Government Pledged to Increase Bumi’s Participation in Large Projects, Prime Minister Says | Daily Express Online


Government pledged to increase Bumi’s stake in large projects, PM said

Posted on: Monday 06 December 2021

By: Bernama

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Ismail Sabri Yaakob says that the socio-economic status of the Bumiputeras still needs to be improved. (photo by Bernama)

Kuala Lumpur: The government is committed to increasing the involvement of Bumiputera companies in large-scale national projects, Prime Minister Ismail Sabri Yaakob said. He said the government is also committed to reviewing the procurement policies of government-linked companies (GLC) and government-linked investment companies (GLIC), as well as issues related to Bumiputera’s equity, which were still well below the 30% target. “In this regard, the government is revising the Equity Safety Net (ESN) mechanism to ensure that shares held by agencies mandated by Bumiputera remain in the Bumiputera group of companies.

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“This mechanism will be fine-tuned to achieve equity and value of Bumiputera without too much impact on the competitiveness of the agencies concerned,” he said during the launch of the Bumiputera Development Action 2030 (TPB2030) here today. ‘hui. Ismail said that although the Bumiputeras were the majority racial group in the country with 20.9 million, or 69.7% of the population, their socioeconomic status still needed improvement, especially in terms of the gap. wealth, income gap and asset ownership. “The Bumiputeras must be helped in a new and more structured way. No one will be left behind or forgotten, in accordance with the essence of the 12th Malaysian Plan (12MP), ”he said. He said Bumiputera’s success was not just a Bumiputera program alone, but would bring returns to the country as a whole.

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“We are also able to take Bumiputera’s program to the global stage through empowering high-tech fields, improving the quality of graduates in science, technology, engineering, mathematics and technical education training and professional, ”he said. The TPB2030 is the reference text for the next decade for the economic and socio-economic empowerment of Bumiputera and is a continuation of Bumiputera empowerment initiatives and programs. Based on part of the 2030 vision for shared prosperity and supported by the 12MP, the TPB2030 was developed by the Bumiputera (Teraju) Unit Steering Unit to achieve equality of opportunity and results. The TPB2030 will achieve six targets by 2030: Bumiputera companies’ gross operating surplus contribution of 20% to gross domestic product (GDP) worth RM 438 billion, wages of RM5169.12 RM, household income of RM 18,402.68, the rate of return on financial assets per capita worth RM 4,495.65, a total of 3,248,920 skilled workers and property of 4,758,469. The six Goals will be achieved through seven key economic growth activities including agriculture and commodities, digital economy, halal and food, Islamic finance 2.0, transport and sustainable mobility, manufacturing and tourism.
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