Accra:VentureTECH Bumiputera companies should transition from being suppliers to becoming strategic partners, technology owners, and industry leaders, according to Deputy Minister of Economy Datuk Seri Mohd Shahar Abdullah. He highlighted the need for these companies to expand their roles in the value chain, which is often dominated by others, especially in technology and high-value markets.

According to BERNAMA News Agency, Mohd Shahar stressed that capital alone is not enough for this transition. Companies require strong governance, a skilled workforce, research capabilities, and market access. VentureTECH can assist through strategic investments that help Bumiputera businesses scale and enhance their competitiveness.

VentureTECH, a subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT), aims to be a crucial link between research, capital, and entrepreneurship. Mohd Shahar emphasized that investments should foster technological and industrial capabilities for the long term, aligning with the Bumiputera Economic Transformation Plan 2035 (PuTERA35).

Nizam Mohd Reza, the officer-in-charge and chief operating officer of VentureTECH, stated that the company's focus is on fostering capabilities in strategic industries and creating sustainable impacts. The partnership with Hanan Medicare and AgriData Portal demonstrates this, with Hanan Medicare venturing into high-value biopharmaceutical manufacturing and AgriData Portal enhancing agricultural productivity and market access.

These initiatives aim to contribute to stronger domestic industries, quality economic opportunities, and more competitive Malaysian companies. Hanan Medicare is working on biosimilars, including insulin, while AgriData Portal is developing an integrated agricultural model for smallholder farmers in Sabah, focusing on technology, financing, farm management, and market access.