A shared key performance indicators (KPI) for Bumiputera-mandated agencies will be established to strengthen Bumiputera Agenda service delivery, according to the 12th Malaysia Plan (12MP) Mid-Term Review (MTR released by the Ministry of Economy today.
It said the roles and functions of the Bumiputera Agenda Steering Unit would also be reviewed as the lead coordinating agency for the agenda which remained as a national agenda for attaining fair, equitable and inclusive socioeconomic growth.
Other strategies to be implemented under the agenda include scaling up Bumiputera businesses, increasing Bumiputera wealth creation, empowering human capital, enhancing financial literacy and ensuring sustainable corporate equity ownership.
This is to ensure the nation could achieve an equitable outcome for Bumiputera by 2025, which includes national targets to increase the median monthly household income ratio of Bumiputera to Chinese from 0.71:1 in 2022 to 0.88:1, and the median monthly salary and wages ratio of Bumiputera to Chinese from 0.78:1 to 1:1.
By the same period, the government also set targets to ensure at least 65 per cent participation of Bumiputera in skilled occupations; 75 per cent in Bumiputera households owning a residential unit; and at least 30 per cent Bumiputera corporate equity ownership with effective control.
Towards increasing Bumiputera wealth creation, the government also set to review existing policies on Malay reserve land as well as optimise the potential of Waqf, improve information on unsold properties for Bumiputera online and facilitate the ownership of commercial properties.
In the efforts to scale up Bumiputera businesses, among others, Bumiputera entrepreneurs would be assisted in complying with international standards, while the Entrepreneur and Cooperatives Development Ministry would be tasked as a single coordinator for entrepreneurship programmes across ministries and agencies.
To ensure sustainable corporate equity ownership, high-potential Bumiputera mid-market companies would be encouraged to leverage on Dana Asas fund amounting to RM100 million with a cap from RM10 million to RM30 million under Ekuiti Nasional Bhd to accelerate growth.
“Starting 2023, the maximum limit for ASB investment is increased from RM200,000 to RM300,000 to increase Bumiputera equity ownership,” the MTR said.
Meanwhile, to elevate the standard of living of low-income Chinese households, the access to business financing facilities under New Chinese Village Financing (PKBC) scheme would be improved by simplifying procedures and providing new loan schemes ranging from RM50,001 to RM150,000.
A study would also be conducted to assess the current condition and needs of low-income Chinese households in new villages nationwide, while the roles and functions of village councils and committees would be strengthened and new villages with tourism potential would be transformed and promoted as tourist destinations.
Meanwhile, for low-income Indian households, the implementation of the Malaysian Indian Blueprint would be continued to enhance their well-being, focusing on improving access to quality education and the issues of low educational attainment and high dropout rates.
On the Orang Asli community, a study to formulate a comprehensive development plan to uplift their socioeconomic status will be completed in 2025, which will later serve as a reference in charting the socioeconomic development of the community.
In the meantime, the community will be encouraged to participate in commercial crop plantations such as oil palm, rubber and cocoa through replanting and expansion of existing smallholdings to increase income.
Apart from that, they will also be facilitated to commercialise traditional handicrafts, forest produce and bee farming as additional sources of income, while microfinancing facilities and skills training will be enhanced to enable them to venture into business.
The government had also planned on strengthening efforts to improve the livelihood of Orang Asli by enhancing basic infrastructure, services, and amenities, with the provision of clean water, electricity and telecommunication will be expanded and upgraded while housing and healthcare services will be improved.
Measures will also be intensified to improve access to Early Childhood Care and Education (ECCE) and realign the Jom Belajar programme, while more Comprehensive Special Model Schools for Year 9 will be upgraded to Comprehensive Special Model Schools for Year 11.
Source: BERNAMA News Agency