KUALA LUMPUR (Feb 29): The government plans to set up Bumiputera Land Corporation (Perbadanan Tanah Bumiputera) to preserve land ownership, as part of an effort to strengthen the community, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said on Thursday.
If the lease size exceeds 50 acres (20.23 hectares) for agricultural land or 20 acres for industrial use, the proposal calls for 20% of the land to be handed back to the government upon lease renewal, according to Zahid's speech text at the Bumiputera Economic Congress 2024.
"The creation of Bumiputera Land Corporation would signify a proactive measure aimed at ensuring a balanced racial demographic, sustaining Bumiputera businesses in agriculture, industry, and new settlements, and preserving Bumiputera ownership,” he said.
The returned portion of land would be then overseen by the corporation, Zahid, who is also the rural and regional development minister, said at the three-day congress.
“I am confident that this initiative holds the potential to yield substantial returns and significant opportunities for Bumiputeras to possess a stake in the nation's land assets,” he added.