Rafizi announces new economic development for Bumiputera, PuTERA35, that won’t compromise rights of other races

PUTRAJAYA, Aug 19 — The government today introduced a new economic transformation plan that aims to lift the impoverished Bumiputera community.

At its launch today, Economy Minister Rafizi Ramli said the initiative will priorities the economic development of the Bumiputera without compromising the rights of other ethnic groups.

“The government has established various agencies to support Bumiputera development but faces issues with institutional weaknesses and ineffective delivery mechanisms.

“Poverty remains high among Bumiputera, particularly in Sabah, Sarawak, Kelantan, and among Orang Asli.

“To address these issues, the government will introduce a new economic development direction for the Bumiputera, known as PuTERA35, which outlines three core pillars aligned with the Madani economy,” he said in his speech at the launching ceremony of Bumiputera Economic Transformation Plan 2035 here today.

He said the aim was to foster Bumiputera who could compete at home and abroad, adding that progress could already be seen in the areas of talent development, workforce participation, income levels, equity, and property ownership. However, Rafizi said significant challenges remain in terms of wealth gaps and the Bumiputera community’s engagement in low-value-added work.

“In this context, one of the main factors is the inability of the Bumiputera community to contribute more meaningfully to the national economy,” he said.

Rafizi said the aim to establish a Bumiputera Commercial and Industrial Community was still unfulfilled, as was overcoming the view that Bumiputera enterprises lacked the ability to move up the value chain.

“The limitations in capital and early-stage support, particularly for startups, also contribute to this issue, leading to continued dependence on government grants and financing,” he said.

Source: Malay Mail