KUALA LUMPUR, Nov 18 — The government has proposed quotas for Bumiputera-owned businesses in strategic locations such as shopping malls as part of efforts to increase the community’s participation in the economy, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

Ismail Sabri, who is also the chairman of the Bumiputera Prosperity Council (MKB), said the quotas would be managed transparently and fairly so that its ultimate goal can be achieved, in line with the aspirations of Keluarga Malaysia.

He added that the council agreed on this during a meeting yesterday to finalise the Bumiputera Development Action 2030 (TPB2030), which was attended by Minister in the Prime Minister’s Department (Special Functions) Datuk Latiff Ahmad as well as other Cabinet members and local entrepreneurs.

"Also discussed were issues relating to Bumiputera involvement in large scale national projects such as 5G, Digital Bank, government-linked companies (GLC) and government-linked investment companies (GLIC) procurement policies and issues relating to low Bumiputera equity.

"In addition, the meeting also discussed the percentage of asset ownership by Bumiputera’s, particularly in housing ownership and commercial premises,” he said.

He said that the presence of Bumiputera businesses in prestigious malls and tourist hotspots was still low due to the high rental rates even though some of these establishments are owned by GLCs.

"To address this issue, the government intends to review the management of shopping centres owned by GLCs to be managed by local companies in order to ensure that local traders, especially Bumiputera’s, can conduct their business there,” he said.

On Bumiputera involvement in government procurement, Ismail Sabri said that Bumiputera companies take up 80 per cent from the overall yearly contract cost across all government agencies.

He added that the government is also committed to ensuring GLCs and GLICs also support involvement of Bumiputera companies in their procurement.

"We were also informed during the meeting that the participation opportunities for Bumiputera companies wide in the development projects involving 5G networks by a wholly-owned government company.

"Bumiputera companies will benefit up to 60 per cent of the estimated project cost for a period of 10 years. Once again, the procurement method will be managed transparently and fairly so that only Bumiputera companies that are eligible on merit will benefit from it,” he said.

He said the government will also set up a Bumiputera Agenda Empowerment Unit (UPAB) in each ministry and government agency in order to coordinate all Bumiputera initiatives, policies and agendas.

"The Bumiputera Agenda Steering Unit (Teraju), as the secretariat of MKB also presented the preparations for the launching of the Bumiputera Development Action 2030 (TPB2030), which is scheduled to take place on December 6 in Kuala Lumpur.

"Based on the principle of equitability of opportunities and equitability of outcomes, TPB2030 was developed based on the essence of the Shared Prosperity Vision 2030 (SPV2030), supported by the 12th Malaysian Plan (12MP), which is inclusive in the context of Keluarga Malaysia,” he said.

He added that the meeting also agreed that the functions and responsibilities of Teraju will be strengthened to ensure that the Bumiputera agenda will continue to be relevant and competitive with the current economic landscape.

Earlier this year, MKB had endorsed the TPB2030 to reduce the economic gap between the Bumiputera community and other ethnic groups.

MKB consists of 17 Cabinet Ministers and Bumiputera luminaries in business, education and economic sectors.