LETTERS: The most noteworthy part of the mid-term review of the 12th Malaysia Plan was Prime Minister Datuk Seri Anwar Ibrahim's readiness to strengthen the Bumiputera economic agenda.
This will begin with the Bumiputera Economic Congress next year, bringing together economists, intellectuals and thinkers to formulate a more sustainable Bumiputera economic policy.
However, we propose that the Congress be renamed "Congress for Malay and Natives of Sabah and Sarawak Economic Development 2024" as it is related to the philosophy, principles and worldview of the Bumiputra community.
We believe steps must be implemented promptly to achieve the resolutions of the congress.
Firstly, the government must enact a law that prohibits any form of "Ali Baba" element in contracts and businesses awarded to Bumiputera entities.
The "Ali Baba" practice involves handing over a contract or business to another party, which is believed to be among the factors hindering Bumiputera equity ownership and economic growth.
The government should set a minimum percentage of completion of contracts before a business can sub-contract the work.
Many reports have shown that government contract recipients lack the expertise to complete the work, with more than 90 per cent actually carried out by others.
Secondly, all Bumiputera agencies, financial institutions and entities must share data on grant and aid recipients through a single portal to prevent "government grant beggars" hopping from one grant or aid to another.
These steps can prevent the exploitation of Bumiputera privileges.
Government agencies must seek out and identify Bumiputera enterprises that have big potential to contribute to GDP growth and help other start-up companies or new players.
Another step is to stop appointing cronies that lack attitude, skills and qualifications.
The selection of staff in Bumiputera development agencies or statutory bodies must be reviewed and improved to ensure they can effectively develop the Bumiputra economy.
It is hoped that after the Congress, the objective of 30 per cent Bumiputera equity can be a reality.
MOHD JAMIZAL ZAINOL
Chairman, Policy and Economic Affairs Centre of Malaysia (PEACE)
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times