Scheme to develop top Bumi SMEs

economic transformation

KUALA LUMPUR: A High Performing Bumiputera SME (HPBS) programme to develop the next generation of world-class Bumiputera entrepreneurs will be rolled out on July 21 by Unit Peneraju Agenda Bumiputera (Teraju).

Initially, Teraju will identify the top 100 medium BumiputeraThe programme will cover all 12 National Key Economic Areas under the country’s Economic Transformation Programme (ETP) and will be led by Minister in the Prime Minister’s department Tan Sri Nor Mohamed Yakcop.

It comes under one of six strategic reform initiatives (SRIs) announced by the government at the Economic Transformation Programme (ETP) update here yesterday.

The HPBS programme aims to increase Bumiputera SMEs’ participation in the economy where they will need to grow and compete without heavy reliance on government contracts.

The government, its agencies as well as government-linked investment companies, government-linked companies (GLCs) and the private sector will work together to provide business, talent and funding opportunities for the SMEs.

SMEs and top 1,000 small/micro SMEs.

Among the criteria for selection, the SMEs must not be a subsidiary of a GLC, they must have a minimum Bumiputera equity of at least 60 per cent, the chief executive officer must be a Bumiputera and the management team a mix of both Bumiputeras and non-Bumiputeras.

Other criteria include; at least half of the SMEs’ revenues must come from non-government sources and their core businesses must be in one of the 12 NKEAs.

Teraju was established a few months ago by the Prime Minister’s Department to lead, coordinate and drive Bumiputera economic participation and to strengthen their development agenda.

scheme to develop july