Friday, March 31, 2023

M’sian Govt Proposes Bumi Quotas In Strategic Business Locations, Says It’s Keluarga Malaysia

NewsM'sian Govt Proposes Bumi Quotas In Strategic Business Locations, Says It's Keluarga...

The Bumiputera Prosperity Council (MKB) has proposed a quota to increase the number of Bumiputera-owned business premises at strategic locations, such as shopping malls in an effort to increase their competitiveness.

In a council meeting on Thursday (18 November), Prime Minister Datuk Seri Ismail Sabri Yaakob, also the Chairman of MKB, said the low Bumiputera ownership of premises in prestige malls and tourist attractions are due to high rental and stiff competition.

He also said the government will review the management of shopping malls owned by government-linked companies (GLCs) to ensure management by local companies so more Bumiputera businesses would be able to rent shop lots.

Source: Harian Metro

“The quota will be managed with transparency and fairness so that the main focus to help Bumiputera businesses that are eligible with potential to succeed can be achieved, without any abuse that would deflect from its main objectives, in line with aspirations of Keluarga Malaysia.” he said, according to FMT.

Meanwhile, Malay Mail also reported other plans under the Bumiputera Development Action 2030 (TPB2030) and they are,

Large scale national projects and asset ownership

Issues relating to Bumiputera involvement in large scale national projects such as 5G, Digital Bank, Government-Linked Companies (GLC) and Government-Linked Investment Companies (GLIC) procurement policies and issues relating to low Bumiputera equity were brought up during the meeting.

To solve this issue, the meeting discussed about the percentage of asset ownership by Bumiputera’s in areas such as housing ownership and commercial premises.

Source: FMT

Government procurement

Ismail revealed that Bumiputera companies takes up to 80% from the overall yearly contract cost across all government agencies. With this, the government is committed to ensure GLCs and GLICs also support the involvement of Bumiputera companies in procurement.

He added that they will give ample opportunities for Bumiputera-owned businesses to participate in 5G network development projects.

Bumiputera companies will expected to benefit up to 60% of the estimated project cost for a period of 10 years.

Bumiputera Agenda Empowerment Unit (UPAB)

The government will set up UPAB in each Ministry and government agency to coordinate all Bumiputera initiatives, policies, and agendas.

Bumiputera Development Action 2030

The government will be launching the Bumiputera Development Action 2030 (TBP2030) on 6 December in Kuala Lumpur and the plan is developed based on the essence of the Shared Prosperity Vision 2030 (SPV2030) and supported by the 12th Malaysian Plan (12MP).

Under this action plan, the functions and responsibilities of the Bumiputera Agenda Steering Unit (Teraju) will be strengthened to ensure the Bumiputera agenda continues to be relevant and competitive in the current economic landscape.

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