The Ministry of Investment, Trade, and Industry (MITI) is joining forces with the Entrepreneur and Cooperatives Development Ministry (KUSKOP) to tackle the issue of low bumiputera participation in Malaysia’s manufacturing sector.
According to MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz, one of the main hurdles faced by bumiputera companies is the limited access to financing facilities, a challenge also prevalent among small and medium enterprises (SMEs).
“In response to this challenge, the New Industrial Master Plan (NIMP) 2030 includes an allocation to strengthen local companies. The Budget 2024 announcement earmarked a fund of RM200 million to implement NIMP 2030,” said Tengku Zafrul during the question and answer session in the Dewan Negara today.
Responding to a query from Senator Datuk Husain Awang regarding initiatives to expose bumiputera startup companies to alternative financing sources like equity crowdfunding, Tengku Zafrul emphasised the importance of capacity building and knowledge sharing.
“We have to share our experience and knowledge, and this is being carried out through SME Corporation and other related agencies,” he said.
Besides limited access to financing, another significant challenge highlighted by the minister is ensuring market access for bumiputera products.
Tengku Zafrul emphasised the role of the Malaysia External Trade Development Corporation (MATRADE) in facilitating the global competitiveness of local companies.
