DPM: 30% Bumi equity here to stay

By Patrick Lee, Free Malaysia Today

The 30% Bumiputera corporate equity must remain as long as the Malays continue to struggle to uplift themselves economically, Deputy Prime Minister Muhyiddin Yassin said today.

“The Malays have only achieved 18% equity while the Chinese have already commanded about 40% of our economy.”

“We must understand that in order to uplift the Malays (Bumiputera), we will have to continue with the New Economy Policy until the 30% threshold is achieved,” he said.

Muhyiddin, also the Umno deputy president, told this to reporters after attending a function at a mosque here.

He was responding to the resolutions passed at the Chinese Economic Congress on Saturday, which, among other things, called for the gradual removal of the 30% Bumiputera corporate equity and the increased participation of non-Malays in government-linked companies.

The congress, organised by the MCA, said that these bold reforms were needed to liberalise the economy further.

Umno leaders had immediately rejected the congress’ resolutions and attacked MCA for deviating from the Barisan Nasional concept.

MCA president Dr Chua Soi Lek today reiterated that his party will push hard for the implementation of the 13 resolutions passed at the congress.

However, he came under criticism from Muhyiddin for failing to recognise the plight of the Malays/Bumiputera.