Govt targets Bumiputera MSME contribution of 15 pct to GDP by 2025

KUALA LUMPUR: The government will strengthen the resilience and sustainability of Bumiputera micro, small and medium enterprises (MSMEs) to achieve the target of 15 per cent contribution to gross domestic product by 2025.

Prime Minister Datuk Seri Ismail Sabri Yaakob said this goal would be supported by the provision of the Bumiputera Prosperity Fund (Dana Kemakmuran Bumiputera) and the Express Contract Financing Scheme (Skim Pembiayaan Kontrak Ekspres) under Majlis Amanah Rakyat (MARA) to assist companies and contractors.

He said the government encouraged the participation of more Bumiputera entrepreneurs in the digital economy, as well as industries with high-growth potential.

He said financial assistance, guidance and mentoring by financial institutions will also be expanded to support Bumiputera entrepreneurs.

"To increase Bumiputera wealth, the policy and implementation of Bumiputera home-ownership quotas will be strengthened through closer cooperation between the federal government, state governments and local authorities," he said when tabling the 12th Malaysia Plan (12MP) at the Dewan Rakyat today.

"The government will also expand the concept of wakaf (Islamic endowment) to diversify financial resources to finance businesses and increase Bumiputera equity.

"In this regard, more wakaf instruments will be introduced, including creating a wakaf fund at the national level to mobilise more resources for entrepreneurship and fund socio-economic development programmes.

"The National Wakaf Master Plan will be created to ensure more efficient wakaf management," Ismail Sabri said.

He said the government would also ensure sustainable Bumiputera equity ownership through the equity safety net framework that would be introduced so that the sale of shares or companies would only be offered and sold to Bumiputera consortia, companies and individuals.

In addition, he said the holding and religuishment of ownership of Bumiputera companies will be regulated by the relevant ministries and agencies serving as sector regulators.

-- BERNAMA