Edited by: Sheera Abg Mansor
KUALA LUMPUR: The Shared Prosperity Vision (WKB2030) will continue with efforts to achieve the 30 per cent Bumiputera equity ownership target but for it to become a reality, the participation from the country’s corporate sector is essential.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali as quoted in Bernama said participation from Bumiputera and non-Bumiputera corporations is important in increasing the percentage of equity ownership of both ethnic groups.
According to him, Bumiputera equity ownership has not only reached its target but dropped to 16.2 per cent (in 2015) from 23 per cent in 2011, the non-Bumiputera equity ownership has also declined to 30.7 per cent in 2015 compared to 34.8 per cent in 2011 while foreign equity ownership has increased to 45.3 per cent.
This, he said, is due to the imprudent policy by the previous government which hurried the liberalization process and made an impact on Malaysians.
According to him, the current government might have to revisit some of the initiatives taken by the previous government in regard to liberalization.
Mohamed Azmin also said the Pakatan Harapan government would continue to seek greater foreign direct investment into the country, in new sectors including aerospace, digital economy and big data as Malaysians, particularly, must be ready to embrace this technology to ensure that the local participation, either the Bumiputera would be enhanced under WKB2030.
The government according to him was also looking at the need to ‘recalibrate’ new policies so that the country’s prosperity could be shared among the people and to ensure the stability and harmony of Malaysians of various races, religions and ethnic groups.