Saturday, 14 September 2013


Najib's Bumiputera Economic Agenda

"The economic empowerment of bumiputra won't cut off, take away or deny any other's rights." - Prime Minister Najib Razak on the new Bumiputera Economic Agenda, Sept 14, 2013
 Najib said the MEB, which will replace the Bumiputera Agenda Action Council (MTAB), will implement five main strategies as a continuation of the implementation of the Bumiputera economic empowerment agenda.

Speaking at the launch of the Bumiputera Economic Empowerment Council today, Najib, who is also Finance Minister, said the focus areas will include enhancing Bumiputera equity ownership in the corporate sector as well as asset ownership.

"The government heard the cries for help from the Bumiputeras regarding their level of participation in socio-economic development programmes," he said.

One of the main measures in this strategy is the setting of targets for all Chief Executive Officers (CEOs) of Government-Linked Companies (GLCs), including for projects awarded to vendors.

Najib said this information has to be included in the CEOs' Key Performance Index (KPI), adding all ministries will also create a Bumiputera Development Unit (UPB) responsible for formulating proposals and implementing Bumiputera agenda initiatives.

To enhance Bumiputera equity ownership in the corporate sector, the Skim Amanah Saham Bumiputera 2 (ASB2) will be launched by Permodalan Nasional Bhd with 10 billion units, while Ekuiti Nasional Bhd (Ekuinas) will take over the role of steering the Skim Jejak Jaya Bumiputera to assist Bumiputera-owned companies to be listed on Bursa Malaysia.

"To ensure the Bumiputera socio-economic development agenda is effectively implemented, the delivery system will also be strengthened to create an efficient, comprehensive and constructive ecosystem,” said Najib.

Najib said various measures have also been outlined to help Bumiputeras, who still lag behind in the ownership of non-finance assets such as houses, industrial premises and commercial complexes.

For this purpose, Syarikat Perumahan Rakyat 1Malaysia (PR1MA) and Syarikat Perumahan Negara Bhd in cooperation with state governments will build more affordable houses for Bumiputeras nationwide.

The role of UDA Corporation will also be strengthened to help develop properties including houses, business complexes and spaces, as well as industrial and commercial buildings in urban areas, said Najib.

He added that GLCs and Government-Linked Investment Companies (GLICs) involved in property will also give emphasis to Bumiputera property development especially of housing, shophouses and commercial premises.

To optimise the value and benefit of non-finance assets such as property for Muslim Bumiputeras, the Yayasan Wakaf Malaysia will be turned into a corporate wakaf entity.

Meanwhile, the roles of property institutions such as Pelaburan Hartanah Bhd, Majlis Amanah Rakyat and Perbadanan Usahawan Nasional Bhd will be strengthened in order to develop or acquire commercial and industrial properties, especially in strategic locations nationwide. -- BERNAMA

Read more: BUMIPUTERA ECONOMIC AGENDA: Empowering Bumiputera economy under MEB - Latest - New Straits Times


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