PUTRAJAYA (Aug 19): The Malaysian government has set ambitious targets under the newly launched Bumiputera Economic Transformation Plan 2035 (PuTERA35), aiming to significantly increase Bumiputera participation in high-skilled jobs and equity ownership over the next decade.

PuTERA35, launched by Prime Minister Datuk Seri Anwar Ibrahim on Monday, outlines the government’s goal is to have 70% of the country’s high-skilled jobs be occupied by the Bumiputera, up from 61% in 2022.

The plan also seeks to raise Bumiputera equity ownership, both by individuals and through Bumiputera-mandated agencies, from 18.4% in 2020 to 30% by 2035.

On top of that, PuTERA35 aims to lift the contribution of Bumiputera companies to the country's gross domestic product (GDP) to 15% in 2035, from 9.1% in 2022.

These targets are central to the government’s broader strategy of fostering more meaningful economic participation, ownership, and control by the Bumiputera community, positioning them to better navigate the country’s evolving economic landscape.

Anwar commented that the country’s pace of development should be accelerated without leaving anyone behind.

“The idea is that the economic development should be done with the participation of all people without marginalising any ethnicity, tribe or territory across the country,” the prime minister said, assuring that PuTERA35 will not set aside the interests of other races in the country.

“The Bumiputera-related policy in Malaysia is always an affirmative policy to think and reflect on the situation of injustice, but never to set aside the interests of Indians, Chinese, let alone the Orang Asli or the Bumiputera of Sabah and Sarawak,” he added.

PuTERA35 encompasses three core areas, 12 growth drivers and 132 initiatives to advance and empower Bumiputera development towards making Malaysia a regional economic leader.

According to Economy Minister Rafizi Ramli, Bumiputera ownership in public listed companies stood at just 7% as of 2022, representing 62 companies out of the 945 listed on Bursa Malaysia.

In terms of labour participation, the number of unemployed Bumiputeras totalled 387,800, or 61.5% of the national total of 630,400 as of 2022.

Notably, 70.8% of unemployed Bumiputeras are from the youth demographic, aged between 15 and 30 years.

"Based on the spirit of inclusivity, the unity government is committed to ensuring that the Bumiputera agenda continues to be prioritised in every national socioeconomic development plan. This will not deny the rights of other races, on the contrary, it is capable of benefiting all races in terms of the development and progress of the country," Rafizi said in his opening speech.

"The Bumiputera community has the opportunity and potential to play a more meaningful role in new sectors and industries that have high added value, including the High Growth High Value (HGHV) industry," he added.

Rafizi also emphasised that the Bumiputera Agenda Empowerment Unit (UPAB) in all ministries will be strengthened and tasked with implementing and closely monitoring PuTERA35 at both the ministry and agency levels.

WATCH: NEWS: Effectiveness key to PuTERA35’s success

The transformation plan also calls for contributions from government-linked companies (GLCs), government-linked investment companies (GLICs), and private companies to achieve its goals.

To receive CEO Morning Brief please click here.