Bumiputera contribution to GDP still low — Redzuan

KUANTAN: Bumiputera entrepreneurs’ contribution to the gross domestic product is still low at less than 10 per cent and is nothing to be proud of, says Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof.

He said his ministry’s challenge is to raise their contribution with clearer planning and policy direction, adding it is getting feedback from the grassroots such as through holding conventions before implementing measures to empower Bumiputera entrepreneurs.

“It is not impossible the percentage could increase through strategic planning. We have plans to do this, and the Budget 2019 allocation for small and medium enterprises is RM4.5 billion to various ministries.

“My ministry will try to coordinate this allocation as best we can, including through matching grant programmes or low-interest financing to entrepreneurs, but it is up to them to have their own plans and programmes,” he said.

He made the remarks after opening a Bumiputera entrepreneur empowerment convention at the Dewan Jubli Perak Sultan Haji Ahmad Shah here yesterday.

It was attended by Pahang Felda Affairs, Cooperatives, Entrepreneurs and Consumer Affairs committee chairman Datuk Nazri Ngah and attracted nearly 1,000 entrepreneurs from throughout the state.

Mohd Redzuan said it is not fair to blame the previous government for Bumiputera entrepreneurs’ low contribution to GDP, but added that the implementation of the previous policy could be improved.

He urged Bumiputera entrepreneurs to be more competitive and to expand to overseas markets, citing opportunities for the export of halal food products to Japan with the upcoming Tokyo Olympics and Tokyo Paralympic Games in 2020.

He noted that the ministry can help the 300 Bumiputera entrepreneurs who are already export-ready by matching them to buyers and improving the ecosystem in terms of logistics, shipping and distribution. — Bernama