance, a skilled workforce, research capabilities and access to markets.
"This is where VentureTECH can play a role through strategic investments that help Bumiputera companies scale their businesses and strengthen their competitiveness," he said in his keynote address at the signing ceremony of the agreements between VentureTECH Sdn Bhd, Hanan Medicare Sdn Bhd and AgriData Portal Sdn Bhd today.
VentureTECH is a wholly owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT).
Mohd Shahar also emphasised that Bumiputera companies need to be given space to become part of the country’s future economic leaders.
"In that context, VentureTECH has the potential to become an important link between research, capital and entrepreneurship.
"We need investments that not only help companies grow but also build technological and industrial capabilities for the long term," he said.
Mohd Shahar noted that efforts to help Bumiputera companies scale up their businesses must align with the Bumiputera Economic Transformation Plan 2035 (PuTERA35).
VentureTECH officer-in-charge and chief operating officer Nizam Mohd Reza said VentureTECH’s focus is on companies that have the potential to build meaningful capabilities in strategic industries and create sustainable impact beyond their own growth.
"Hanan Medicare and AgriData Portal represent two distinct pathways towards that objective, one through higher-value biopharmaceutical manufacturing and the other through the use of technology to strengthen agricultural productivity and market access," he told reporters today.
He noted that VentureTECH’s role extends beyond providing capital and that the company will work alongside both firms as they strengthen their operations, develop talent, build market capabilities and scale sustainably.
"Ultimately, we want these investments to contribute to stronger domestic industries, quality economic opportunities and more competitive Malaysian companies," he added.
Hanan Medicare and AgriData Portal are two homegrown Bumiputera companies with the potential to strengthen Malaysia’s capabilities in two areas of strategic national importance: biosimilar manufacturing and food security.
In the biopharmaceutical sector, Hanan Medicare is expanding into higher-value manufacturing, with a focus on biosimilars, including insulin, while AgriData Portal is scaling an integrated agricultural model that combines technology, financing, farm management and market access for smallholder farmers in Sabah.
-- BERNAMA