PUTRAJAYA, Feb 28 ― The introduction of a new policy to empower the Bumiputera economy through land resources is crucial, especially to take advantage of the vast and fertile land in Malaysia, said Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.

He said the policy needs to be implemented aggressively and collectively to support agricultural transformation initiatives to increase food security, create a just transition of the Bumiputera economy and use of land to drive a high-impact cyclical economy.

"This includes reforming the existing land act to reduce restrictions on land use, introducing a carbon tax, and establishing a certification agency to stimulate carbon trading activities at the Asean level.

"These measures are expected to reduce the economic gap between urban and rural Bumiputera communities, create a sustainable cyclical economy through sustainable development, and make Malaysia a leader in the cyclical economy and carbon trading at the Asean level,” he said.

Ahmad Zahid said this to Bernama in conjunction with the Bumiputera Economic Congress (KEB), to be held for three days from tomorrow at the International Convention Centre (PICC) here.

In developing the Bumiputera economy, he said, emphasis should be on new technologies such as digitalisation in the agricultural sector, the use of renewable energy technology and carbon reduction mechanisms.

He said this includes aspects of innovation and creativity in the management of natural resources, the development of modern agricultural technology to increase productivity and sustainability as well as increased capacity in carbon trading.

"Through the application of these technologies, the Bumiputera economy can be empowered by utilising land resources effectively, expanding access to the global market and developing an efficient value chain,” he said.

Ahmad Zahid also emphasised the use of artificial intelligence (AI) in the development of the cyclical economy and agricultural transformation as it can optimise productivity and increase efficiency in the use of resources which is an important component in empowering the Bumiputera economy.

"The AI applications can improve the innovation process, strengthen the value chain and increase reliability in making decisions based on 'real-time data' to achieve a more inclusive and sustainable economic policy for the Bumiputera community,” he said.

A total of 10 clusters covering 10 sectors will be established in KEB 2024, namely Education Reform and Human Capital; Institution of Technical, Vocational Education and Training (Main Career Choice) and Strengthening of Halal Industry.

Other clusters are Rural Development and Empowerment of Orang Asli Communities; Wealth Creation and Corporate Dominance; Competitiveness of Bumiputera Enterprises; Mastery of New Technologies; Felda and Federal Territory Land; Socioeconomy of Sabah Bumiputera and Socioeconomy of Sarawak Bumiputera. ― Bernama