Malay Chamber: Bumi Economic Stake Can Hit 30% by 2015

(Bernama) – The Malay Chamber of Commerce Malaysia (DPMM) is confident that the setting up of the Bumiputera Agenda Driving Unit (Teraju) can increase the share of Bumiputera in the economy up to 30 percent by 2015 from about six to seven percent presently.

DPMM president Syed Ali Alatas said the target would be achievable through full cooperation between the chamber and Teraju.

“Firstly, ownership. Settle debts between traders and banks using a new financial method. If not, these traders may have to close shops,” he told a press conference here today.

He was sure that with support from Malaysia Building Society Bhd and local banks, a comprehensive and more effective financing program could be introduced.

He said the government should draw up also a new land policy with a view to reducing bureaucracy to speed up the land approval process for development projects.

State governments, meanwhile, should introduce a new formula to improve the land management system, he said.

Syed Ali said DPMM fully supported the setting up of Teraju to drive the Bumiputera agenda.

It was in line with DPMM’s initiative through its Bumiputera Socioeconomic Laboratory to strengthen the effectiveness and achievement of Bumiputera economy, he said.

“The focus on Bumiputera economic development is timely so that Bumiputera  participation can be promoted under the government’s Economic Transformation Programme,” he said.

He hoped that with the Bumiputera Socioeconomic Laboratory, the Bumiputera economic community could generate economic programmes with game-changing characteristics.

“It is DPMM’s hope that the game-changing environment will bring the Bumiputera trading and industrial community to a world of business which places greater importance on the effectiveness of Bumiputera participation without quota, subsidy or crutches,” he said.