Najib blames rent seekers for failure to achieve 30pc equity

Najib receiving a memorandum of support from Malay/Bumiputra business leaders led by Tan Sri Rahim Tamby Chik (left). Looking on is Putrajaya Corporation president Tan Sri Dr Aseh Che Mat.

PUTRAJAYA: Rent seekers caused the failure to achieve the 30% bumiputra equity in the country's economy, said Prime Minister Datuk Seri Najib Tun Razak.

Addressing an economic forum of Malay/Bumiputra leaders, Najib said when the rent seekers failed in their businesses, it derailed the target.

However, there have been some improvement as the bumiputra equity had increased to 23% in 2010 from 21.9% in 2008, he said.

"This is the result of the government's market-friendly policies and the move to offer business opportunities to bumiputras based on merit," he said. - Star