PUTRAJAYA: Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi today proposed the implementation of Bumiputera Economic Transformation (TEB) as a policy to empower the Bumiputera.
He said TEB set three main goals, namely socio-economic justice, nation-state sustainability, as well as national prosperity and people’s well-being.
This is to ensure that the policy and implementation of the national economic agenda not only guarantee the involvement and rights of the Bumiputeras but also ensure their synergy with the non-Bumiputera, he said.
“These three goals demand that all races work shoulder to shoulder to develop the country, respecting fair distribution while accepting the fact, that efforts to strengthen Bumiputera participation in all economic sectors are within the framework of the Federal Constitution.
“It is also to remove the narrative that the country’s economy is dominated by the minority groups, which of course raises anxiety of the majority and ultimately creates social disparity.
“This kind of situation is certainly not healthy for a country that has been developed jointly for more than six decades,“ he said in his keynote address at the Bumiputera Economic Congress 2024, here today
Ahmad Zahid, who is also the Rural and Regional Development Minister, said through the goal of socio-economic Justice, the government wants to ensure Bumiputera participation, ownership and dominance in the economic sector can be empowered.
It is also to ensure their participation in new economic and technological opportunities, he added.
Towards this end, he recommended that Majlis Amanah Rakyat (MARA) be empowered with coordination, monitoring and evaluation responsibilities under the Bumiputera Economic Council.
“Simultaneously, the Bumiputera Empowerment Unit at the ministries, agencies, government-linked companies (GLCs) and government-linked investment companies (GLICs) need to be reactivated so that coordination, monitoring and evaluation can be carried out effectively,“ he said.
For the goal of nation-state sustainability, he emphasised the need for the Bumiputera Economic Transformation to be a big policy that can stimulate Bumiputera economic growth and attract investments so that the country can build a strong economic foundation for long-term sustainability.
Towards achieving the final goal, namely National Prosperity and People’s Well-Being, Ahmad Zahid said every step taken to empower the Bumiputera economy should be in line with efforts towards more equitable development and creating a foundation for strong economic growth.
As such, he said, KEB 2024 must find a solution to get more Bumiputera to participate in entrepreneurial activities because the ability to be independent in generating income will lead to an increase in the standard of living and well-being of the people as a whole.
Ahmad Zahid said that in achieving the three main goals of the Bumiputera Economic Transformation, six pledges were outlined as pillars for the country to achieve the desired goals.
The first is to safeguard the existing Bumiputera agenda, including policies and initiatives on land ownership, business equity, education, business opportunities, employment and supplies, he said, adding that although the targets have yet to be reached, they need to continue to be empowered.
He said efforts to close the leakage in the implementation of policies and initiatives of the Bumiputera agenda is the second pledge, while the third is to create equality between regions, races and groups.
This is to ensure the empowerment of the Bumiputera agenda is more even and that the chain of opportunities can benefit the community groups within the race in the country, he added.
“As for the fifth pledge, we must create a genuine networking of the umiputera and non-Bumiputera economies.
“Through Bumiputera Economic Transformation, we no longer want Bumiputera economic activities to exist only in name,” he said.
The sixth pledge, he said, is to not marginalise or deny the rights of other races to ensure justice in the country’s multi-racial society.
The three-day KEB 2024, being held at the Putrajaya International Convention Centre (PICC) until March 2, is expected to uncover the potential of technology and new opportunities in the economic field to empower the Bumiputera in the country. - Bernama
