10 pct work allocation for Indian contractors proposed

KUALA LUMPUR: The Cabinet Committee on Indian Affairs has asked the government to reserve about 10 per cent of work in government projects for Indian contractors.

Human Resources Minister Datuk Dr S Subramaniam who disclosed this yesterday said a mechanism would be launched to implement it.

His ministry that acts as the secretariat for the Cabinet Committee would also continue to assist the Indian business community to face the era of globalisation, he told reporters after officiating the 58th Annual Delegates Conference of Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI) here.

On the difficulty faced by the Indian business community in obtaining bank loans, he said the Cabinet Committee had discussed it with Bank Negara Malaysia.

“One proposal we made was among whatever allocations the banks have for a particular scheme, if they can reserve a certain amount for the Indian business community with conditions, it’ll be easier for them to apply,” he said.

He hoped a structure could be drawn up as fast as possible to formalise the proposal.

Meanwhile, Dr Subramaniam told the Indian business community to change their mindsets in the face of globalisation and fully utilise the numerous Free Trade Agreements (FTAs) the government has entered into.

The Indian business community must focus more on the global market rather than local businesses, he said.

He said many Indian businessman were still limiting their business activities to the local market while they should utilise the FTAs such as those with Japan, Pakistan and New Zealand and regionally with China and Korea to expand their presence.

The Indian business community also can reap opportunities from Malaysia-India FTA, which is expected to be concluded by the end of this year. — Bernama