Zahid urges stronger push for Bumiputera Economic Transformation Plan success
PUTRAJAYA: Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi has called on all ministries, agencies and government-linked bodies to step up efforts to ensure the success of the Bumiputera Economic Transformation Plan 2035 (PuTERA35).
He said PuTERA35, a long-term plan to drive the economic development of Bumiputeras, must not remain a mere "decorative document stored in the cabinet".
"PuTERA35 represents a national commitment to strengthening Bumiputera participation, ownership and control in the economy," Zahid said in a speech.
"However, if this commitment is not translated into action, we are merely wasting time.
"This is why I want everyone, whether from ministries, agencies, government-linked companies (GLCs), government-linked investment companies (GLICs), coordinators or implementers, to move together, to review, assess transparently, and act decisively to ensure that this agenda achieves the goals we have collectively envisioned."
He said this in his keynote address at the one-year retreat session of the 2024 Bumiputera Economic Congress.
Zahid said the implementation of programmes and projects under PuTERA35 has achieved a 15.7 per cent success rate.
"We already have the plan and the structure. What we now need is disciplined implementation and the courage to make bold decisions."
Zahid also spoke on the importance of a clear timeline to deliver tangible results.
"We have 132 initiatives under PuTERA35. I want these to be given the utmost priority. I want tangible results.
"We can no longer afford to be trapped in endless rhetoric," he said, adding that a strategic, clear and consistent communications plan on PuTERA35 was also needed.
He added that PuTERA35 must also serve as a central framework for all ministries, not just the Economy Ministry and the Rural and Regional Development Ministry, as it is a government policy.
"Every ministry, without exception, must play an active role as envisioned. The people have the right to know how many Bumiputera entrepreneurs have been developed this year.
"How many have progressed from micro to medium enterprises? How many TVET graduates are now earning monthly salaries of over RM4,000?"
Zahid also called for a change in the treatment of reports, saying the government could no longer rely on passive and annual reports.
"It is time for us to move forward with courage, guided by strategic, data-driven interventions and focused on real outcomes.
"Now is the time to prove that what has been planned is truly being implemented," said Zahid, who is also the Rural and Regional Development minister.
Meanwhile, Zahid said he has tasked the deputy secretary-generals for policy in each ministry to coordinate and monitor the implementation of PuTERA35.
"This role will be further supported by the Bumiputera Empowerment Unit, which must be restructured to suit current needs," he said.
He also said the Bumiputera Economic Congress retreat session will become an annual fixture to collectively reinvigorate the Bumiputera development agenda across all ministries, agencies and sectors.
Present were Deputy Economy Minister Datuk Hanifah Hajar Taib, Majlis Amanah Rakyat (MARA) chairman Datuk Dr Asyraf Wajdi Dusuki, and Bumiputera Agenda Steering Unit (Teraju) chief executive officer Junady Nawawi.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Focus Malaysia
12 hours ago
- Focus Malaysia
End of the road for MCA in Sabah?
DATUK Seri Ahmad Maslan's casual admission that 'urban seats belong to Pakatan Harapan (PH) while Barisan Nasional (BN) will focus on the rural areas' is more than just a campaign strategy. It is a blunt signal that for UMNO's survival, MCA has been reduced to a tradable chip—expendable, sacrificial, and no longer essential. The writing is not just on the wall; it is now shouted aloud: MCA is irrelevant, relegated to a mere passenger clinging to UMNO's wing. One more nail into MCA's coffin? How much louder must the alarm sound? Yet, MCA leaders appear trapped in paralysis. Instead of seizing direction, they wait for central delegates to decide—but only after the annual general meeting (AGM) at year's end. Who is actually leading the party—the central leadership elected to act, or delegates who seem to hold the steering wheel by default? When the ship is going through turbulence, does the captain navigate or wait to consult the sailors first? It has become a chicken-and-egg circus, a party with no head and no tail. This moment delivers a body blow to MCA's very reason for existence. Its traditional battlefield—the urban constituencies once its lifeline—has been written off and handed wholesale to DAP and PKR. The rural front, meanwhile, is firmly dominated by UMNO and its Bumiputera allies. MCA is left without a battlefield, a bridge without a river, a passenger abandoned at a bus stop long after the bus has departed. Nowhere is this humiliation clearer than in Sabah. BN claims the kampungs, PH secures the towns, and MCA is left with nothing—no roots in the villages, no traction in the cities. The 'end of the road for MCA in Sabah' could well be the first domino of its nationwide obituary. Or in harsher terms: Beginning in Sabah … one down for MCA. For decades, MCA justified its existence in BN as the bridge to urban and Chinese voters. That bridge has now collapsed. Unless MCA reinvents itself, it risks being reduced to what many already see it as—a party of posts and satisfied with crumbs, living off appointments instead of seeking mandates. Ahmad may not have intended it, but he has quietly issued MCA a death certificate. His words may one day be remembered as MCA's quiet political obituary—the final proof that the party has run out of road, and perhaps, out of time. Even UMNO leaders appear to mock MCA's diminished role. One Supreme Council member highlighted MCA's supposed 'contributions' and is still being included citing the appointment of Nicole Wong as a special officer to the DPM, and another appointed Adun in Pahang. From a party that once claimed to be the voice of millions, MCA is now reduced to pointing at token appointments as evidence of relevance. So, where does MCA go from here? The options are brutal: Remain in BN, even as UMNO openly declares winnable seats like Tanjung Piai are no longer theirs; Attempt to reinvent MCA or by seeking new friends outside BN, an uphill battle for the party; or Or accept its fate as a party of crumbs—senatorships, special officer posts, and political charity doled out by UMNO. BN may now be morphing into UMDAP, but MCA's dilemma is simpler: Does it walk away with dignity, or fade away? ‒ Aug 20, 2025 Datuk Seri Ti Lian Ker is a former MCA vice-president and a former deputy youth and sports minister. The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia. Main image: Bernama
The Star
15 hours ago
- The Star
ACE Market-bound Express Powerr to raise RM36mil from IPO
From left: Express Powerr Solutions (M) Bhd non-independent executive director Rosli Jonid, Express Powerr managing director Lim Cheng Ten, Express Powerr independent non-executive chairman Datuk Mohd Redza Shah Abdul Wahid, Mercury Securities Sdn Bhd director Jamieson Chew Yen Loong and Mercury Securities head of corporate finance Eric Chong Soo Keng. KUALA LUMPUR: Generator rental services provider Express Powerr Solutions (M) Bhd which is en route to be listed on the ACE Market of Bursa Malaysia on Sept 24, 2025, is expected to raise RM36.0 million through its upcoming initial public offering (IPO). The IPO price is fixed at 20 sen per share, giving the company a market capitalisation of RM186.9 million upon listing, based on an enlarged issued share capital of 934.4 million shares. Managing director Lim Cheng Ten said the proceeds would enable the company to expand its fleet by at least 36 units and acquire medium- and high-voltage equipment to support this expansion over the next three years. Lim said Tenaga Nasional Bhd is expected to remain Express Powerr's largest revenue contributor, although its reliance has dropped to 60 per cent in 2024 from 95 per cent previously. "Looking ahead, we see opportunities in the oil and gas (O&G) sector, where reliable, high-capacity power is critical, especially offshore and in remote environments. We plan to explore this further in the fourth quarter of the year,' he said. He noted that with 27 O&G projects worth RM4.46 billion approved in the first nine months of 2024, demand for generator sets (gensets) in exploration and drilling is set to rise. To reward shareholders, Lim said the company has adopted a dividend policy of 30-50 per cent of net profit. On diversification, he said the group's solar business remains in its infancy and would not be a near-term focus. Instead, Express Powerr aims to expand its presence within Malaysia, adding Penang and Kelantan to its current coverage of Selangor, Kuala Lumpur, Negeri Sembilan, Johor, Pahang and Sabah. He also noted that although data centres are growing rapidly in Johor, Express Powerr does not supply gensets to them as they usually purchase directly from manufacturers. "However, we can support them during emergencies,' Lim added. At the event, Lim said the IPO would involve the public issuance of 180 million new shares, representing 19.3 per cent of enlarged share capital, and an offer for sale of 65.4 million existing shares (7.0 per cent). Of the 180 million new shares, 46.7 million would be offered to the public via balloting, 18.7 million allocated to eligible directors, employees and contributors (pink form), 63.2 million placed out to selected investors, and 51.4 million reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI). The 65.4 million offer shares would also be placed with Bumiputera investors approved by MITI. Applications will close on Sept 8, 2025, at 5 pm. Currently, Express Powerr operates a fleet of 115 generator units, 70 per cent of which are mobile truck-mounted sets. Nearly three-quarters of the fleet comprises large generators of 500 kilovolt-ampere (kVA) and above, suited for high-demand applications. For the financial year ended Dec 31, 2024, the group's revenue rose to RM70.2 million from RM19.3 million in 2021, translating into a three-year compound annual growth rate (CAGR) of 53.7 per cent. Net profit grew at a CAGR of 43.1 per cent to RM16.6 million from RM5.7 million. Mercury Securities is the principal adviser, sponsor, sole underwriter and placement agent for the IPO. - Bernama
Daily Express
21 hours ago
- Daily Express
LDP cautions against new minimum wage hike
Published on: Wednesday, August 20, 2025 Published on: Wed, Aug 20, 2025 Text Size: Ong criticised comparisons between government-linked companies (GLCs) and private sector businesses, noting that some large corporations and GLCs have set entry-level salaries at RM3,000. Kota Kinabalu: Liberal Democratic Party Vice President David Ong cautioned the Government against implementing another minimum wage increase soon after the recent adjustment to RM1,700, which took effect nationwide on Aug 1. He said businesses, particularly small and medium enterprises (SMEs), need more time to adapt to the current wage structure before facing additional financial pressures. Advertisement 'Less than a year after the last increase, talk of yet another hike is premature and risks placing unnecessary strain on businesses that are still adjusting,' he said in a statement. He criticised comparisons between government-linked companies (GLCs) and private sector businesses, noting that some large corporations and GLCs have set entry-level salaries at RM3,000. 'GLCs operate under very different conditions, with guaranteed contracts, subsidies or monopolies that protect their income streams. 'Most private businesses, especially SMEs, operate on thin margins and face direct market competition,' he said. He said SMEs comprise nearly 98 per cent of Malaysian businesses and employ almost half the country's workforce. Many are currently struggling with reduced consumer demand, rising operational costs and cash flow constraints due to global economic challenges. He said premature wage increases could lead to unintended consequences, including job cuts, hiring freezes or business closures, outcomes that would ultimately harm workers rather than protect them. 'We must ask, what new skills or productivity gains have workers acquired in less than a year that would justify another wage increase?' he said, emphasising that salary increases should correspond with improved productivity and skills development. Instead of rushing into another minimum wage hike, he suggested the Government should allow businesses more time to absorb the recent wage adjustment while focusing on reducing living costs through stricter price controls and anti-profiteering enforcement. He also called for enhanced support for SMEs through training programmes, digitalisation initiatives and productivity improvement schemes. 'Workers deserve fair pay and a decent standard of living, but wage hikes must be gradual, realistic and supported by policies that strengthen competitiveness,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
