PUTRAJAYA: The Ministry of Economy has called on the Bumiputera middle class to change their role to value-creating from value-adding to help the national economy.
Minister Rafizi Ramli said the empowerment of Bumiputeras will only be successful if they have control and ownership of the economy.
Accordingly, he suggested that Bumiputeras who have been successful in their respective businesses become financiers for Bumiputera-owned startup companies.
“The Bumiputera middle class and professionals in the country are very large, this can open up space for them to change their function as capitalists to startup companies,“ he said at the Bumiputera Economic Congress (KEB) 2024 today.
He explained that most of the Bumiputera middle class and professionals tend to save in Tabung Haji (TH), Amanah Saham Bumiputera (ASB) or the Employees’ Provident Fund (EPF).
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Therefore, Rafizi suggested that private capital firms refer to Bumiputeras to invest capital in new companies that want to start a business.
Meanwhile, Rafizi said the target of 30 percent equity ownership does not reflect the true achievements of the Bumiputera community.
“If we look at it from a broader perspective, the achievements of Bumiputera are quite impressive.
“However, this is not shown in the equity section because government-linked companies are run by Bumiputera but they are not listed,“ he said.
Last September, Prime Minister Datuk Seri Anwar Ibrahim said equity ownership by Bumiputeras in this country has not yet reached the 30 percent target after 50 years.
In this regard, Anwar said the government will re-evaluate the approach to measure the group’s level of participation and economic control. - Bernama
