PUTRAJAYA: A bumiputera transformation accelerator fund has been mooted to drive and boost bumiputera companies to greater heights, former SME Corporation Malaysia (SME Corp) chief executive officer Datuk Dr Hafsah Hashim (pix) said.
The fund was one of the suggestions forwarded by the 970 participants of the bumiputera industry competitiveness group engagement sessions, he shared during his presentation of the sessions’ results, adding that major bumiputera companies would need to contribute one per cent of the company’s profits to the fund, which would be tax exempted.
“We invite successful bumiputera entrepreneurs who earn millions annually to donate one per cent of their profits to the fund and ask the government to provide tax exemptions and matching funds.
“If there is RM10 million in the accelerator fund, we ask the government to match it with another RM10 million to make it RM20 million.
“We have tested the concept with several millionaire entrepreneurs who said they are ready to ensure the fund is set up” he said, adding that the concept of the fund would be discussed with major bumiputera companies, most of which have been receptive towards it.
Hafsah also called for the government to consider bringing back the Goods and Services Tax (GST) to tackle issues with cartels and black economy.
“What we clearly hear from the 970 participants is to revive the GST as it will tackle the black economy and cartels.
“(The suggestion) has been forwarded to the secretariat for the government to determine if GST is better and can be revived compared to the (current) Sales and Services Tax,” he said, adding that other strategies included expanding the Multimedia Super Corridor (MSC) incentive to East Coast regions in Kelantan, Terengganu and Pahang.
He also urged that bumiputera entrepreneurs master Artificial Intelligence (Al), blockchain technology, and embrace the metaverse and big data analytics.
“They should be encouraged to participate in the gig economy by registering their businesses to get access to financing to grow rapidly,” he said.
Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi mooted the implementation of a Bumiputera Economy Transformation (BET) as a policy towards the future during his keynote address at start of the Bumiputera Economic Congress 2024 today.
The three-day congress at Putrajaya International Convention Centre is aimed at setting the direction, policies and new approaches of the bumiputera empowerment agenda. -Bernama