The framework, set to be rolled out over the next decade, aims to tackle the ongoing socio-economic issues confronting the Bumiputera community, such as their limited involvement in high-value economic sectors, a growing income and wealth disparity, and a high unemployment rate, especially among Bumiputera youth. 

 “While there has been significant progress over the past six decades, particularly in education and professional fields, there are still areas where the Bumiputera lag behind. “For instance, in 2022, Bumiputera representation in public listed companies was only 7%, with just 62 out of 945 companies on Bursa Malaysia being Bumiputera-owned,” he said in his opening remarks at the unveiling of PuTERA35 on Monday.

Despite the achievements, he said there is still much room and opportunity for the Bumiputera to rise, acknowledging that more needs to be done to ensure that the community can contribute meaningfully to the national economy. The plan also aims to address issues related to weak institutional governance and ineffective delivery mechanisms, which have hindered the success of previous initiatives. In accordance, Rafizi stressed the need for coordinated efforts across various government agencies and the private sector to ensure the successful implementation of PuTERA35. 

“Inclusive development is at the heart of this plan.

“While the focus is on the Bumiputera, the benefits of PuTERA35 will extend to all Malaysians, contributing to the nation’s overall development and progress,” he said.

PuTERA35, which is centred around three key pillars — strengthening the nation’s economic foundation, reinforcing governance and institutional integrity, and upholding social justice, is a proactive step to elevate the status and dignity of the Bumiputera. Rafizi said this plan is designed to ensure that the Bumiputera can stand on equal footing with other ethnic groups in Malaysia, and even compete on the global stage.

He called on all stakeholders, including Cabinet members, civil servants, and the private sector, to work together in realising the aspirations of PuTERA35.

He expressed confidence that the plan would produce a generation of Bumiputera who are positive, progressive, and capable of competing internationally.

The launch of PuTERA35 marks a significant step in the government’s ongoing efforts to create a more inclusive and equitable economy, ensuring that the Bumiputera community can thrive in a rapidly changing global landscape.

Source: The Malaysian Reserve