Perbadanan Usahawan Nasional Bhd (PUNB) has allocated RM75 million for the 2014-2019 period to support Bumiputera entrepreneurs in the automotive industry, Prime Minister Datuk Seri Najib Razak said today.

Najib, who is also Finance Minister, said the government's support, including with technology development, human capital and supply chain, will be further enhanced through PUNB's collaboration with the Bumiputera Agenda Steering Unit (Teraju), Economic Planning Unit (EPU), Malaysia Automotive Institute and other government agencies.

In his speech at the launch of the PUNB Auto Pro Forum 2014 here, Najib said as of April 2014, PUNB has created over 590 automotive businesses for 671 Bumiputera entrepreneurs with total value of approved projects at RM157 million.

The prime minister said the automotive industry contributed 3.2 percent to the gross domestic product with total exports at RM5.3 billion and provided employment to 550,000 people in 2013.

"The industry is expected to grow 10 percent by 2020, so the government will work hard to ensure the necessary measures in this sector are taken whether at the production or services stage, as this industry has a bright future with lucrative returns," he said.

Meanwhile, PUNB chairman Datuk Seri Mohd Ali Mohd Rustam said this year the national entrepreneur development corporation targets to develop 95 more automotive-based companies and businesses with an allocation of RM22 million.

PUNB also aims to create 20 percent more entrepreneurs in the sector next year compared to this year, and will continue to attract more Bumiputeras to the sector, he said, adding only 10 percent of the 35,000 independent automotive workshops in the country are Bumiputera-owned.