KUALA LUMPUR, Oct 16 — The Ministry of Investment, Trade and Industry (Miti) is ready to increase efforts and strategies to ensure Bumiputera entrepreneurs and government-linked companies (GLCs) enjoy the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

According to the ministry, various short-term and long-term initiatives have been designed and implemented such as the exporter development programme and export promotions open to local companies through its agency, the Malaysia External Trade Development Corporation (Matrade).

For the year 2023, Matrade held 17 export promotion programmes targeting CPTPP member countries including international trade exhibition programmes, international sourcing programmes and trade and investment missions.

The business matching programme by Matrade is also implemented involving Bumiputera entrepreneurs and companies so that they can be matched with global companies, it said in a reply published on the parliament website on Monday in response to a question from Datuk Dr Ku Abd Rahman Ku Ismail (PN-Kubang Pasu) regarding the ministry's plan to ensure that entrepreneurs, Bumiputera companies and GLCs do not lose out following the ratification of the CPTPP.

It said Matrade also focused on efforts to facilitate micro, small and medium enterprises (MSMEs), including from the Bumiputera, to penetrate the international market through the Market Development Grant (MDG), and offered the Services Export Fund (SEF) for Malaysian service providers to gain access to the service export market to CPTPP member countries.

"Under Chapter 17 (State Owned Enterprises) of the CPTPP Agreement, Malaysia has successfully negotiated a policy space for the country’s GLCs to continue to implement socioeconomic and development policies, especially to protect Bumiputeras, while also ensuring that the interests of GLC companies under the Minister of Finance Incorporated (MoF Inc) is guaranteed in the CPTPP Agreement," it explained.

The CPTPP Agreement also stipulates the creation of special committees under Chapter 17, Chapter 21 (Cooperation and Capacity Building), Chapter 23 (Development) and Chapter 24 (Small and Medium Enterprises) as a platform for Malaysia to conduct collaborative efforts with CPTPP member countries .

Therefore, it said, starting in 2024, the Finance Ministry will take into account elements of the Bumiputera Empowerment Policy in setting annual targets for Key Performance Indicators (KPIs) for MoF Inc companies starting in 2024 to continue strengthening the capabilities of the segment.

MoF Inc companies’ KPIs include the approval of financing for Bumiputera companies (specifically for venture capital companies and development finance institutions).

In addition, overall procurement expenses with Bumiputera vendors, the number of Bumiputeras trained through the company's programme and the composition of Bumiputera employees in the company are also part of the set indicators.

"The abovementioned are among the government's ongoing efforts to ensure the interests of Bumiputera entrepreneurs and companies and GLCs are protected under the CPTPP Agreement.

"As a government that is concerned about guaranteeing the interests of the people, Miti together with other ministries is always ready to increase efforts and strategies to guarantee the economic well-being of every layer of Malaysian society, including Bumiputera entrepreneurs and companies as well as GLCs, following the implementation of the CPTPP Agreement,” it said. — Bernama