Bintulu MP: Quotas for Bumi equity counterproductive, won’t help community
KUALA LUMPUR, Nov 2 — Bintulu MP Datuk Seri Tiong King Sing told the government not to excessively assist Bumiputera businessmen with special quotas and privileges, but to teach them how to sustain themselves instead.
The president of the Progressive Democratic Party said in Parliament today that while there was regular talk about assisting Bumiputera, there was no long-term action plan either in the 12th Malaysian Plan or Budget 2022. He said policies to compel businesses to reserve specific equity portions for Bumiputera would be counterproductive if the government were genuine about helping the community scale the economic value chain. “The government should not look to help the Bumiputeras by taking other people’s businesses. Take 30 per cent here another 51 per cent there, this is not the way to help Bumiputeras. We need long and short term plans,” said Tiong, who is the prime minister’s special envoy to China. “Help them face the global market instead of fighting the local market. That is meaningless,” Tiong said in the Dewan Rakyat today while debating Budget 2022. On September 23, the Finance Ministry announced the postponement of the policy to require local logistics operators to have 51 per cent Bumiputera ownership until December 31, 2022. A 51 per cent Bumiputera requirement was required for licences registered after 1990 — the year the Bumiputera equity policy was first implemented. Under a 2018 review, local logistic companies whose licences were registered before 1976 did not have a Bumiputera equity requirement, while a 30 per cent quota was imposed on those registered between 1976 and 1990. However, integrated international logistics service providers do not need to have any Bumiputera equity.
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