Govt urges participation of more large large firms in VDP

0

KUALA LUMPUR: The government is urging more large local companies to participate in the Vendor Development Programme (VDP) to enhance the country’s Bumiputera economic agenda.

International Trade and Industry (Miti) Minister Datuk Seri Mustapa Mohamed said the VDP is a structured system that was not lopsided, and encouraged anchor and vendor companies to complement each other in developing their businesses.

Through the VDP, the vendor companies will be given technical and advisory services to achieve a level of competitiveness, that can help them effectively compete in the open market and then globally.

“With the support of the anchor entities and government assistance, the vendor companies will not only be able to succeed in the domestic market, but also penetrate the international segment.

“A number of anchor companies such as Axiata and UEM Group have businesses outside the country, and this opens up opportunities for the vendors.

“This will also lead to an increase in the country’s trade and exports,” he added.

Mustapa told reporters this after the ceremony for the signing of 10 memorandums of understanding (MoUs) to implement the VDP yesterday.

The MoUs involved Telekom Malaysia, Boustead Naval Shipyard Sdn Bhd, Chemical Company of Malaysia Bhd, Perusahaan Otomobil Nasional Bhd, Sime Darby Bhd, Celcom Axiata Bhd, Perusahaan Otomobil Kedua Sdn Bhd, GO Automobile Manufacturing Sdn Bhd, Malaysia Airports Holdings Bhd and UEM Group Bhd.

Earlier in his speech, he said the programme would have a spill-over effect in terms of benefits to Malaysia, whereby, it encouraged the use of local products/ services, improve competitiveness as well as the business networking activity.

Bumiputera companies must step up their capabilities to grab opportunities regionally, following the formation of the Asean Economic Community next year.

The VDP will be signed by five more anchor companies, from among them, the services sector, by year-end.

Discussions with the companies is expected to be finalised by next month.

Also present at the signing ceremony yesterday were Deputy Miti ministers Datuk Ir Hamim Samuri and Datuk Lee Chee Leong, as well as the ministry’s secretary-general Datuk Dr Rebecca Fatima Sta Maria. — Bernama