KUALA LUMPUR: The Bumiputra economic agenda will now come under the responsibility of the Prime Minister.
Tan Sri Muhyiddin Yassin made the announcement at the closing ceremony of the Bumiputra Economic Congress which presented him with nine resolutions.
"I would like to announce that the welfare of the Bumiputra will now come directly under my purview," he said when closing the month-long congress here on Thursday (Oct 1).
He said that this was among the requests made by the Malay Consultative Council of Malaysia (MPM).
He added that an implementation committee would be formed and headed by Minister in the Prime Minister's Department, Datuk Seri Mustapa Mohamed, who will work with MPM to implement the resolutions presented to the government.
Earlier in his speech, Muhyiddin said despite the many strategies and programmes to uplift the Bumiputra community, they continued to lag behind the other races.
Based on a study last year, he said poverty among the Bumiputras was the highest at 7.2% compared with 1.4% among the Chinese and 4.8% among the Indians.
"Apart from this, income disparity between the Bumiputras and Chinese last year was RM2,802, which is four times higher than in 1989.
"These two indicators give a picture that the Bumiputras are still lagging behind the other races despite efforts made through the various Malaysia development plans and New Economic Policy (NEP)," he added.
To overcome this, he said the Bumiputera community must keep abreast of global economic developments, including developing a positive ecosystem which is more competitive.
In order to achieve a “bumiputera renaissance”, Muhyiddin said that successful Bumiputra companies should adopt a "paying it forward" concept to help the next generation of Bumiputras to succeed.
"It is time that those who had benefited from the NEP to return the gratitude by giving back to the next generation.
"For example, those in businesses have the opportunity to lay the foundations for those who need help by providing them mentor capital and network capital," he said.
Among the nine resolutions presented by the congress was that Majlis Amanah Rakyat (Mara) and the Islamic Economic Development Foundation (Yapeim) come under the Prime Minister's Department.
Did you find this article insightful?
25% readers found this article insightful