Kuala lumpur: The target to increase the contribution of Bumiputera micro, small, and medium enterprises (MSMEs) from 15 percent to potentially double by 2035 will be reviewed in greater detail at the end of this year or early next year, said Economy Minister Akmal Nasrullah Mohd Nasir. He mentioned that the review would be based on a report on the current progress of the Bumiputera Economic Transformation Plan 2035 (PuTERA35), which has a 10-year implementation period.
According to BERNAMA News Agency, when PuTERA35 was developed, the targets were set for 10 years up to 2035. Akmal Nasrullah expressed the need to review the overall progress to date. By the end of this year or early next year, the government hopes to have a report on the current progress. The minister shared these insights with reporters after attending a dialogue session with the economy minister titled 'Bumiputera Wealth Creation and Corporate Control.'
Tan Sri Abdul Wahid Omar moderated the session. Akmal Nasrullah explained that the report would enable the government to assess which targets could be achieved within the stipulated timeframe and identify the shifts needed to improve the implementation of the agenda. However, he emphasized that the assessment of PuTERA35 should not focus solely on statistics or figures but should also consider the effectiveness of the implementation process and the actual outcomes to be achieved.
The discussions at the forum also covered equity ownership, available opportunities, efforts to enhance the potential of Bumiputera-owned companies, and land ownership issues. Akmal Nasrullah highlighted the country's six percent economic growth in the second quarter of this year as a positive achievement amidst a global energy supply crisis. However, he noted that this achievement needs to be assessed in terms of how far the opportunities and benefits of economic growth are being enjoyed by the people, particularly Bumiputera. He emphasized that with increased Bumiputera ownership, control, and participation, the economy will continue to grow more robustly.
Additionally, Akmal Nasrullah stated that the Ministry of Economy would examine mechanisms to ensure that salary offers are more transparent and fair, particularly for graduates entering the workforce. He stressed that economic growth needs to translate into higher wages for the people, especially given the persistent income disparities among Bumiputera, despite the national median wage being around RM3,600. He added that salary transparency is crucial to ensure that young people and workers receive more commensurate returns.
The forum, jointly organized by the TERAJU Bumiputera Corporation, Ekuiti Nasional Bhd (EKUINAS), and UDA Holdings Bhd, brought together representatives from the government, government-linked investment companies, government-linked companies, financial institutions, capital market players, property developers, and the private sector. The forum aimed to outline strategic interventions to strengthen the transition of Bumiputera from economic participation towards ownership and control.