According to the Malay Economic Action Council (MTEM), the recent Bumiputra Economic Congress has highlighted the economic situation of bumiputras, revealing a decline that contradicts the perceived progress of the community.
Senior fellow Ahmad Yazid Othman from MTEM emphasizes the importance of a focused approach with clear objectives and stakeholder involvement to ensure meaningful progress.
During the recent Bumiputra Economic Congress, also known as the Kongress Ekonomi Bumiputra 2024, important economic concerns of Malays, Orang Asli, and natives of Sabah and Sarawak were addressed.
While the congress demonstrated the government’s recognition of these issues, it also revealed a troubling decline in the economic state of bumiputras, contrary to what was previously thought to be progress.
Reports presented at the congress by various clusters highlighted concerning statistics, supporting previous statements and research conducted by the Malay Chambers of Commerce Malaysia (DPMM) and MTEM.
Only one bumiputra company was listed in the past three years, and disparities were evident in professional sectors such as legal and accountancy.
Median wages for bumiputras significantly lag behind the Chinese community, while bumiputra companies face challenges in listing, asset creation, and value addition.
Furthermore, the lack of infrastructure in bumiputra areas impedes their participation in the digital economy.
Proposed resolutions at the congress ranged from practical to vague, with some holding promise, like mandatory procurement of halal products from bumiputra manufacturers, while others lacked specificity and actionable plans.
There is a need for comprehensive policies addressing education, wages, equitable opportunities, and private sector involvement to support bumiputra economic empowerment.
However, recent events have raised doubts about the commitment to uplifting bumiputra entrepreneurs, with a government-linked company awarding a contract to a non-bumiputra company shortly after the congress, despite the availability of competent bumiputra companies.
This highlights the existing gap that needs to be bridged between reality and aspirations, as some policies and decisions continue to disadvantage bumiputras in government procurement and GLC acquisitions.
To ensure significant progress, a focused approach with defined objectives and stakeholder involvement is crucial, with key goals including raising wages to improve living standards for all Malaysians and setting ambitious targets for bumiputra economic contribution to the Operating Surplus and GDP per capita.
For instance, a target could be that 50% of the country’s Gross Operating Surplus (GOS) must come from bumiputra businesses, excluding GLCs, by 2035.
The government is urged to establish clear overarching goals post-congress that will guide the direction and pace of the monitoring council based on the 10 clusters, such as ensuring 90% of all Malaysians have a living wage by 2035 and aiming for Bumiputra GDP per capita to reach 70% of national GDP per capita by 2035.
In conclusion, the success of the congress depends on turning rhetoric into actionable policies with measurable outcomes, and with genuine political will and collective efforts, Malaysia can move towards inclusive prosperity.
