​​​​​​​Bumiputera Entrepreneurs Need To Build Ownership, Scale Up Businesses - Ahmad Zahid

ALOR SETAR, Aug 27 (Bernama) -- Bumiputera entrepreneurs need to move beyond merely participating in the economic value chain towards building ownership, scaling up their businesses and gaining greater control of the sectors they operate in, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

He said the government would continue to provide opportunities, build the ecosystem and expand access to help Bumiputera entrepreneurs grow, but they must also have the courage to expand, compete and create value.

“We have spent a long time building participation. Now is the time to build ownership, scale up and create greater control,” he said in his keynote address at the closing of the Bumiputera Entrepreneurs Convention (KUB) 2035 Declaration here today.

Ahmad Zahid, who is also Rural and Regional Development Minister, said the effort needed to be supported through three major shifts in the Bumiputera entrepreneurship ecosystem towards 2035, namely integrating the support ecosystem, shifting from producing entrepreneurs to growing entrepreneurs, and ensuring the country’s economic growth also strengthens local companies.

He said the current entrepreneurship ecosystem remained fragmented, with financing, training and market access operating through different channels.

Therefore, he said, all support instruments needed to be linked to enable entrepreneurs to operate within a more integrated and effective ecosystem.

“With today’s advances in technology and AI (artificial intelligence), there is no longer any reason for us to continue operating in silos. All these instruments must be linked so that entrepreneurs can operate within a more integrated and effective ecosystem,” he said.

Ahmad Zahid said the implementation of the Bumiputera Empowerment Unit (UPB) in every ministry needed to be expedited to ensure efforts to empower Bumiputera entrepreneurs function effectively and achieve the set objectives.

“If we truly want to empower Bumiputera entrepreneurs, then implementation must be carried out earnestly and ensured to function effectively to achieve its objectives,” he said.

He said the country also needed to move from the phase of producing more entrepreneurs to scaling up existing entrepreneurs until they were capable of becoming industry leaders, particularly in high-value sectors.

More Bumiputera entrepreneurs also needed to own technology, build their own brands and penetrate global markets, while creating more companies capable of becoming industry leaders, he said.

“This includes Bumiputera women entrepreneurs in high-value sectors who own technology, build brands and are capable of penetrating global markets,” he said.

Ahmad Zahid also cited entrepreneurs such as Khairul Aming, who built his own brand and market; technology company Aerodyne, which has taken Malaysian expertise to the global stage; and Les’ Copaque, which successfully developed local intellectual property that has gained international recognition.

“Such an approach reflects the characteristics of the Bumiputera Champions we want to produce, namely those who are not merely part of the value chain but are capable of building brands, commanding markets and becoming leaders in their respective industries,” he said.

Meanwhile, he said efforts to bring Bumiputera companies into global markets need to be implemented in a more structured manner, including identifying companies that are genuinely export-ready, helping them meet international standards, and matching them with actual distributors and buyers.

He said the success of such efforts should not be measured solely by the number of trade missions participated in, but by the contracts, orders and value of export sales successfully brought home.

-- BERNAMA