Keb To Review Bumiputera Economic Transformation, Not Replace Nep - Mohamad

PUTRAJAYA, Feb 29 (Bernama) -- The Bumiputera Economic Congress (KEB) 2024 is aimed at reviewing the bumiputera economic transformation by correcting its shortcomings in terms of implementation and not to replace the New Economic Policy (NEP).

Foreign Minister Datuk Seri Mohamad Hasan said this was because the congress’ main objective was to restructure the participation of bumiputera in the economic sector of the country in a more open and transparent manner.

“The Bumiputera Economic Transformation (BET) that is being highlighted as a policy to move things forward does not replace the NEP.

"Instead, this congress looks at the successes achieved, including the setting up of government agencies as a result of the first and second KEB and to review all the successes, failures and weaknesses, and what needs to be improved,” he said on the first day of the three-day congress here today, which was launched by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi at the Putrajaya International Convention Centre.

The congress, organised by the Economic Affairs Ministry and the Rural and Regional Development Ministry through Majlis Amanah Rakyat (Mara), aims to look for new approaches and directions and to improve the bumiputera empowerment agenda in a fairer and inclusive manner.

Mohamad, who is UMNO vice-president, said that policies to empower the bumiputera economy need to be transformed according to current developments and keep in step with the global and digital economies, adding that KEB 2024 was the government’s efforts to rejuvenate the bumiputera economy and enlarge the national economic pie so that restructuring can be carried out transparently and openly.

Meanwhile, Minister in Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that KEB 2024 represented new preparation for Malaysians, especially the bumiputera, to face the challenges of a global economy in turmoil.

Deputy Rural and Regional Development Minister Datuk Rubiah Wang shared that the congress emphasised on BET as their achievements have yet to meet a satisfactory target even though economic empowerment has long been the main agenda.

She stressed that bumiputera participation in various economic sectors, especially in Sabah and Sarawak, needed to be intensified, particularly in new areas like the development of hydrogen and algae as new energy sources in Sarawak.

Also, Mara chairman Datuk Dr Asyraf Wajdi Dusuki said Mara, set up through the first KEB in 1965, needed to be strengthened to ensure that bumiputera participation, ownership and control in economic sectors would be enhanced.

He said Mara had a huge ecosystem involving education, entrepreneur and economic development as well as an annual budget of RM3.9 billion to ensure that the resolutions from KEB 2024 could be monitored, coordinated and assessed to ensure the success of the bumiputera empowerment agenda.

An observer from the Institute for Democracy and Economic Affairs (IDEAS), Dr Tricia Yeoh said that KEB 2024 was inclusive as the development of the national economy did not involve the bumiputera solely but other minorities to ensure that it would grow overall.

"As a think tank, the economic development of bumiputera is vital as they are the majority in the country. If they do not progress in various fields, how will the country grow and develop rapidly?” she said.

Finally, Higher Education Ministry advisor Prof Tan Sri Noor Azlan Ghazali said Ahmad Zahid’s recommendation of empowering bumiputera through the BET policy would shed some light on the direction and approach that the government will take in the context of socio-economic justice, as well as a sustainable and prosperous country without neglecting other races.

-- BERNAMA