Bumiputera quotas set to go. Bright Bumis boleh! ;)

Prime Minister Najib Abdul Razak said today the government is seeking to do away with the quota approach in building the capacities of the bumiputera as it does not serve the purpose.

Instead, Najib said, the 30 percent bumiputera equity quota only hampered capable bumiputera entrepreneurs from developing their abilities and added, saying, “We want to do away with quotas, but we will support (bumiputera entrepreneurs) to grow. If we give quotas, they will rest on their laurels and not gain expertise to manage their businesses.”

Answering a question from the floor at a question-and-answer session at the Khazanah Megatrends Forum 2011 in Kuala Lumpur, Najib (left) said setting a quota “does not mean anything” reason being the bumiputera entrepreneurs would sell off their shares when the prices were high and only a small percentage of the amount allocated for bumiputeras will be left in bumiputera hands.

As such, the PM said, the government will “go on a different footing” in affirmative action by finding “good, tested bumiputera who can succeed and to support them in ways so they will be more competitive” and have identified more than 1,000 companies through Teraju that the government would see how to help these companies become bigger and better, referring to the government agency set up to oversee bumiputera economic affairs.

By supporting the “bright bumiputera”, not only will it develop the talent pool in the community but also avoid resentment from their non-bumiputera counterparts, Najib said.