IPOH: In an effort to boost Bumiputera entrepreneurial participation and propel Bumiputera companies into the international market, the Ministry of International Trade and Industry (Miti) introduced a Bumiputera Exports Promotion programme today.
Its deputy minister Datuk Ahmad Maslan said in terms of export value, Bumiputera companies in the Small and Medium Enterprises (SMEs) category account for only 18 per cent of exports, with the remainder made up of non-Bumiputera companies.
"As such, by introducing this programme, we hope Bumiputera export value can reach 32 per cent by 2020.
"Under this initiative, selected companies are eligible to receive grants amounting to RM500,000, and loans of RM5 million," he said.
Ahmad was speaking to reporters after visiting goat milk production company, My Suffy Marketing, at Taman Meru here today.
He added that to date, 645,000 business entities have been registered in the country, but only 37 per cent are Bumiputera-owned.
"From the total, only 18 per cent of the Bumiputera business entities – mostly in the food and beverage industry – are exporting their products.
"As such, by having this programme, we hope we will be able to increase the number of pre-export and developing Bumiputera SME products that have the potential to be exported," he said, adding that several criteria must be met before a company is selected.
Among the criteria are that the company must be registered under the Companies Act 1965; be 100 per cent equity-owned by a Bumiputera; operate on licensed premises; and has been operating for at least two years.
"The eligible participants will be given international trade tips; assisted in making business contacts via Business-to-Business networking; aided in reaching customised business trade arrangements; and allowed to participate in trade and study missions throughout the programme.
"This programme is a joint-cooperation with Majlis Amanah Rakyat (Mara). Among the integrated assistance packages offered under the programme is having operational offices built overseas, as well as product improvement initiatives for export," Ahmad added.