MTEM calls for bolder moves to improve Bumiputera economy

 

The Madani economic framework, launched by Prime Minister Anwar Ibrahim on July 27, is unclear about support for the Bumiputera economy, says an MTEM official. (Bernama pic)

PETALING JAYA: The government was urged today to take bolder moves in developing the Bumiputera economy, with a senior fellow of the Malay economic action council (MTEM) saying the government’s current efforts were unclear.

“The government needs to be bolder in initiating and visibly demonstrating support or enhancements for the development of the Bumiputera ecosystem promptly,” Ahmad Yazid Othman said in a statement.

He said every other prime minister since Tun Abdul Razak Hussein, who introduced the New Economic Policy, had “unapologetically” carried out programmes to strengthen the Bumiputera economy.

He added prolonged political polemics had led to paralysis on decision-making by government agencies, government-linked companies and ministries, and procurement processes had been slowed.

“This directly affects Malay entrepreneurs and contractors, giving an impression that the Bumiputera agenda isn’t a priority,” he said, adding that agencies initially set up to strengthen the community’s socio-economy are now seen as ignored by the government.

He also said that Putrajaya’s move to drop direct negotiations in government procurement was a positive step to reduce corruption and leakages. “However, there have been no measures announced to guarantee Bumiputera entrepreneurs that government contracts would not be dominated by conglomerates and listed companies owned by non-Bumiputeras,” he said.

He said the Madani economic framework must also include reforms in the Bumiputera development agenda, with better governance as well as faster and effective delivery.

“We want to see more Bumiputera companies with true potential given appropriate attention, especially in technological sectors within the Madani economic framework,” he added, saying that “old ways of thinking will not produce results”.

On July 27, Prime Minister Anwar Ibrahim launched his vision of a new Madani economy aimed at empowering the rakyat with a view to restoring the country as an economic leader in the Southeast Asian region. - FMT