Economy ministry announces realignment of three Bumiputera-mandated agencies

CYBERJAYA: Economy Minister Rafizi Ramli today announced the realignment of the three bumiputera-mandated agencies under the supervision of the ministry, in line with the MADANI Government's goal to empower and boost the economic participation of bumiputera in a strategic, sustainable and effective manner.

It will be achieved through smart and innovative collaboration between the public and private sectors, in line with the MADANI Government principles that prioritise inclusivity, effectiveness and sustainability.

"The realignment of strategy and implementation for the Unit Peneraju Agenda Bumiputera (TERAJU), Yayasan Peneraju (YP) and Ekuiti Nasional Bhd (Ekuinas) was implemented after taking into account the views of various stakeholders through engagement sessions held earlier this year

"This realignment initiative was also carried out following the Mid-Term Review of the 12th Malaysia Plan (MTR 12MP) which outlined a strategy to strengthen the role of bumiputera-mandated agencies in delivering the bumiputera agenda," he said.

Rafizi said this at the Scaling Up Bumiputera Value Creation ceremony here this morning, which was attended by more than 500 people including representatives of bumiputera companies of various sizes, corporate leaders, government-related companies and government agencies.

He said that through this realignment, YP, TERAJU and Ekuinas will play a special role in the bumputera entrepreneurial ecosystem.

He said YP will focus on talent development to increase the level of bumiputera value creators, while TERAJU will act as a super-scaler in driving growth and expanding the scale of bumiputera companies to a higher and competitive level in the global arena, while Ekuinas will continue to drive wealth creation and bumputera's economic involvement through corporate equity ownership.

"By 2030, as a result of this realignment, the three agencies involved have been given targets to achieve.

"YP needs to provide 10,000 bumiputera talents who are ready to compete and become industry players, TERAJU is targeted to provide financing facilities amounting to RM1 billion through collaboration with the private sector and develop and improve the capabilities of 1,000 companies," Rafizi said.

Ekuinas will support more bumiputra entrepreneurial companies that have excellent track records and profits.

Through a RM800 million fund, Ekuinas will invest to support the growth of these companies, ensuring they continue to grow and achieve greater success in the market, said Rafizi.

Meanwhile, today's ceremony also witnessed the exchange of a number of memoranda of understanding witnessed by Rafizi, among which was between TERAJU and Leave a Nest for collaboration and networking opportunities through strategic ecosystems, access to funding and prototyping support.

Apart from that, TERAJU will also collaborate with the Malaysian Institute of Economic Research for a facilitation programme through bumiputera corporate depositories, consultation services and advisory services.

TERAJU will collaborate with SIRIM Bhd for a facilitation programme through consultation and advisory services that focus on technology products and services.

TERAJU will also collaborate with financial institutions such as Bank Muamalat Malaysia Bhd, RHB Islamic Bhd, MIDF Bhd, MBSB Bank Bhd, Sabah Credit Corporate, Maybank Islamic Bhd, SME Bank, Agrobank, Bank Rakyat, Credit Guarantee (CGC), Exim Bank, Pernas, Development Bank of Sarawak, to create financing facilities worth RM 1billion for bumiputera companies.

-- BERNAMA

Read the latest news here