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Level playing field must be foundation of Putera35, says economist

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Barjoyai Bardai says the government must ensure the strategies laid out are sustainable, supported by periodic reviews that examine aspects of inclusivity.

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Prime Minister Anwar Ibrahim expressed hope that the new 10-year plan will spark a major shift in Bumiputera development, towards making Malaysia a regional economic leader.

PETALING JAYA:
The government must ensure that a level playing field is the foundation of its policies with regards to the newly launched Bumiputera Economic Transformation Plan 2035 (Putera35), says an economist.

Barjoyai Bardai, provost at Malaysia University of Science and Technology, said the government will not be able to achieve the objectives of the 10-year plan if there is disparity in the playing field between Bumiputeras and non-Bumiputeras.

“The playing field must be equal to achieve the goals set. Providing a level playing field should be the foundation,” he told FMT.

Launching Putera35 on Monday, Prime Minister Anwar Ibrahim expressed hope for the 10-year plan to spark a major shift in Bumiputera development, towards making Malaysia a regional economic leader.

He said Malaysia needed a new plan that would drive the Bumiputera agenda to greater heights.

The plan outlines 12 drivers and 132 initiatives to further empower the Bumiputera agenda.

Barjoyai said the government must ensure the strategies laid out under Putera35 are sustainable and supported by periodic reviews that examine aspects of inclusivity.

He said the policies must not only focus on specific short-term goals but also aim at continuous progress.

Awang Azman Awang Pawi from Universiti Malaya said Putera35 is more comprehensive compared to previous strategic plans, as it focuses on building a community that plays a role in economic sectors with potential for high value.

He said Putera35 appears to emphasise a holistic approach, integrating education, entrepreneurship, employment, and wealth distribution.

“The plan also emphasises innovation and capacity building, aiming to create a more entrepreneurial and resilient Bumiputera community. This includes support for startups, small and medium-sized enterprises, and the digitisation of traditional businesses,” he said.

He said this “transition” is crucial to ensure the Bumiputera community remains competitive in an increasingly high-tech global economy.

Awang Azman also pointed out that previous plans, such as the New Economic Policy introduced in 1971, focused more on increasing equity ownership, education, and employment opportunities.

“These initiatives were often criticised in terms of their implementation, including issues of leakage, inefficiency, and lack of sustainability,” he said.

He said Putera35 includes stronger mechanisms to monitor progress and ensure transparency, addressing one of the main criticisms of previous plans.

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