BUMIPUTERA ECONOMIC COUNCIL MONITORS ECONOMIC TRANSFORMATION PLAN 2035 - AHMAD ZAHID

PUTRAJAYA, March 1 (Bernama) -- The Bumiputera Economic Council will conduct comprehensive monitoring of the Bumiputera Economic Transformation Plan 2035 (PuTERA35) through regular and systematic reporting to ensure it achieved its goals, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

He said that the Economy Ministry, Rural and Regional Development Ministry, Bumiputera Agenda Steering Unit and Majlis Amanah Rakyat will serve as joint secretariats to ensure the effectiveness of initiatives under the plan.

Launched on Aug 19, 2024, PuTERA35 is a comprehensive action framework to strengthen the Bumiputera economy over the next decade.

"Through a more structured approach based on the resolutions of the 2024 Bumiputera Economic Congress (KEB 2024), PuTERA35 is the key driver of Bumiputera economic transformation.

"The success of this plan will shape a more inclusive, sustainable, and competitive future for the nation," he said in a statement in conjunction with the first anniversary of KEB 2024.

Ahmad Zahid stated that PuTERA35 seeks to develop a dynamic, forward-thinking, resilient Bumiputera to face current and future challenges.

It also aims to establish more explicit targets for measuring Bumiputera participation, ownership, and economic dominance.

To achieve these objectives, PuTERA35 has set several key targets for Bumiputera by 2035, including increasing their participation in skilled employment to 70 per cent.

"Other targets include achieving 30 per cent equity ownership by individuals and mandated agencies, as well as attaining 20 per cent equity control in government-linked companies (GLCs) and government-linked investment companies (GLICs)," he said, adding that the plan also aims for 97 per cent of Bumiputera graduates to secure employment and to eradicate hardcore poverty among the Bumiputera community.

Ahmad Zahid stated that the success of PuTERA35 depends on implementing a comprehensive strategy based on three key elements: participation, ownership, and dominance in the national economy.

"Bumiputera participation will be strengthened through enhanced skills and high-quality education, ensuring they excel in high-skilled fields and cutting-edge technology to compete globally.

"Economic ownership will be enhanced through the provision of business financing and conducive investment incentives, enabling more Bumiputera companies to grow sustainably and robustly," he said, adding that in terms of economic control, efforts will be focused on empowering social mobility to ensure access to high-quality jobs.

"Efforts will also focus on strengthening the Bumiputera economic ecosystem through more proactive policies and continuous support from relevant agencies.

"With strong commitment from all parties, this will not only drive the Bumiputera community forward but also ensure Malaysia continues to thrive as a prosperous and progressive nation," he added.

-- BERNAMA