THE NATIONAL level organisation of the Chinese chambers of commerce in Malaysia will establish a special committee to conduct an in-depth study on the issues raised at the Bumiputera Economic Congress 2024 over the past three days.
The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) said the move is intended to provide more detailed recommendations and feedback to the government.
Its president Tan Sri Low Kian Chuan stressed that ACCCIM supports a more holistic and inclusive approach to addressing the country's economic issues, Bernama reported him as saying in a statement following the closing of the congress yesterday.
This would be in line with the Malaysia Madani Economic Framework which prioritises the needs and concerns of vulnerable groups across diverse communities, he was quoted as saying.
Low noted that the challenges faced by the country stem from global competition and require a collective approach to expand Malaysia's economic pie and prepare for future challenges.
At the same time, he said ACCCIM views positively the proposals raised at the congress, which are underpinned by the country's economic development policy based on performance and requirements, with a more inclusive approach to addressing the needs of vulnerable groups.
“ACCCIM hopes that these approaches will not only help Malaysians, especially the Bumiputera community, but also benefit all ethnic groups in the collective effort towards the country's economic development," he said.
In his speech at the closing of the congress yesterday, Prime Minister Datuk Seri Anwar Ibrahim had announced that the government will allocate funds amounting to RM1 billion to produce a new generation of Bumiputera entrepreneurs through government-linked investment companies (GLICs),
He said the funding is in line with the requests and recommendations that were put forward during the congress which was held at the Putrajaya International Covention Centre starting from February 29.
Anwar, who occupies the finance minister's post, also announced the creation of the Mara Madani Waqf Fund, supported by an initial grant of RM100 million, with the aim to achieve accumulated funds amounting to RM1 billion within two years.
“The Mara Madani Waqf will benefit 70.1 percent of the Bumiputera population, ensuring access to education, welfare, health, entrepreneurship, and transportation, which are increasingly crucial in this new era," he was quoted as saying by Bernama.
"The government has also agreed to extend tax deductions for stock-based waqfs such as the ASNB Waqf (Amanah Saham Nasional Bhd Waqf) and Waqaf An-Nur under Johor Corp," he stated.
Earlier yesterday, Economy Minister Rafizi Ramli had cautioned that the success of the Bumiputera development programme should not be gauged solely on the effort to attain the target of 30% equity ownership.
He expressed worry that if the focus is only on the community's equity holdings, the government would make missteps in developing policies to help Bumiputeras.
"If you look at it from a broader perspective, it (Bumiputera development) is something to be proud of and we need that confidence,” he said. “We don't need it if we continuously feel like we've never reached the target.
"So if we keep on debating whether we are successful or not, the Bumiputeras will only look at 30% ownership (as a target). It can be 'self-defeating'."
The congress sessions culminated in 80 resolutions as part of the Bumiputera empowerment agenda in the digital age.
The congress focused on ten aspects of the Bumiputera agenda.
They were specified as Education Reform and Human Capital; Technical Vocational Education and Training; Strengthening the Halal Industry; Rural Development; Empowering the Orang Asli; Wealth Creation and Corporate Dominance; Bumiputera Industry Competitiveness; Mastering New Technology; Felda and the Federal Region; and the Socioeconomy of Sabah and Sarawak Bumiputeras.
The event was jointly organised by the Rural and Regional Development Ministry together with the Economic Affairs Ministry.
The various proposals included the setting up of a Bumiputera Development Research Centre, an idea mooted by Education Reform and Human Capital Group chairman Tan Sri Noor Azlan Ghazali, and solutions to the lagging pace of development in Sabah and Sarawak compared to the peninsula, which was forwarded by Sabah Bumiputera Socioeconomic Group chairman Datuk Dr Ramzah Dambul who pointed out that gaps in basic infrastructure would stymie efforts to develop the Bumiputera economy there. – The Vibes, March 3, 2024
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