The Bumiputera Economic Transformation Plan 2035 (PuTERA35) introduces substantial improvements over previous initiatives, emphasising inclusive participation from government-linked companies (GLCs), government-linked investment companies (GLICs) and the private sector.
According to Deputy Economy Minister Datuk Hanifah Hajar Taib, some of the plan’s key improvements include the establishment of Bumiputera Agenda Empowerment Units in all ministries to oversee and ensure effective implementation and monitoring of PuTERA35’s objectives.
She also pointed out that the PuTERA35 Dashboard has been developed to enable systematic monitoring and evaluation of outcomes to 2035, highlighting that targeted support for Bumiputera communities in Sabah and Sarawak, Orang Asli populations and economically disadvantaged non-Bumiputera minority groups.
“This plan adopts a more comprehensive approach, aiming to uplift the Bumiputera community across various socioeconomic dimensions rather than focusing solely on equity ownership,” she said, adding that the main focus is on high growth, high-value industries including digital, electronic and electrical (E&E) technology, modern agriculture, agro-based industries and halal industries.
She also pointed out that Islamic finance, logistics, tourism, care services and venture as well as private equity models should receive special attention.
According to Hanifah, the plan is structured into three phases, accounting for the complexity of each sector to ensure effective implementation and provide maximum benefits to the Bumiputera community.
Earlier in October, the government outlined 11 potential sectors to be capitalised by the Bumiputera community, including high-growth, high-value (HGHV) industries.
The Economy Ministry said that the sectors and industries identified are based on Bumiputera’s potential to generate high value-added activities, such as the use of advanced technology as well as research and innovation development.
“Among these potential sectors are HGHV industries based on energy transition, technology and digital industries, agriculture and agro-based industries, care services industry, venture capital and private equity industries,” the ministry pointed out, reiterating PuTERA35’s three main pillars of strengthening the nation’s economy, reinforcing good governance and institutions as well as upholding social justice.
The pillars are supported by 12 drivers and 132 initiatives aimed at addressing issues and challenges faced by Bumiputera.
Furthermore, the ministry added that the government has designed several initiatives under PuTERA35 to empower rural Bumiputera in new high-value-added sectors and industries.
Among them is reengineering the rural economy through expanding access to alternative financing and participation in HGHV industries, particularly in energy transition, smart agriculture and high-value herbal farming.
There are also efforts to empower logistics hubs to improve existing infrastructure and marketing or distribution agencies in rural areas in order to formulate a more comprehensive rural development plan.
“The plan aims to expand the Malaysia Digital Initiative to rural areas and less developed states to enable Bumiputera to benefit from new investments related to technology and digitalisation.
“It will also review the imposition of conditions on private companies so that they will contribute to and advance the Bumiputera community and rural areas, including Orang Asli and similar areas in Sabah and Sarawak,” the ministry said.
