Malaysia Needs Transformative Strategies To Boost Bumiputera Enterprises' GDP Contribution, Says MP

KUALA LUMPUR, Jan 20 (Bernama) -- Malaysia needs transformative strategies to boost Bumiputera enterprises’ contribution to the nation’s economic growth, the Dewan Rakyat was told today.

Simpang Renggam Member of Parliament Datuk Seri Hasni Mohammad said their contribution to the country’s gross domestic product remains low, at about 8.1 per cent in 2020, while the national target is to increase it to 15 per cent by 2035.

He said that among the transformative strategies are exploring the establishment of Bumiputera Equity Funds at both the state and national levels, as well as expanding Bumiputera equity ownership in future-oriented sectors such as digital, green technology and the environmental, social and governance (ESG) agenda.

At the same time, the younger generation of Bumiputeras must be prepared not merely to work in high-impact sectors, but to lead, own and build, he added.

“This calls for a new approach to talent development, including incentives in the form of intergenerational endowment scholarships, as well as community- and industry-based mentor networks to accelerate the transfer of knowledge, experience and opportunities,” he said while debating the motion of thanks on the royal address today.

Hasni said a large percentage of Bumiputera workers are still concentrated in the informal sector, making them the most vulnerable when the economy faces shocks, and with insufficient social protection, even a small shock is enough to push a family into poverty.

“This is where policy must move beyond temporary assistance towards developing household income resilience,” he added.

-- BERNAMA