Ruunt Officium Retractu

The launch of Model Ekonomi Bumiputera

Prime Minister Dato’ Sri Mohd. Najib Tun Razak just outlined the five thrust in the strategy to fortify the Malay economy and the inception of the Bumiputera Economic Council. He felt that something should be done to address many of the issues raised by the hardliners of UMNO, which provided the mainstay of BN supporters that retained the 14 coalition parties into power at Federal Government level and 10 State Governments in the recently concluded 13GE.

BUMIPUTERA ECONOMIC AGENDA: Empowering Bumiputera economy under MEB

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SHAH ALAM — The government today announced new measures and strategies to empower the Bumiputera economy, with the Bumiputera Economic Council (MEB), to be chaired by Prime Minister Datuk Seri Najib Razak himself, to be set up soon.

Najib said the MEB, which will replace the Bumiputera Agenda Action Council (MTAB), will implement five main strategies as a continuation of the implementation of the Bumiputera economic empowerment agenda.

Speaking at the launch of the Bumiputera Economic Empowerment Council today, Najib, who is also Finance Minister, said the focus areas will include enhancing Bumiputera equity ownership in the corporate sector as well as asset ownership.

“The government heard the cries for help from the Bumiputeras regarding their level of participation in socio-economic development programmes,” he said.

One of the main measures in this strategy is the setting of targets for all Chief Executive Officers (CEOs) of Government-Linked Companies (GLCs), including for projects awarded to vendors.

Najib said this information has to be included in the CEOs’ Key Performance Index (KPI), adding all ministries will also create a Bumiputera Development Unit (UPB) responsible for formulating proposals and implementing Bumiputera agenda initiatives.

To enhance Bumiputera equity ownership in the corporate sector, the Skim Amanah Saham Bumiputera 2 (ASB2) will be launched by Permodalan Nasional Bhd with 10 billion units, while Ekuiti Nasional Bhd (Ekuinas) will take over the role of steering the Skim Jejak Jaya Bumiputera to assist Bumiputera-owned companies to be listed on Bursa Malaysia.

“To ensure the Bumiputera socio-economic development agenda is effectively implemented, the delivery system will also be strengthened to create an efficient, comprehensive and constructive ecosystem,” said Najib.

Najib said various measures have also been outlined to help Bumiputeras, who still lag behind in the ownership of non-finance assets such as houses, industrial premises and commercial complexes.

For this purpose, Syarikat Perumahan Rakyat 1Malaysia (PR1MA) and Syarikat Perumahan Negara Bhd in cooperation with state governments will build more affordable houses for Bumiputeras nationwide.

The role of UDA Corporation will also be strengthened to help develop properties including houses, business complexes and spaces, as well as industrial and commercial buildings in urban areas, said Najib.

He added that GLCs and Government-Linked Investment Companies (GLICs) involved in property will also give emphasis to Bumiputera property development especially of housing, shophouses and commercial premises.

To optimise the value and benefit of non-finance assets such as property for Muslim Bumiputeras, the Yayasan Wakaf Malaysia will be turned into a corporate wakaf entity.

Meanwhile, the roles of property institutions such as Pelaburan Hartanah Bhd, Majlis Amanah Rakyat and Perbadanan Usahawan Nasional Bhd will be strengthened in order to develop or acquire commercial and industrial properties, especially in strategic locations nationwide. — BERNAMA

Prime Minister Datuk Seri Najib Razak, accompanied by his deputy Tan Sri Muhyiddin Yassin (right) admiring the model of Nautica Tg. Puteri 1 during his visit to the exhibition centre before starting his speech this morning — Pix by Khairull Azry Bidin.

Read more: BUMIPUTERA ECONOMIC AGENDA: Empowering Bumiputera economy under MEB – Latest – New Straits Times http://www.nst.com.my/latest/font-color-red-bumiputera-economic-agenda-font-empowering-bumiputera-economy-under-meb-1.355687?cache=03d163d03edding-pred-1.1176%2F%3Fpfpentwage63dp%3A%2Fhe3d03dn63f%3Fkey%3Dmalaysia%3Fpage%3D0%3Fpage%3D0%2F7.317048%2F7.320411%2F7.320411%2F7.320411%2F7.323459%2F7.330034%2F7.330034%2F7.330034%2F7.379286%2F7.494545%2F7.502513%2F7.502513#ixzz2eqSlAjUf

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In the glimpse of all fairness, what have been offered seems to very inspiring for the Malays. Essentially, these are the summary of the speech:

Fortification of the Bumiputera Human Resource

  • Increase training and vocational programs
  • More intense up-skilling programs
  • Intensifying Skim Latihan 1 Malaysia and Graduate Employability Management Scheme programs
  • Extended the post graduate programs via JPA, MARA and relevant agencies
  • More programs under Yayasan Peneraju Pendidikan Bumiputera

Fortification of Bumiputera Standing in the Corporate Sector

  • The launch of ASB2 which RM10billion funding
  • Expanding the Skim Jejak Jaya Bumiputera (SJJB) through Ekuinas.
  • Fortification of Bumiputera Non Financial Assets
  • Strengthening for Malaysian Waqaf Foundation

Fortification of Bumiputera Property Sector

  • Strengthening the role of property institutions like Pelaburan Hartanah Bhd (AHB), Majlis Amanah Rakyat (MARA) and Perbadanan Usahawasan Nasional Bhd (PUNB) for acquiring and development commercial and industrial properties
  • Increase in number of affordable housing under PR1MA and Syarikat Perumahan Negara Berhad (SPNB)
  • Strengthening UDA Corporation for property development
  • More involvement of GLC in property development
  • Intensifying Bumiputera Business and Entrepreneurial Community

Strengthening Bumiputera development agencies such as Amanah Ikhtiar Malaysia (AIM), TEKUN Nasional, MARA and PUNB

  • A directive for strengthening the Vendor Development Program (VDP)
  • Ensuring that the contracts and concessions under the VDP commensurate with the financial facilities and commitments from financial institutions
  • Petronas VDP programs vaued at RM 20 billion and under 22 scope of works
  • GLC CEOs now have to determine their KPI for Bumiputera participations
  • GLCs and GLICs is to pioneer a consortium to develop and upstream supply chain and intensifying selected services
  • Expanding the ‘carve out’ policiy program under GLCs and GLICs
  • New Bumiputera Commercial and Industrial Community
  • Introdution of Skim Usahawan Permulaan Bumiputera (SUPERB)

Strengthening the delivery ecosystem

  • Development of an efficient, comprehensive and constructive delivery system – incorporation of Bumiputera Development Unit in all Ministries
  • Increasing the enrolment into UiTM to 250,000 per annum by 2020 and building of new UiTM campuses
  • MARA education fund of RM1 billion
  • TERAJU would now be upgraded and jobscope expanded where a ministerial status CEO would be appointed and INSKEN and SUPERB programs absorbed under TERAJU

Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20130914/ek_07/Inti-pati-Majlis-Pemerkasaan-Ekonomi-Bumiputera#ixzz2eqSBeMqL
© Utusan Melayu (M) Bhd

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Let us not sound too skeptical without having some practical basis to these arguments and criticisms.

It is interesting for the creation of the Majlis Ekonomi Bumiputera (MEB) as a proper institution instead of a working group, that consists of various Ministers that meet on a scheduled timetable to address issues pertaining  to the Bumiputera economic and corporate agenda.

Some of what Prime Minister Najib announced with the measures and strategy to empower the Bumiputera economy seems to be very inspiring and able to bring new hopes for the Malays and Bumiputera communities. At least, academically it should weighted in the bigger picture, without being skeptically baseless. Some of the projects announced would have herculean roll out task, if not negative impact otherwise if and when it is not fully realised.

However, realising and making sure it is workable isn’t what meets the eye.

Example issues about education. Education has been identified as one of the thrust to bring the Bumiputera out of the rural poverty trap, outlined by Tun Hj Abdul Razak Hussein 42 years ago when the New Economic Policy was first announced. Yet, less than 10% of Bumiputera have tertiary qualifications.

Graduate Employability Management Scheme

Employability is a solution defined by the government to address the unemployed graduates. The SL1M and GEMS programs are developed and executed, previously undertaken by GLCs like Khazanah Holdings Bhd and all related corporations. Students who are unable to find employment are drafted into these internship programs where they serve GLCs and some of MNCs, to gain a short stint of experience where else their more than lucrative allowance is paid by Khazanah.

After a six month stint, majority of these GEMS and SL1M interns are uanble to be placed for a permanent or contract positions and they went back into the unemployment market. This time, no more internship allowance. It has been said that these unemployed former GEMS interns are sore with the Government and willingly to support the Opposition.

The launch of the RM10 billion fresh funds under ASB2 is well and good. However, if majority is unable to subscribe, based on the number of account holders with maximum investment allowed under existing ASB scheme is a good indication that even though the unit trust funds are created, the taken-up rate is not encouraging.

Infact, the figure is alarming. 73.1% of unit trust holders amongst the Bumiputera holds a savings of below RM5,000. The mean is actually RM610. Only 0.2% amongst Bumiputera unit trust holders have savings in the RM500,000 band.

ASB dividends Vs BLR

ASB dividends Vs BLR

The pressing issue here is that majority of Bumiputera households are not into the position of having savings. Data have shown that an average Bumiputera savings in EPF is RM21,500 compared to a Chinese, RM51,000.

Probably to address this, government should start a separate scheme where fixed income earners and non fixed income earners could borrow from commercial banks to take up all of these available unit trust schemes and induce a tight system to reliquidate it.

Skim Jejak Jaya Bumiputera (SJJB) is the extension from the current Ekuinas and Teraju programs, where the objective is to realise potential Bumiputera companies into the apex and eventually main bourse of Bursa Malaysia. It is a venture capital program, to ensure that a scheduled and structured capital and fund raising timeline is being realised and met.

NST story:

14 September 2013| last updated at 05:38PM

BUMIPUTERA ECONOMIC AGENDA: Ekuinas ready to helm Skim Jejak Jaya

SHAH ALAM: Ekuinas Nasional Bhd (Ekuinas), a government-linked private equity fund company aims to provide the best and successful options for Bumiputera companies to list themselves on Bursa Malaysia.

“We are moved and proud to be given the mandate to be the lead agency for Skim Jejak Jaya, currently under the purview of Teraju, a strategic unit within the Prime Minister’s Department.
“We will look on how to boost and help more Bumiputera companies to list on the local bourse,” its chief executive officer Datuk Abdul Rahman Ahmad told reporters on the sidelines of the Majlis Pemerkasaan Ekonomi Bumiputera launched by Prime Minsiter Datuk Seri Najib Razak here today.
He said Ekuinas would discuss with Teraju on ways to make the scheme more successful so that more Bumiputera companies could be listed on Bursa Malaysia.
“We will plan out something. We will focus on capacity building, how they (Bumiputera companies) can be given the right exposure as well as strengthen them, not just in terms of capital, but also in terms of operations and management capability,” he said, citing the PM had made a very comprehensive and innovative announcement.
“We hope that this would provide a meaningful impact to Bumiputera Agenda.”

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What is lacking to develop a fortified SMI/SME program is technology and competency building. This is the more important component, to ensure that the expansion programs of any SMIs are sustainable besides not having adequate capital.

Technology and competency building is the key underlying factor to sustain the VDP programs, especially for technology based GLCs such as Petronas, TNB, TM and Celcom Axiata. Bumiputera VDP companies should be the ones acquiring and developing technology competency, so that evenually when they graduate, they are able to compete without the VDP program protectionism and go head on into the bigger and more challenging market.

The 5Cs for financial and capital market viability

Strengthening the Waqaf Foundation would not be realistic, without the Government and public holdings of corporations which are supposed to be the custodian and stewards of specific industries be protected under the Waqaf scheme. It is the best avenue to ensure that the holdings of GLCs remain intact and not susceptible for private take overs.

Prime Minister Najib did not announce any schemes to develop Non GLC Bumiputera property development competency. Federal Government and GLCs should provide a a strong and workable mechanism where more Bumiputera businesses based on land assets and property development as the core activity can be involved and developed.

Even as smaller corporations these middle scale property developers seemed to be unable to compete against the bigger Non Malay ones, however with availability of capital and opportunity, consortiums amongst these Bumiputera property developers could be incorporated.

Property price range: Out of majority Bumiputera affordability

Property price range: Out of majority Bumiputera affordability

The MEB also did not address property ownership opportunity programs to the downtrodden Bumiputera. Only 68% of Bumiputera own homes compared to the Chinese, which is 80%. Homeownership is a good measurement for affordability as well as assets that could be used for collateral, to start an enterprise.

Then again, Prime Minister Najib who is also the Finance Minister did not address the mitigating issues that made property more and more out of the range of affordability, especially to the Bumiputera. Artificial demand due to speculative trading is one of the major culprit, especially in the urban and suburban areas in the major cities.

After all, what is the point of GLCs and GLICs getting into businesses and industries and compete against the market where there are existing Bumiputera entrepreneurs are struggling to position themselves.

The uptrend of house prices, in the major cities

The uptrend of house prices, in the major cities

GLCs and GLICs are supposed to facilitate and accommodate Bumiputera SME/SMIs into their businesses. That is more meaningful, where opportunity is provided so that Bumiputera entreprenuers could develop the competency, technology, network and eventually market expansion. Even if it means that these GLCs and GLICs have to make lesser profits, in the quest of expanding Bumputera SME/SMIs competency and market.

Whether or not what have been included in this is an afterthought rush job, structured to pacify the majority of Malaysians which contributed to BN’s power base in the recently concluded 13GE isn’t as important as how all these will structure how Bumiputera socio-economic position would eventually fair and positioned.

What was shown this morning is just bold rough strokes in the abstract of sending really strong messages that the Bumiputera community which forms 67.9% of the populous are not forgotten and omitted in the various ‘Transformation Plans’ to move Malaysia forward. In general, it is probably good and promising. However, the finer lines and how the colours immerse would define to make the grand plan for the Malay economy a beautiful one.

* Title in English: Afterthought rush job

*Updated 2000hrs

Published in: on September 14, 2013 at 13:30  Comments (52)  

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  1. Yes, this is how it should be. Memperkasakan ekonomi Bumiputera. Teraju will come directly under PM which is a timely move. And for the Malays and indigenous people take these opportunity with both hands, develop them and don’t let the bangsa down.

    • For Najib’s courage to announce such a massive and comprehensive Agenda Ekonomi Bumiputera, then he deserves to be re-elected as the President of UMNO at the next PAU. And as PM he must carry through this Agenda and not be distracted by mischievous detractors.

      • but thats where the fun starts.

        is he doing this since his balls were squeeze?

        just saying the right things doesnt make one intelligent overnight. its the action that follows is what matters and i doubt he has it in him to actually do it.

        next thing you know, it will be his 1 malaysia crap. here yesterday, today history.

        what are the odds that he follows up on his word?

        example:

        i) fuel prices will not be increased after GE. what an asshole najib is. saying one thing but doing another? is this a leader?

        ii) car prices will be brought down accordingly over a timed period. still jack shit in this aspect. again, where does the buck stops?

        najib is stupid. he will say the right things but at the wrong time. after your balls are squeezed, after everything thats happened, only now you want to suck the dicks of the malays?

        you have hurt my feeling for too long jib. you should go and sail into the sun. i do not want someone who is limp and drive-less like you at the helm.

        too late for me. this guy must go.

      • And his first move, to make sure all those so called advisers are removed. Only then would I believe PM Najib is most sincere in his Malay agenda. Otherwise it is just plain political bull shit, in view of the UMNO election and General Assembly.

        I find it so difficult to trust PM Najib anymore…. sad but go to live with it.

      • Of course, it appears that Najib had changed tactic after listening to the pro-Malay agenda inside and outside UMNO. He did have a 4-eyed meeting with Tun M sometime in June. His kowtowing to the Chinese has failed so why should he remain in the quagmire? Moving forward to make the Malay economic agenda as the core of the national agenda is the right thing to do since the Malay voters have put UMNO in power with the ‘ Chinese lucky number’ of 88 Parliamentary seats.
        The flopped PEMANDU will have no hand in the implementation of the Malay economic Agenda and that is good news. The Teraju and GLCs will play important roles. What is important is that MEB should ensure meeting the objectives and programmes are implemented efficiently benefitting target groups and not cronies but Bumiputera as a whole. Like I commented earlier, PM should remain steadfast and not be swayed by detractors who’d love to see MEB fails. He himself said that memperkasakan ekonomi bumiputera is fair and is equitable i.e the UMNO led govt will have no qualms about lifting the economy of the Malays into the mainstream of the nation’s economic development and making it the core of the national agenda. The Malays will have to answer to this by giving their 200% or more commitment to become a force to be reckoned with in the field of the nation’s economy.

      • postgrad,

        I don’t think most of those who comment in here are “detractors who’d love to see MEB fails”. They are just not convinced by Najib’s announcement.

        I have not read that “PEMANDU will have no hand in the implementation of the Malay economic Agenda”. If true, that’s welcome news and good riddance to them.

        Najib himself saying memperkasakan ekonomi bumiputera is “fair and is equitable .. no qualms about lifting the economy of the Malays into the mainstream of the nation’s economic development and making it the core of the national agenda” is no guarantee that that will really happen, happen fully and in total reality. The comments in here so far appear to express doubts on Najib, the man who wants to be “liberal”, maybe even overlooking the Special Position of the Malays and the Bumiputeras of Sabah and Sarawak in the rush to achieve a developed nation status.

        Or allowing the Level Four people and others to hijack or dilute his ekonomi bumiputera plan.

        I support the view that the playing field must be leveled in all aspects of the economy first before the Malays will be able to become “a force to be reckoned with in the field of the nation’s economy.”

        Would you like to comment on the attitude of the Chinese towards any penetration of their areas of business by others, they having all sorts of business guilds based on clans and sub-clans and on the kinds of business, that help one another, that no Malays can get into, that result in Malays getting different prices and business terms?

        What do you think should be done to help Malays there? PERNAS Trading-like GLCs that will, for example, import or buy wholesale steel products etc, then distribute to and develop Malay hardware retailers? I have not seen one single Malay hardware shop all these years. Yet so many Malays are in the construction business. What can the government do to reduce Ali Baba-ism – apart from telling them not to do so?

        Would appreciate you views.

      • Hashim , please note that I was the 1st to put my comment under this topic and I mentioned t from the outset for Najib not to be swayed by the detractors who like to see MEB fails. So, I am not referring to any of the comments that came later than my comments. I was referring to opposition political parties. They i.e Khalid Samad, Wee Ka Siong and Tian Chua and IDEAS CEO Wan Saiful Wan Jan already made sceptical and unreceptive comments..refer the Sunday Star today.

      • Point taken and thanks for the Star reference.

        Still interested to hear your views as requested.

      • Hashim,

        Why my views?

      • Dear postgrad,

        Looks like requesting your views also requires explanation, susah lah bro.

        Actually I have read many of your comments and they are meaty. Doesn’t mean I agree with all but I like reading them. I really believe you are a postgraduate, knowledgeable.

        But kalau susah sangat, takpe lah bro. I’m the usual Melayu, selalu merajuk. Rugi, tapi dah tabi’at Melayu dalam my system.

        Btw, can I ask why is it that you ask? I have taken your point about being the fist commenter and thanked you for the Star reference in relation to the first paragraph of my first comment.

        As I said, kalau susah takpe lah.

      • “the fist commenter” should be “the first commenter”.

    • I don’t mind “mengharung arus” against what might be the trend of arguments in here. I didn’t even realize BD has a new post until now – I left BD’s page on my screen for easy checking of new comments throughout most of the day but his system does not allow for automatic entry of new posts into an “opened up and standing BD page”. Nevertheless, good to see this post now and am keen to say my piece.

      I can’t say much delight in the “empowering Bumiputera economy” at this stage. I’d like to see concrete action and results, especially after my frustration that the NEP was muted in the first draft of Najib’s New Economic Model, and even not much spoken about in the final document – after all the hue and cry by the Malay public when the draft was “aired” for public reaction last time.

      MEB replacing the Bumiputera Agenda Action Council (MTAB) and such replacements may just be changing slogans after the Chinese tsunami and merely to placate the irate Malays who gave UMNO 88 seats and the Bumiputeras of Sabah and Sarawak who gave about 30 seats at PRU13.

      It was not “cries for help from the Bumiputeras regarding their level of participation in socio-economic development programmes” but “outbursts of frustration and anxiety” that Najib entertained the Chinese demands too much prior to PRU13, yet got the Chinese tsunami.

      (Continued)

    • (Conrtinuation)

      Many people have said Najib is “liberal”, perhaps even along the lines of the DAP’s so-called Malaysian Malaysia, even discarding essential tools for maintaining law and order like the ISA, EO and RRA and is now bent on discarding the Sedition Act, that might result in the anti-Malay and anti-Islam DAP, their wayward members and supporters being more seditious hereafter.

      Frankly, this is my worry – Najib being “liberal” that he’d want to achieve developed nation status no matter what, even earlier than the 2020 target, even at the expense of the interest of the Malays and the Bumiputeras of Sabah and Sarawak. That he made these announcements mainly because of the coming UMNO party elections where many people have asked him be replaced.

      The “liberal” brother CIMB Nazir has also not been helpful to give me a fair impression, heading CIMB which was originally the BBMB that his father established to help Malays in business, but not sure how much help he has given Malays thus far, yet talking about “the bastardization of the NEP”, being in league with the Khazanah Chief and the arrogant and brash Air Asia Tony Fernandez in the disastrous MAS share swap that later had to be reversed by Najib after the 28,000 MAS employees expressed their displeasure through their union.

      To me, no Malay is liberal until he realizes the need to level the playing field in this country, to devise policies based on and taking into account fully the Special Position of the Malays and the Bumiputeras of Sabah and Sarawak, and fully cognizant of the facts of the history of this country where the Malays, unlike the Chinese, don’t have a culture of doing business, but only a culture of “berdagang” i.e barter trading, and that the British during 80 years of colonial rule, have not assisted or even encouraged the Malays to be in business. Professor Zainal Abidin Wahid of UKM had researched and written about the British wanting the Malays to “look after the food production of the country”, hence leaving them to continue being rice farmers and fishermen.

      I want to be convinced and see for myself how the newly-named organizations actually help the Malays, and see the results, before complimenting Najib. My stand of wanting him replaced at the UMNO party elections this October stays.

  2. Lets be positive and take this announcement at face value. At least as an occasion for us to renew our resolve to increase bumi participation in the national economy. Having a certain amount of skepticism is healthy but lets be constructive and pitch in to ensure its success. Overall, it seems a good package although i suspect the motivation is more polical than anything else. Before general elections, throw goodies. Before umno elections, throw goodies. Well, so long as malays & bumis benefit…

    • The Malays had been positive before and during PRU13, tolerating Najib’s entertaining the Chinese “demands”, including on the issue of Chinese schools, yet the Chinese gave him a tsunami. Wasn’t that a gross miscalculation?

      Good that you “suspect the motivation is more polical than anything else.” But yes, the Malays themselves must now take advantage, exploit it to the maximum, and be now known as a community of exploiters, instead of just seeing others exploiting in the past.

  3. Biggum, your latin sounds suspicious to me so i checked the dictionary. how come the english translation of the title doesnt mean “after thought rush job”. its quite unprintable but it has the word “middle finger” in it!!!

    • You of the Middle Finger kind, are you?

      Some time back DAP wanted to change their hated Malaysian Malaysia slogan to Middle Malaysia. But the rakyat gave them the Middle Finger.

      • Tan Sri Haba 09:10: being charlus charplinus the latin comedian, i see the light side of life, my fren Biggum’s posting being heavy as it is, pun intended. but wernt we all born with middle fingers? and dont you dare look down on the humble middle finger, sir! world history is replete with ghastly events becoz of it and by it, even wars among nations.

        Indeed, as you recollected to our eternal gratitude, it was the middle finger that the rakyat gave to DAP for the Middle Malaysia abomination.Thumbs up to them, i say. And for we all know, the country was saved from some tragic commucal disturbances bcoz of the middle finger.

        I will even go so far to wager that it was the middle finger that saved the Dutch from being drowned in a flood…when the boy poked his finger (middle, i say, being the biggest and longest) into the leaking dyke, remember?

        Imagine going through life wtihout your middle finger…ho hum,,,ho hum…

  4. Big dog.
    Nothing new on Najib econimic agenda for bumiputra.

    Najib intention is good but who will implemented it.
    Petronas head is Bumiputra but we have Omar Ong whomis more powerful than Petronas President.

    Azman Mokhtarnis the head og Khazanah but all his senior staffs are non bumiputra.

    SC ia vary powerful organisation is equity market but the SC head ia benggali and many senior officers in SC are Chinese and Indian,

  5. Najib the Felinist did not address the root of the Malay socio-economic viscous cycle; seed capital.

    It takes money to make money.

    It is clear that he is trapped in the ‘BR1M’ thought process, even after this Majlis Ekonomi Bumiputera. A lot of initiatives which give the perception of ‘hand outs’, one level after another.

    What Najib the Felinist ought to do is to provide cheap funding. Make sure it’s a revolving credit nature and a mechanism to collect monthly.

    For the Bumiputera businesses, provide venture capitalism models. Not the Ekuinas and Teraju models. They are so IPO driven. Venture capital to ensure Malay SMEs hv financial backing for CAPEX and working capital, to ensure going concern.

    Then again Najib the Felinist is so influenced by ‘market capitalisation’ and ‘increasing value’ false capitalists thought process. Same as the tunes in the likes of Azman Mokhtar, Omar Ong, Nazir Razak etc.

    The real economy is in growth of sales, lowering cost of production and efficiency. Nothing of that in this speech.

    Also cornering the market. He didn’t even mention about Malay SMEs capturing existing market. Yes its about not taking other people’s rights does not encompass to not encroaching into their turf.

    That’s the true value in Datuk Rocky’s interpretation of ‘Meritocracy’.

    • I hope no Chinese think of Malays doing business, going into even the Chinese areas of specialization (if there is such a thing as that) as “encroaching into their turf” or “taking other people’s rights”.

  6. Those Who Condemned his Advisers should now Eat Their Words. All that he Announced were Mooted by His Advisers….

    All previous Malay Prime Ministers never thought or carried through the ideas that they and Najib had thought out! Of course they Did Not Leave Out the Caveat that All these will not Affect the Non Bumis..

    Perfecto Ugh?

    • Have complained to DS Najib for the lack of gratefulness expressed by some people. This is a very good economic plan

    • You comment looks the odd one out here, Mister.

      By “his Advisers” you mean the Fourth Floor guys? Who said they mooted what he announced?

      Don’t think the Economic Planning Unit – or whatever it’s called these happily sloganeering days – was responsible for putting those up?

      • That’s the Trouble with these “Liberal” ” Educated” Malays, Forever Grumbling, Forever Moaning (In the Tradition of Tun M for Master Sarcasm and I am the only Smart One Style) but not Appreciating that what got them there in the First Place… the Handouts!

        That’s Why Najib has to Continue the Tradition of Maintaining the 4th Floor Boys…To Counter these Ingrates!

      • You using the word “ingrates” for the wrong people.

        The word has always been used for the pendatang who, after 150 years being Stateless in this country, got citizenship right that the Malays agreed to at Merdeka, never saying thank you and instead tried to question the Special Position of the Malays and the Bumiputeras of Sabah and Sarawak, and caused the race riots of 1969.

        Looks like you are one of them real ingrates.

      • Just learn to be grateful to Najib and his advisers. Sick and tired of these people who are arm chair critics and yet have not done a single thing to help the Malays other than blame and question great leaders like Najib.

        Malays who do not support Najib can only be described in one word as being ungrateful. As to the pendatang, they are by definition ungrateful. So Malays must be grateful if not they are hypocrite.

        Are you grateful to Najib? Just answer YES and we all will be happy.

      • What makes you think that those who criticize Najib “have not done a single thing to help the Malays”? You appear like a loose gun, shooting below the hip, saying just anything you like.

        Have you thought it possible that there are retired Government Officers here who have done a lot of things to help the Malays while in Service? Or those still working in private sectors who are helping the Malays one way or another as we speak?

        Isn’t that an over-simplistic statement “.. Malays must be grateful if not they are hypocrite”? And would you like to explain what makes you say Najib is great, especially after the Chinese tsunami?

      • Retired civil servants draw a pension right? Pension is from Government right? Government is headed by Dato Seri Najib, right? So each month you must be grateful to Najib!

        Wow, its so hard to find people grateful to Najib?

        Last time they say Najib only pander to Chinese. Now Najib come out with MEB and still people want to oppose him. Even worse, those people who are supporting Najib are now accused of being pendatang!

        Apa lagi u mau?

      • I come in only when I see an idiotic comment or two. Yours is.

        Your kind of comment does’t deserve to be responded to. But needs to for the sake of the unsuspecting readers. Unsuspecting that you might be a tsunami Chinese who wants Najib to continue. Because he has been good to you all prior to PRU13.

        How idiotic can you be not realizing that the pensioners get paid irrespective of who the PM is.

      • Er duh…Its still the Government’s money lah! And Najib is the PM and head of the Government. Then no need for people to support UMNO. Like that even if Anwar takes over, pensioners will still get pension and there is nothing to be grateful to Najib for!

        If that is the case then there is nothing for people to be grateful for. No need for Malays to be grateful to Najib and to UMNO. No need for non-Malays to be grateful to UMNO for giving citizenship. No need for the dog to be grateful to the person who gives it a bone. No need for the cat to be grateful to the person who gives it a fish.

        If that is your understanding then please do not comment if BD labels the DAP supporting chauvinist and the Hindraf supporters under the tag Disobedient and ungrateful Malaysians.

        I won’t argue with you because you have said there is no need to be grateful.

        We must learn to be grateful to Najib. He gives BRIM money, give contract, gives UiTM place, give job, give quoata, give ketetapan, give INSKEN, give SUKSES, give everything – and then you have the gall to say there is no need to be grateful.

        Its your opinion, and I do not want to say it is wrong or right, only please answer this question

        Apa lagi lu mahu?

  7. Good ! Now who needs the 9 Chinamen unqualified, uneducated and inexperienced in public affairs in Pemandu ?

  8. BD,

    Incase I missed it, please tell us what’s the big Hoo-Haa about what Najib announced this morning?

    There’s nothing new! I’m rather disappointed!

    All repackaging existing and on going policies and socio economic plan being rolled out.

    No earth changing new and bold economic plans. At least that’s the sense of anxiety that was hyped up the past couple of days.

    Adding the drama and sensation like “Uphold seven wills of the nine Malay Rulers” wont mitigate the fact that the economic gap between the Malays and Chinese is getting unpleasantly wider.

    Let alone if factored in the Sabah and Sarawak Bumiputera.

    What will happen on the eve of the 14GE when the socio economic standing between the Malays and Chinese actually grew further apart?

    • All the papers are praising Najib. That is the main point – you can read the full speech or the analysis from every stream such as mass media, TV3, blogger. Even Kadir Jasin is praising Najib now, not so critical.

      So on the count of three…..

  9. I am still skeptical. Is this announcement timed for PAU?

    If; and that is a big “IF” it is not, than why do he still have this?

    “Saya difahamkan baru-baru ini MyTeksi mendapat geran kerajaan sebanyak RM1.2 juta dari Yayasan 1Malaysia. Walhal jika diperhatikan hampir 95% pekerja syarikat terdiri daripada kaum cina yang fanatik DAP.

    MyTeksi yang dimiliki oleh Anthony Tan (gambar) cucu pengasas Tan Chong Motors iaitu keluarga ke-11 terkaya di Malaysia khabarnya mendapat sokongan penuh PEMANDU malah PM sendiri ghairah mempromosikan MyTeksi di laman Twitternya sekaligus memberikan promosi secara percuma kepada syarikat tersebut.

    Menurut sumber dalaman MyTeksi sendiri, Ketua Jurutera syarikat tersebut yang bernama Fadrizul merupakan penyokong tegar 505 yang sering memburuk-burukkan UMNO termasuk DS Najib Tun Razak.

    Tahukah PEMANDU bahawa di Malaysia masih terdapat syarikat teksi milik anak Melayu yang dilancarkan lebih awal dari MyTeksi malah merupakan pemenang anugerah MSC Malaysia APICTA Awards 2013 and Top 10 Best Apps in Asia iaitu TaxiMonger” – credit Double Y.

    May be the Tuan Penasihat is clever after all – not for the Malays/Bumis but to keep their master in power.

    • “……. than why do he still have this?” to read

      “……. than why do we still have this?

  10. Biggie,

    Heard your friend JJ is the man PM Najib appointed as the new chair for TERAJU with ministerial status.

    What say you?

  11. Sorry but I am not convinced the plan announced by Dato Seri Najib today will significantly change the course and speed of Malay economic growth. There is just lack of structural changes, but more of the same handouts type of iniiatives.

    Where are policies to effect the following:
    – affirmative action strategy to ensure fair employment of Malay graduates in the private sector?
    – affirmative action to ensure all government contractors and vendors are fair employers?
    – plan to support non-Chinese small traders in a more fair practices – ensuring fair practices by Cinese traders who are monopolies in Supply Chain? It is no secret small Bumi contractors cannot get raw materials at the same price as their Chinese counterparts!
    – plan to ensure a stop to the current trend of organised Racial Polarisation of townships and housing areas. There is a huge scam in housing bookings, by syndicates to push prices, but I believe there is some elements of cleansing a certain areas to make it ‘non-majmuk’. Why is the government allowing more racial polarization in urban areas? This will significantly affect land and housing value.
    – I strongly believe the Government has been successful in giving education acces to all citizens. But the Government must do something drastic to ensure products of Sekolah Tamil and Sekolah Agama Rakyat types will also have opportunities to get decent jobs, and not succumb to life of crimes and drugs.
    – There has not been any convincing strategy to tackle the foreigners problems. I believe the Bumi traders problems are made worse by the foreigners. The government has allowed one after another Bumi trading areas to be totally taken over by foreigners. The Government by its failure to manage immigrants have allowed continued profitteering and exploitation of foreigners, at the expense of mostly Bumi workers and small traders. Just look at who control the lucrative maid agencies? Cleaning services? Transportation of goods?

    Really, I see nothing to shout about in the plan that the PM announced yesterday. Maybe he gives some pointers to UMNO leaders to boost in their upcoming election, but I do not see the strategic changes necessary to transform Ekonomi Bumiputra.

    • I agree a lot with this view.

      Yes, “lack of structural changes, but more of the same handouts type of initiatives”.

      Yes, where are the plans for “ensuring fair practices by Cinese traders who are monopolies in Supply Chain? It is no secret small Bumi contractors cannot get raw materials at the same price as their Chinese counterparts!” The same point that has been raised in another comment earlier.

      I want to see more in terms of the training of Bumiputeras in business, in all aspects of business, all sectors of the economy. There used to be some kind of training for Bumiputera contractors. Wonder what happens to that now and if any training done for other aspects of business.

  12. @ Varuna

    “I am still skeptical. Is this announcement timed for PAU?”

    Yes, it is, obviously.

    There have been so many flip-flops by this guy that it’s hard to know what he will do or won’t do.

    The education & skills part of the agenda is the most important, but equally important is this:

    That whenever “assistance” is floating on the surface of the pond, it is always the biggest & fattest Umno frogs who rise from the depths to gobble it up. Decades of experience under NEP have proven that.

    Why does Najib think the process will now become clean and fair?

  13. We were told that The MPM Majlis Perundingan Melayu burned the midnight oil to put into perspective and thrusts forward strategies needed badly for bumiputera economic action plan and forwarded them to PMO. What transpired in Prime Minister’s bumiputera economic plans revealed on 14th September was in sync with MPM recommendations. If thats true good job MPM.

  14. MELAYU YANG TENTANG MEB. ADALAH MELAYU CELAKA.
    MELAYU YANG LUPA DIRI.

    • Takda Melayu yang tentang. Hanya ragu cukup ke tak. Ragu kesannya. Ragu tujuannya ha nya nak meraih undi di pemilihan parti.

      • Ragu-ragu tu tentang lah.

        Let me relate a story so that others can learn. This was a dialog between a settler (Indian) and Tan Sri Isa Samad that was captured during a briefing to discuss the listing of FGV.

        “Lelaki itu tidak berpuas hati dengan jawapan Isa kemudian bertanya lagi kalau Najib lepas ni tak jadi Perdana Menteri dan digantikan dengan orang lain, kalau berlaku masalah dalam KPF siapa yang nak bertanggungjawab?
        “Isa kemudiannya menjawab ‘kalau awak tak percaya Najib sila keluar daripada dewan’,” kata Mazlan ketika dihubungi.

        Fikir-fikir lah…

      • This is another idiotic comment. Not stating clearly who stated what or even who Mazlan is. If you become a banker, many clients would go bankrupt.

        How the hell can you interpret ragu ragu as tentang? Habis lah your clients will go bankrupt, maybe made to sign loan terms that are not clear, contradictory etc. Or maybe you’ll cause your bank to go bankrupt. Give up your dream of becoming a banker, man. For the sake of the business community and for humanity.

        Btw, if the Mazlan referred to is the PAS fellow, it’s understandable that he said those – he would have told lies against Tan Sri Isa because he wanted to create a nuisance among FELDA settlers for the sake of votes. But PAS/PR lost, man.

      • Anti-Idiot.

        Please review what Tan Sri Isa said to the settler.

        ‘kalau awak tak percaya Najib sila keluar daripada dewan’,”

        Doesn’t “ragu-ragu mean doubtful? Doesn’t doubtful mean a lack of trust. Didn’t Tan Sri Isa explicitly tell the settler (Indian) for him to leave the dewan if he did not trust Najib.

        So I am only quoting what was said by an honorary Member of Parliament and the Chairman of Felda as guidance.

        In what way do you fail to see the logic?

        Please enlighten us rather than launch into accusations about my credentials.

  15. […] to address the growing socio-economic disparity between Bumiputera and Non Bumiputera. Although the necessary adjustments are required to mitigate the underlying factors and implementation of these policies and transformation […]

  16. […] Pemerkasaan Ekonomi Bumiputera yang diumumkan Perdana Menteri Najib pada 14 September 2013 secara kasarnya ada ‘tawaran dan hadiah’ dalam bentuk pelbagai program untuk masyarakat Melayu yang berbeza. Namun, sekiranya diperhalusi ianya seolah olah dibuat terburu buru tanpa memperincikan perlaksanaan, impak dan kesan strategik. […]

  17. […] Empowering Plan in the heart of Malay higher education institution, UiTM. However, critics view the program as being hastily concocted and not properly thought through, for effective roll out and eventually meaningful strategic […]

  18. […] Empowering Plan in the heart of Malay higher education institution, UiTM. However, critics view the program as being hastily concocted and not properly thought through, for effective roll out and eventually meaningful strategic […]

  19. […] Two weeks later in the effort to address growing economic desparity issues and grouses amongst the Bumiputera, Prime Minister Najib announced the Bumiputera Economic Empowerment Plan. Although sounds good in passing, but when scrutinised from the practicality of achieving the desired objective many skeptics saw it as a rushed plan without prope…. […]

  20. […] especially the Malays which is more than 75% of the Bumiputera populous. Strategically, it most likely would not bring about the desired results and meet the objectives as per laid […]


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