Review Policies Towards Enhancing Bumiputera Participation In Economy - DPM Zahid

PUTRAJAYA, April 3 (Bernama) -- Deputy Prime Minister Dr Ahmad Zahid Hamidi has called for the review of a number of existing policies to ensure a bigger impact on strengthening the participation of Bumiputeras in the country's economy. In his speech when officiating the Syndication Laboratory on the Bumiputera Economic Transformation Roadmap 2.0 (BETR 2.0) here Monday, he said not all approaches needed large financing or new programmes. He said among the policies that could be discussed at the lab is to identify companies, including those owned by non-Bumiputeras, which had received concessions or government financing to introduce a diversification policy. "This is to ensure part of a project is 'carved out' to Bumiputeras and its distribution is made in a transparent manner based on merit using the existing approach of 'carve-out and compete'," he added. The text of his speech was read by Minister in the Prime Minister's department, Abdul Rahman Dahlan. Ahmad Zahid said the companies could also forward a plan to increase the number of Bumiputeras in their respective senior management in line with the diversification policy. The BETR 2.0 syndication lab organised by the Bumiputera Agenda Steering Unit (Teraju)is being held over seven days from Monday and involves 500 representatives from various ministries, government agencies, as well as government linked companies (GLCS), government-linked investment companies (GLICS), non-governmental organisations (NGOs), entrepreneurs and the private sector. Through the lab, Ahmad Zahid wants ministries to widen their scope to not just provide the best service to the people, but also improve the Bumiputera participation in their various initiatives based on the BETR 2.0 principles. He said BETR, launched by Prime Minister Najib Razak in 2011, outlined six principles, namely market friendly, need-based, merit-based, transparency, pro-growth and build sustainable competitiveness. He added that all six principles formed the basis of the implementation of the Bumiputera Economic Transformation under the supervision of the Bumiputera Economic Council, chaired by Najib and himself. At the same time, Zaid said the Prime Minister also launched the initiative to strengthen the Bumiputera economy and announced 36 across the board programmes for ministries and agencies in 2013. "The government believes to enable the Bumiputera agenda to become a national agenda, it must be supported by all parties, including ministries, agencies, GLCs and NGOs. "It takes a village to move a mountain," he added. At the same time, he said Teraju had contributed US$22.6 billion (RM100.4 billion) to the Bumiputera economy, including RM7.16 billion to fund businesses and as human capital, RM3.3 billion to create value, private Bumiputera investments of RM13.82 billion, and RM76.07 billion as business opportunities. Meanwhile, Abdul Rahman told a press conference after the event that although the Bumiputera agenda had been long debated, no one could deny that it had contributed to the economic, political and social stability of the country. Admitting that a part of the policy assisted a section of the people, he said the agenda needs to be seen in a larger context, that is providing economic stability to Bumiputeras, which ultimately forms a more condusive economic and business environment for all. "It’s a win-win situation. We need not be ashamed that this policy is a little behind, as it is because of it, that the country is stable and needs to be continued," he added. (US$1 = RM4.42) -- BERNAMA