Bumiputera Startups Must Be Bold To Expand To Global Level – Economy Minister

CYBERJAYA: Economy Minister, YB Tuan Haji Akmal Nasrullah Mohd Nasir has stressed that Bumiputera startups must be bold enough to move into the scale-up phase and penetrate regional and global markets to ensure more sustainable and high-value economic growth for the country.

He said the main challenge now is not merely to produce more startups, but to build an ecosystem capable of providing a clear growth path from startup to resilient, competitive companies capable of becoming industry leaders.

“Malaysia can be where they start, but ASEAN and the global market must be the space for them to grow,” he said when speaking at the TERAJU Startup Ecosystem Programme: Voices, Vision & Aspirations – “Startups X YBM” at Cyberview Resort & Spa, Cyberjaya today.

According to him, many startups succeed in producing products and acquiring early customers, but fail to scale due to a lack of growth capital, weak governance and a shortage of management talent.

As such, he said support for startups cannot stop after the establishment phase, but must continue through financing, mentorship, governance strengthening and market access.

Commenting on the country’s economic performance, Akmal Nasrullah said the Malaysian economy continues to show resilience, growing by 5.4 per cent in the first quarter of 2026, while the unemployment rate in May 2026 stood at 3.0 per cent with an inflation rate of 2.0 per cent.

He also informed that Malaysia recorded approved investments totalling RM426.7 billion in 2025, the highest achievement ever recorded, which is expected to create nearly 245,000 new job opportunities.

He said these investments must be leveraged to enable local companies to participate in the supply chain, acquire technology, upgrade skills and grow alongside the industry.

Meanwhile, he said Bumiputera economic development must shift from mere participation to value creation and ownership.

“We want more Bumiputera companies to own their own products, technology, brands, data and intellectual property, not just be agents, distributors or vendors at the lowest tier of the value chain,” he said.

He also commended TERAJU’s achievements through the implementation of the Bumiputera Startup Entrepreneur Scheme (SUPERB), which saw 231 startups receive financing and mentorship from 2014 to 2021.

Of that number, 82.9 per cent of companies remain active, while companies with financial data successfully recorded revenue of approximately RM515.1 million.

According to him, the SUPERB Coach & Grow programme also showed positive impact, with 48 participating companies recording cumulative sales growth from RM29.87 million to RM65.29 million, with 75 per cent of participants increasing sales by at least 50 per cent.

He said TERAJU must continue to play its role as a growth facilitator through programmes such as ASCEND, ENHANCE, XCELERATE and GEAR-uP, while also connecting Bumiputera companies to financing opportunities, customers, strategic partners and broader markets.

Concluding his speech, Akmal Nasrullah urged entrepreneurs to utilise the dialogue platform to build networks, strengthen collaboration and explore new opportunities.

“I want to see more Bumiputera companies not merely present in the market, but creating markets; not merely participating in the economy, but owning value; and not merely succeeding in Malaysia, but bringing Malaysian solutions to the world stage,” he said.