The concept and perception of bumiputera empowerment to one that is compatible with a multiracial society is now dubbed as the Bumiputera Economic Transformation (TEB). TEB has three goals, that is socio-economic justice; a sustainable nation-state; and prosperity for the country and well-being for the people.
TEB aims to close the gaps between Malaysians and ensure that bumiputeras are not left behind. The government wants to shift the bumiputera mentality towards skilled-based education from being a second option to being the first choice for industries.
This can lead to an increase in skilled bumiputera labour, which is at 29 percent compared to other races at the moment. The Government also seeks to continue to push for bumiputera equity ownership while ensuring the bumiputera agencies such as Permodalan Nasional Berhad (PNB) and Majlis Amanah Rakyat (Mara) continue to enhance bumiputera capability in all economic sectors.
TEB would not only focus on empowering corporations, but also individuals to encourage financial independence which will lead to improved quality of life for all.
Besides the TEB's three goals, it also has six resolutions.
The first is to defend the existing bumiputera agenda, including equity ownership, education, and land ownership among others. The New Economic Policy's 30 percent bumiputera equity ownership goal has not been met, with it currently only at 17.2 percent.
The second resolution is to plug leakages when implementing bumiputera initiatives, including at the recipient stage.
The third resolution is to create equality between regions, races, and communities.
The fourth resolution is to identify new opportunities and keep up with trends and factors that influence the economy and industry needs such as the development and use of artificial intelligence.
The fifth resolution is to foster genuine relationships between the bumiputera and non-bumiputera economics.
The sixth resolution is to ensure that other races and their rights are not sidelined.
TEB also has three endeavours.
The first is to create a Bumiputera Land Corporation to enhance bumiputera land ownership and ensure balanced racial demographics, continuity for agricultural and industrial lands as well as new settlements. The third endeavour is to industrialise agriculture.
The second endeavour is on health and education. The third endeavour is to industrialise agriculture.
TEB (or NEP) now has three goals, 6 resolutions and 3 endeavours. Actually, we don’t learn enjoying being Sisyphus – roll the stone uphill and see it reel down again, and again!
If the new bumiputera policy actually benefits all, then why don’t you call it the National Economic Initiative! Actually, we do have many policies, blueprints and plans. Then why do we fail? Execution – we are poor at it, because of corruption, cronyism and compassion! Corruption was PM’s pet topic while in the Opposition, cronyism was Mahathir’s favourite subject and compassion is for the select elite group – those in jail awaiting pardon, those who are given DNAA, and others awaiting a decision by the AG.
Unless we change our mindset, there will be a feeling of not getting a fair “shake” or a fair “share”. Must we wait for the next Congress?
Reference:
Govt launches new bumiputera policy painted as beneficial to all, Malaysiakini, 29 February 2024
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