The Shared Prosperity Vision 2030 will continue with efforts to achieve the 30 percent bumiputera equity ownership target but needed participation from the country’s corporate sector for it to become a reality, says Economic Affairs Minister Mohamed Azmin Ali.
According to him, participation from bumiputera and non-bumiputera corporations are important in increasing the percentage of equity ownership of both ethnic groups.
“Bumiputera equity ownership has not only failed to reach its target but dropped to 16.2 percent (in 2015) from 23 percent in 2011. Non-bumiputera equity ownership has also declined to 30.7 percent in 2015 compared to 34.8 percent in 2011 while foreign equity ownership has increased to 45.3 percent.
“This is due to the imprudent policy by the previous government which hurried the liberalisation process and made an impact on Malaysians,” he told the media after attending the launching of SPV2030 by Prime Minister Dr Mahathir Mohamad in Kuala Lumpur today.
According to him, the current government might have to revisit some of the initiative taken by the previous government in regards to liberalisation.
“[…] Maybe we are not ready for that (liberalisation on some of the policies), maybe the timing was not correct, we don’t know, so we have to study what was done and what happened in the past,” he said.
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.
“Malaysians, in particular, must be ready to embrace this technology. Certainly, the objective is to ensure that the local participation, from either bumiputera or non-bumiputera, would be enhanced under SPV2030,” he explained.
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.
This, he said, would be important to ensure the stability and harmony of Malaysians of various races, religions and ethnic groups.
The minister also said even though SPV2030 would only be officially implemented in 2021 until 2030, but the spirit of the SPV would be incorporated in the next budget to be tabled on Oct 11.
“So, during the transitional period we will be able to see the progress of this SPV, and when we hit 2021 we will be full steam ahead to achieve the full target for the next 10 years”, he said.
Asked on the government’s target of achieving RM3.4 trillion gross domestic product by 2030, Mohamed Azmin said that as long as the country’s economy expands between 4.5 percent to 5.0 percent every year, then Malaysia is on the right track.