PUTRAJAYA: Economy Minister Rafizi Ramli wants the Bumiputera middle-class and professional groups with substantial savings to consider investing in start-up companies owned by Bumiputera.
He said Bumiputera empowerment and enhancement would only succeed if the group has economic control and ownership.
Despite the risks involved, Rafizi said he was confident that successful investments in these companies would yield profitable returns for investors and new entrepreneurs.
"The Bumiputera middle-class and professional groups are huge and this opens opportunities for them to transition into investors of the new companies.
"Moreover, it is already 2024, it is no longer the time for the government to continue to be the capital contributor; it can be funded by the Bumiputera middle-class and professional groups," he said during a panel session titled 'Bumiputera Future Aspirations' at the 2024 Bumiputera Economic Congress at the Putrajaya International Convention Centre today.
Further commenting, he said many middle-class and professional groups tend to store their savings in Tabung Haji (TH), Amanah Saham Bumiputera (ASB), the Employees Provident Fund (EPF), or become victims of get-rich-quick scams.
He suggested that private capital firms actively seek Bumiputera investors to inject capital into new ventures.
"There are many investors like this, but the government needs to send a clear signal.
"This is so that professionals know where to invest their money besides TH and ASB.
"But now I admit that there are indeed Bumiputera private investors like this.
"However, we need more, and these policies will be a signal link to facilitate this."
The initial programme design is being planned in that direction, driven by several government agencies, he said.