‘New model needed to rev up Bumiputera economy’ 12 Apr 2021 / 08:42 H. Sunpix
KUALA LUMPUR: Nearly 64 years after attaining independence, Malaysia’s bumiputera agenda has yet to bear the desired results.
This is because poverty continues to haunt the biggest component of the nation’s population while bumiputera corporate equity ownership is still far below the government’s 30 percent target.
According to media reports, the incidence of poverty among the bumiputera stood at 7.2 percent as of 2019, compared with 1.4 percent (Chinese) and 4.8 percent (Indians).
As for bumiputera equity ownership, it stood at 16.2 percent in 2020 compared with 23 percent in 2011 and 19.3 percent in 1990.
Addressing the widening economic disparity may be a huge challenge for the government as Malaysia readies itself to face the post-Covid-19 era because the pandemic has had detrimental effects on bumiputera economy and incomes.
KUALA LUMPUR (Jan 26): The impact of the Covid-19 pandemic on the country’s economy including Bumiputera companies, is among the matters raised by Tan Sri Muhyiddin Yassin at the maiden meeting of the Bumiputera Prosperity Council held virtually today.
The Prime Minister also stressed that strategic interventions were crucial to help Bumiputera companies seize the economic opportunities in the viable and high value-added sectors.
“Insya-Allah, the entrusted members of the Council, as well as its Steering Committee and Working Committee, are capable of coming up with ideas to enable accurate and strategic interventions to be taken to ensure Bumiputera economy remains resilient and competitive,” he said in a Facebook posting, after attending the virtual meeting from his office in Putrajaya, today.