The Economy Ministry reorganised three Bumiputera agencies to increase their contribution

CYBERJAYA: According to Economy Minister Rafizi Ramli, three Bumiputera agencies have been reorganised under the Ministry of Economy to increase their economic participation.

This will be accomplished through creative and astute collaboration between the public and private sectors, in line with the Madani government’s values of inclusivity, efficacy, and sustainability.

According to him, the alignment is also being done as a follow-up to the 12th Malaysia Plan’s Mid-Term Review, which stated a plan to enhance the agencies’ involvement in advancing the Bumiputera agenda.

“A unified, comprehensive, and efficient system towards a more careful economic development of Bumiputeras is expected to be formed by cooperation between the public and private sectors,” he stated at today’s “Presentation of New Directions in Bumiputera Mandated Agencies: Yayasan Peneraju (YP), Bumiputera Agenda Steering Unit (Teraju), and Ekuiti Nasional Bhd (Ekuinas)” event.

According to Rafizi, YP, Teraju, and Ekuinas will have a unique place in the ecosystem of Bumiputera entrepreneurs.

As Teraju serves as a super-scaler to propel Bumiputera enterprises’ growth to a higher level in the global arena, YP concentrates on talent development to increase the Bumiputera value creator class. By acquiring business shares, Ekuinas will persist in promoting Bumiputeras’ economic participation.

The realignment is being done in accordance with the Madani’s objective of increasing Bumiputeras’ economic participation in a strategic, ongoing, and efficient manner.

According to Rafizi, there are goals for all three of the relevant agencies to meet.

By 2030, Teraju aims to develop and enhance the capabilities of up to 1000 companies and provide financing facilities totaling RM1 billion through cooperation with the private sector.

YP is required to provide 10,000 Bumiputera talent who are prepared to compete and become industry players.

“With an RM800 million fund, Ekuinas will invest to support the growth of more Bumiputera companies that have exceptional performance and profit records, ensuring that they continue to grow and achieve greater success in the market,” he continued.

Rafizi saw numerous memorandums of agreement being exchanged at the event, including one between Teraju and Leave a Nest for access to funding and prototype assistance as well as networking and collaboration opportunities through strategic ecosystems.

Teraju and Sirim Bhd will collaborate on a facilitation project that entails advising and consultative services for digital goods and services.

Teraju will also collaborate with the Malaysian Institute of Economic Research on a facilitation project involving savings institutions for Bumiputera companies as well as advising and consultation services.

Additionally, Teraju will work with financial institutions to create financing facilities worth RM1 billion for Bumiputera companies. These institutions include Bank Muamalat Malaysia, RHB Islamic, MIDF, MBSB Bank, Sabah Credit Corp, Maybank Islamic, SME Bank, Agrobank, Bank Rakyat, Credit Guarantee, Exim Bank, Pernas, and Development Bank of Sarawak.