PARLIAMENT | The government is set to organise a bumiputera economic congress next year to determine a new direction for the agenda, said Prime Minister Anwar Ibrahim.
According to Bernama, Anwar told the Dewan Rakyat earlier today that the previous plans to empower the bumiputera were only focused on their participation in the economy sector and are based solely on equity ownership.
"After five decades, this ownership has yet to reach the 30 percent target set.
"A bumiputera economic congress will be held in January next year to set a new direction and approach that is more fair, equitable and inclusive," he said, whilst tabling the 12th Malaysia Plan mid-term review.
The prime minister said that efforts to empower bumiputera will be shifted from focusing on selected companies to enhancing programmes that will involve more entrepreneurs as well as small-and-medium companies.
The congress aims to create a middle-class category of bumiputera who are able to build their business and increase their income rather than relying on wages.
Anwar also highlighted the government’s intent to enhance the effectiveness of agencies that are mandated to assist the bumiputera - including Mara, the Bumiputera Agenda Steering Unit (Teraju) and Ekuiti Nasional Berhad - by realigning its strategies and initiatives.
"Key performance indicators will be created to improve the effectiveness of aid and support to increase bumiputera involvement in economic activities.
"We plan to continuously improve this effort to further build the credibility of the bumiputera-mandated agencies while strengthening integrity and governance," he said.
In his speech, Anwar also announced that the Companies Act 2016 and the Limited Liability Partnership Act 2012 relating to the declaration of beneficial owners are being revised to reinforce the transparency of share ownership, emphasising on good governance.
Increasing opportunities for bumi
Meanwhile, during the review, it was also announced that Putrajaya will be reviewing the roles and functions of Teraju as the lead coordinating agency for the bumiputera agenda.
It stated that other strategies to be implemented under the agenda include scaling up bumiputera businesses, increasing bumiputera wealth creation, empowering human capital, enhancing financial literacy and ensuring sustainable corporate equity ownership.
This will ensure the nation could achieve an equitable outcome for bumiputera by 2025, Bernama reported.
There are also national targets to increase the median monthly household income ratio of bumiputera to Chinese from 0.71:1 in 2022 to 0.88:1, and the median monthly salary and wages ratio of bumiputera to Chinese from 0.78:1 to 1:1.
By the same period, the government targets to ensure the participation of at least 65 percent bumiputera in skilled occupations; 75 percent households owning a residential unit; and at least 30 percent bumiputera corporate equity ownership with effective control. - Mkini
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