PUTRAJAYA: The Bumiputra Economic Council will conduct comprehensive monitoring of the Bumiputra Economic Transformation Plan 2035 (PuTERA35) through regular and systematic reporting to ensure its objectives are met, says Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi (pic).
He said that the Economy Ministry, Rural and Regional Development Ministry, Bumiputra Agenda Steering Unit, and Majlis Amanah Rakyat will serve as joint secretariats to ensure the effectiveness of initiatives under the plan.
Launched on Aug 19, 2024, PuTERA35 is a comprehensive action framework to strengthen the bumiputra economy over the next decade.
“Through a more structured approach based on the resolutions of the 2024 Bumiputra Economic Congress (KEB 2024), PuTERA35 is the key driver of bumiputra economic transformation,” Ahmad Zahid said in a statement in conjunction with the first anniversary of KEB 2024, reported Bernama.
“The success of this plan will shape a more inclusive, sustainable and competitive future for the nation.”
Ahmad Zahid said PuTERA35 seeks to develop a dynamic, forward-thinking, resilient bumiputra capable of meeting current and future challenges.
It also aims to establish more explicit targets for measuring bumiputra participation, ownership and economic dominance.
To achieve these objectives, PuTERA35 has set several key targets for the bumiputra community by 2035, including increasing their participation in skilled employment to 70%.
“Other targets include achieving 30% equity ownership by individuals and mandated agencies, as well as attaining 20% equity control in government-linked companies and government-linked investment companies,” he said, adding that the plan also aims for 97% of bumiputra graduates to secure employment as well as to eradicate hardcore poverty among the bumiputra community.
Ahmad Zahid said the success of PuTERA35 depends on implementing a comprehensive strategy based on three key elements: participation, ownership and dominance in the national economy.
“Bumiputra participation will be strengthened through enhanced skills and high-quality education, ensuring they excel in high-skilled fields and cutting-edge technology to compete globally.
“Economic ownership will be enhanced through the provision of business financing and conducive investment incentives, enabling more bumiputra companies to grow sustainably and robustly,” Ahmad Zahid said, adding that in terms of economic control, efforts will be focused on empowering social mobility to ensure access to high-quality jobs.
“Efforts will also focus on strengthening the bumiputra economic ecosystem through more proactive policies and continuous support from relevant agencies.
“With strong commitment from all parties, this will not only drive the bumiputra community forward but also ensure Malaysia continues to thrive as a prosperous and progressive nation,” he added.
