THE Bumiputera community will not be sidelined in Shared Prosperity Vision 2030 (SPV2030) just because it is an agenda to ensure equitable wealth distribution and improve the quality of life for all Malaysians, Prime Minister Dr Mahathir Dr Mohamad said.

He gave his assurance that Bumiputeras would not be left behind and would be groomed to be competitive players so that they would economically be on par with the other ethnic groups.

Dr Mahathir launched SPV2030 today in a glittering ceremony at the KLCC convention centre today. 

The vision plan, described as a continuation of his Vision 2020 which he launched while he was prime minister from 1981 to 2003, is a 10-year economic agenda to take Malaysia into the fourth industrial revolution (Industry 4.0), diversify the economy and reduce dependency on commodities while improving quality of life for all.

“There are those spreading false news that the PH government through the SPV2030 wants to sideline the rights and future of Bumiputeras by equalising all opportunities and liberalising all sectors.

“We understand very well that the Bumiputera community is still far behind in many areas. 

“But shared prosperity means that the Bumiputera will not be left behind and will need to be developed to be more competitive and to stand on their own to be on par with other ethnic groups,” Dr Mahathir said in his speech.

His assurance that the Bumiputera agenda would be upheld comes as the PH government faces criticism for reducing the cash aid and subsidies for farmers, fishermen and rural Malays, many of whom eke out a living in the agricultural sector.

Bumiputera economic empowerment is a prickly topic in Malaysia because it is race-based but Dr Mahathir today said it is corruption and not the Bumiputera agenda that is the real “cancer” afflicting the Malaysian economy.

“The main impediment that has stunted our growth and wealth distribution policies is corruption and abuse of power.

“This cancer is widespread and the treatment must be done now,” said the 94-year-old prime minister.

“When I see a cancer as a doctor, the only treatment is to cut and throw it out.”

The Bumiputera agenda, which had given birth to the National Economic Policy and the New Economic Model under Barisan Nasional, had failed due to corruption, he said.

“Particularly when opportunities and support that were meant for the Bumiputeras were abused by groups that should not have benefited from it.

“As a result of that, the wealth gap between Bumiputera and non-Bumiputera could never be resolved.

“The problem we must address is abuse of power and corruption. The Bumiputera agenda should not be blamed.”

Flaws in the implementation of the Bumiputera agenda have resulted in the community being left behind in terms of equity ownership, contribution to the economy and income.

In 2011, foreign corporate equity stood  at 37.2% while Bumiputera corporate equity was 23.4% and non-Bumiputera, 34.8%.

“But in 2015, foreign corporate equity rose to 45.3% while Bumiputera equity fell to 16.2% and non-Bumiputera equity dropped to 30.7%,” said Dr Mahathir.

“As such, the New Economic Policy target of 30% Bumiputera corporate equity has not yet been reached.”

Income disparity between Bumiputeras and non-Bumiputeras has also widened.

“The income gap between Bumiputeras and the Chinese or Indian to Chinese expanded to 3.4 and then to four times in the past 27 years.

“There is a noticeable difference from a job, business and corporate wealth perspective.”

Bumiputera small and medium enterprises also contribute only 28% of GDP despite the help the Barisan Nasional administration has dished out to the sector. – October 5, 2019.