PUTRAJAYA: Bumiputera entrepreneurs must master new technology and embrace digitalisation to enhance their competitiveness and global capabilities.
Former Small and Medium Enterprises Corporation (SME Corp) chief executive officer Datuk Dr Hafsah Hashim said the Bumiputera group is facing challenges in mastering these domains.
"One of the primary challenges they encounter is ensuring compliance with various certifications, which demands significant funds and adaptability to new technology and digitalisation.
"The use of new technology and digitalisation is no longer optional. That's why we aim to encourage Bumiputera to embrace technology and integrate digitalisation into their practice," she told the media at the 2024 Bumiputera Economic Congress, here, today.
She said based on data from 2010 to last year, the government implemented over 150 programmes aimed at assisting Bumiputera entrepreneurs, with financing exceeding RM12 billion.
She said over 600,000 entrepreneurs have benefited from these programmes, compared to the 300,000 Bumiputera companies registered with the Companies Commission of Malaysia (SSM) out of 1.173 million micro, small, and medium enterprises.
"While many have participated in these funding and capacity-building programmes, our aim is to elevate Bumiputera entrepreneurs beyond mere participation to ownership and control of their businesses.
"For that reason, I believe what we are doing now is empowering Bumiputera entrepreneurs to transition from mere participation to ownership, not only in business but also in mastering various potential fields, including green technology, for example," she said.
She said during an engagement session with over 970 Bumiputera companies and entrepreneurs, concerns were raised about competition with multinational and government-linked companies (GLCs).
Earlier, when delivering a presentation at KEB 2024 for the segment 'Competitiveness of Bumiputera Enterprises', Hafsah identified 11 directions as short- and long-term strategies or that need to be implemented to increase the competitiveness of Bumiputera entrepreneurs.
The strategies include establishing a special fund financed by a two percent contribution from companies with profits exceeding RM100 million, with corresponding corporate tax exemptions.
Additionally, she also called for the matching of entrepreneurs with industries, ensuring compliance with certification and digitalisation requirements, as well as efforts to reduce imported livestock supplies and lower the cost of preparing livestock feed.