The government will allocate RM1 billion to bumiputera entrepreneurs, which will be managed by government-linked investment companies (GLIC).
Prime Minister Anwar Ibrahim said the fund was to produce a new generation of bumiputera entrepreneurs in high-growth industries.
He said this when delivering a speech at the closing ceremony of the Bumiputera Economic Congress 2024 at the Putrajaya International Convention Center (PICC) today.
“The RM1 billion fund coincides with the wishes and recommendations that were debated during the congress, which is to create a bumiputera transformation accelerator fund.
“We can create more successful bumiputera entrepreneurial companies such as Aerodyne, which have successfully penetrated the global market in drone services.
“We should also be proud of the successes of Les’ Copaque and Animonsta which excels in the creative industry,” he said.
Mara waqaf fund
Meanwhile, Anwar also announced that the government has agreed to establish a Mara waqaf (endowment) fund, which targets RM1 billion within two years.
The fund, the premier said, will be spearheaded by Mara and executed by the Mara Education Foundation, which is in line with the intention of the agency’s establishment.
“I am pleased to announce that those from the Mara alumni associations as well as leaders have urged for the establishment of the endowment plan, which not only requires government funding but also encourages the people - who were once from the poorest groups - to be given the opportunities and experience social mobility, to elevate their status as professional and entrepreneurs.”
Further, he said that the Yang di-Pertuan Agong Sultan Ibrahim Sultan Iskandar had assented to become the patron of the endowment.
He added that the Mara Madani Endowment will benefit 70.1 percent of bumiputera recipients to ensure education, welfare, health, entrepreneurship and transportation security.
The fund will be developed and the accumulated investment returns will be used to assist those in need through social programmes organised by the Mara Education Foundation as the manager of the fund which will be appointed by the Federal Territories Islamic Religious Council.
In addition, the government also agreed to extend tax deductions for stock-based endowments such as ASNB Endowment and An-Nur Endowment under Johor Corp.
Citing the Madani government’s 2024 budget, Anwar said it has allocated funds amounting to RM500 million to develop idle endowment lands to generate sustainable income and build affordable homes.
Permanent secretariat
Meanwhile, Deputy Prime Minister Ahmad Zahid Hamidi said a permanent secretariat under the Bumiputera Economic Council will be established following the outcome of the conclusion of the congress today.
Speaking to reporters on the sidelines of the congress today, Zahid said the secretariat is to monitor the immediate execution of the resolutions proposed at the congress.
He said he was also entrusted as the secretariat steering committee chairperson.
“At the same time, a working committee will be chaired by Economy Minister Rafizi Ramli. We will consider all aspects including the implementation and follow-up actions required by the secretariat of the congress,” said Zahid. - Mkini
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