PM Najib: Bumi firms getting RM51bil in contracts

Malaysian Prime Minister Najib Razak.

KUALA LUMPUR - The Carve Out and Compete initiative for bumiputra companies has generated RM50.8 billion (S$16 billion) worth of contracts through mega projects by the Government, said Prime Minister Datuk Seri Najib Tun Razak (pic).

He said the Government has allocated 45 per cent of the total contract for the Light Rail Transit Line 3 (LRT3) project, worth an estimated RM9bil, for such companies through the initiative led by the Bumiputra Agenda Steering Unit (Teraju).

"Qualified bumiputra companies should compete among themselves to get the contracts based on merit.

"In line with the initiative, bumiputra companies should be empowered and given equal opportunity to improve capacity and capabilities," he said after meeting with representatives of the Malay Economic Action Council in Parliament.

The LRT3 project consists of 26 stations (25 elevated and one underground) spanning more than 37km, starting at Bandar Utama and terminating at Johan Setia.

The alignment will pass through Klang, Shah Alam and Petaling Jaya, which have been identified as areas of high demand.

Other projects listed were the first two lines of the MRT project, where 45 per cent or RM22.4bil was awarded to bumiputra companies, and the Pan Borneo Highway project where RM8bil or 53 per cent had been allocated.

Najib, who is also Finance Minister, said the Government had adopted such measures to improve the bumiputra agenda and boost the economy.

He stressed that awarding the contracts under the initiative would not delay the implementation of these iconic projects.

"All projects are on schedule and some have even been completed ahead of time.

"With this initiative, we hope to see more bumiputra enterpreneurs and that they will continue to move forward and compete," said Najib.

Bumiputra businessmen have also been empowered after the Capital Market Development Fund allotted RM5mil to the Bumiputra Dealer's Education Fund.

The fund is aimed at producing 100 internationally-recognised market development experts and the training of 1,000 bumiputra business representatives to obtain professional certification.

Among the certificates targeted are Chartered Financial Analyst, Diploma in Technical Analysis under the UK Member Society for Technical Analyst, and Certified Financial Planner.