By Khairul Khalid
Husni Salleh
The Trans-Pacific Partnership (TPP) agreement will not have any significant impact on Malaysia’s bumiputera agenda, said Unit Peneraju Agenda Bumiputera (Teraju) chief executive officer Husni Salleh.
“The TPP won’t have much effect on the bumiputera agenda. The issue is more of capacity (of local businesses). We have to increase the carve-out policies to ensure that we get the best out of TPP.
“We have launched many programmes and incentives in the last five years and hopefully that will make bumiputera more competitive,” said Husni at the launch of the Bumiputera Economic Empowerment Performance Interim Report 2015.
Husni also said that local bumiputera companies are too focused on the domestic market and need to venture overseas more to develop their skills.
“Less than 10% of bumiputera companies currently export their products and services, or have joint venture overseas. The domestic market is limited. There are opportunities for them in outside markets,” said Husni.
He explained that Teraju plays a facilitating role, spearheading and coordinating the participation of bumiputeras into the nation’s economy in line with the objectives of the Bumiputera Economic Empowerment Programme.
The report outlines the government’s achievements and successes of the programme from various aspects including the provision of business opportunities, financing , human resource development, private investment and value creation worth over RM60 billion.
The report was launched by the Prime Minister Najib Razak today at the Umno general assembly in Putra World Trade Centre before the delivery of his keynote address as the president of Umno.
Najib pointed out various milestone achievements of the program, including RM10.2 billion investments under the Facilitation Fund, RM3.6 billion market value generated (as of August 2015) from Skim Jejak Jaya Bumiputera (SJJB) after listing, RM36.06 billion generated by the “Carve-Out and Compete” project, RM6.6 billion for the Vendor Development Programme and RM164.4 million worth of disposal of assets from government-linked investment companies and government-linked companies.
According to the report, the ownership of assets through the Bumiputera Property Trust Property Investment Ltd accumulated RM8.5 billion. The Bumiputera Property Trust also distributed a total of RM430.6 million revenue to its account holders from 2011 until 2015.
The Bumiputera Economic Empowerment Programme was launched in September 2013 by Najib. It outlined a 34 touchpoints program which focused on five main pillars of development of human capital, strengthening of equity ownership in the corporate sector, strengthening of non-financial assets ownership, intensifying entrepreneurship and businesses and enhancing the service delivery ecosystem.
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