Putrajaya commits to increasing Bumi participation in major projects

Malaysia – Prime Minister Datuk Seri Ismail Sabri Yaakob said that the government is dedicated to boosting the participation of Bumiputera firms in large-scale national projects.

He also said that the government is dedicated to revising procurement procedures enforced by government-linked businesses (GLCs) and government-linked investment companies (GLICs), as well as concerns with Bumiputera company equity, which remains considerably below the 30% target.

“In this context, the government is conducting a review of the Equity Safety Net (ESN) system to guarantee that shares owned by Bumiputera-mandated agencies stay within the Bumiputera group of enterprises.

“This mechanism will be fine-tuned to achieve Bumiputera equality and value without impairing the relevant agencies’ competitiveness in their investment activities,” he stated during today’s introduction of the Bumiputera Development Action 2030 (TPB2030).

Ismail Sabri stated that while Bumiputeras are the largest racial group in the nation, accounting for 20.9 million people or 69.7 percent of the population, their socioeconomic condition remains deficient, particularly in terms of wealth disparity, income disparity, and low asset ownership.

According to him, Bumiputeras need new and more organised forms of assistance. From Perlis to Sarawak and Sabah, inclusive, including the Bumiputera minority.

“As I previously said, nobody will be neglected or left out, in keeping with the spirit of the 12th Malaysia Plan (12MP),” he added.

He said that Bumiputera prosperity is not only a Bumiputera objective, but would benefit the whole nation and that they are also capable of advancing the Bumiputera agenda globally via the empowerment of high-tech areas and the enhancement of the quality of graduates in science, technology, engineering, and mathematics (STEM) and Technical and Vocational Education and Training (TVET).

The TPB2030 serves as a reference document for the next decade of economic and socioeconomic empowerment for Bumiputera and is a continuation of previous empowerment efforts and programs.

Teraju has been developing the TPB2030, which was intended to promote equality of opportunities and outcomes, from the end of 2020. It is based on a portion of the Shared Prosperity Vision 2030 (WKB2030) vision and is backed by the 12MP.