Teraju generates RM13b in business opportunities

Source from (The Malay Mail): http://www.mmail.com.my/story/teraju-generates-rm13b-business-opportunities-24140

Published: July 27, 2012
by Bernama

BUSINESS opportunities worth about RM13 billion were successfully generated for the benefit of Bumiputeras through the various initiatives launched by the Bumiputera Agenda Steering Unit (Teraju).

Prime Minister Datuk Seri Najib Razak said the initiatives by Teraju which was launched in February, was focused on the Bumiputera economic transformation direction announced by the government previously.

He said among the initiatives which contributed to the RM13 billion was the 'carve out' policy to allow Bumiputera companies to be involved in the MRT project through MRT Co.

"To date, 47% of the total packages have been offered to Bumiputera companies, that is exceeding the 43% target set," he added.

He said this at a press conference here after chairing the Third Meeting of the Bumiputera Agenda Action Council (MTAB) here.

Najib said according to the current projection, the overall value of the packages was about RM9.3 billion, exceeding the target of RM8.5 billion.

He said the government was satisfied with the figure not just from the large amount distributed, but also from the aspect of the process to determine the very best from among the Bumiputera companies in a transparent manner

"The process was based on merit, giving no advantage to any company, and solely looking at ability," he added.

Meanwhile, Najib said the MTAB meeting also approved 20 more companies which were eligible for the High-Performing Bumiputera Companies (Teras) programme, another flagship initiative of Teraju, making the total now 150.

"Through this initiative, we have now found the paid up capital to be about RM1 billion and total revenue of RM7.9 billion. This means, the Teras companies, have the potential to expand and able to compete for jobs in the public sector," he added.

The Prime Minister also announced the decision by the meeting to extend the Business Financing Guarantee Scheme (SJPP) undertaken by Prokhas, for another year.

The unused RM930 million in funding for Bumiputera companies will be allocated until Dec 31, 2013.

He said the guarantee scheme in the beginning was only allocated for small and medium business enterprises (SMEs), but now Teras companies which were not of the former but bigger, are eligible to participate.

"The members of the Council and I are confident that the initiatives introduced will provide a wider range of opportunities for Bumiputera companies to achieve bigger success in the future," Najib added.