Putrajaya: Under the Bumiputera Economic Transformation Agenda 2035 (PuTERA35), the government aims to increase Bumiputera companies’ contribution to Malaysia’s gross domestic product (GDP) to 15% by 2035 from 8.1% in 2022.
In addition, the target for Bumiputera participation and control through shares in government-linked enterprises and government-linked investment companies will be increased from 18.7% in 2020 to 20% by 2035.
Economy Minister Rafizi Ramli said the unity government was committed to ensuring that Bumiputera policies continued to be prioritised in all socio-economic development plans for the country.
“There is still room and opportunity for us to reflect and work hard to find the best solutions so that the socio-economic status of the Bumiputera community can improve and prosper.”
“This can be achieved through economic restructuring aimed at making Malaysia a developed, high-income country. Bumiputera have the opportunity and potential to play a more prominent role in new sectors and industries with high value added, including high growth, high value added (HGHV) industries,” he said at the PuTERA35 launch here today.
However, this in no way negates the rights of other races, rather it can benefit all races in terms of the country’s development and progress, he added.
Speaking at the launch, Rafiji said the new direction for Bumiputera economic development – “PuTERA35” – was a step towards enhancing the status and dignity of Bumiputera.
“The plan outlines three pillars aligned with the Madani economy: first, strengthening the nation’s economic foundations; second, strengthening governance and institutional integrity; and third, upholding social justice.”
He, however, said that while the government may have good plans, it is the efficiency of implementation that is crucial to the effectiveness of the plans devised.
“Last Friday, we heard a message from the Prime Minister that each and every one of us must be determined to increase productivity and efficiency and be ready to implement changes to make the country more competitive,” Rafizi said.
He added that the government’s collective hope is that the Bumiputera Economic Transformation Plan 2035 will produce a generation of enterprising, progressive and innovative Bumiputeras who can compete not only at home but also on the global stage.
The government said preparations for PuTERA35 took into account inputs from the 2024 Bumiputera Economic Council and also incorporated efforts from stakeholders in the public and private sectors, including non-Bumiputera groups.
The government said PuTERA35 does not replace existing development plans but has been developed as a continuation of government policies and directions in line with Madani Economy: People Empowerment and in line with the 2030 Sustainable Development Agenda (Agenda 2030) to enhance the dignity and status of people.
The report noted that while policies and programmes to strengthen Bumiputera rights have achieved some success so far, much work remains to be done to address various global, regional and national issues and challenges.
“Domestic issues and challenges were also taken into consideration in the formulation of the PuTERA35 roadmap to prepare Bhumiputera to contribute to the nation’s development towards achieving high-income economic status,” the report said.
The government pointed out the challenges Bumiputeras face in contributing to the country’s socio-economic development, including competitiveness, equity ownership, generating success, weaknesses in education, human resources, institutions and governance, and incomplete social security.
The report said Bumiputera development plans over the past 60 years have focused on poverty eradication and social restructuring, reducing income inequality, fairness and property ownership, and enhancing the competitiveness of Bumiputera enterprises.
However, structural problems remain, such as widening ethnic income and wealth disparities, the socio-economic status of Bumiputeras trapped in the middle and lower classes, and the concentration of Bumiputera participation in low value-added economic activities, the report noted.
The government said its approach to monitoring the implementation of PuTERA35 includes a top-down approach through the Ministry of Economy and a bottom-up approach through the Bumiputera Agenda Empowerment Unit (UPAB).
The role of UPAB has been strengthened and given the responsibility of implementation and close monitoring of initiatives at the ministry level. “A PuTERA35 monitoring dashboard has also been developed to ensure that 132 initiatives under the three pillars and 12 drivers are implemented by the responsible ministries and agencies,” it said.
