Small Bumi Firms told to buck up or lose special treatment
Can this threat be taken seriously? Apparently our Second Finance Minister Tan Sri Nor Mohamed Yakcop said this in a closed-door meeting with Bumiputera players recently.He said that if they didn’t do so, they would lose special treatment from the Government. Aspects of this ‘affirmative action’ business practice have been implemented at a great cost to the economy - the BT report says “[bumi firms] would be paid prices that are higher than what GLCs would be able to get under open tenders, for example.”
There will be a forum organized by the Bumiputera Manufacturers and Services Industry Association of Malaysia called "New Approach by GLCs to Build SMEs" at the SME Bank on March 3 to discuss and find ways to help Bumiputera companies get projects from GLCs.
Hopefully this 'new approach' would be a better thought-through strategy and not another excuse for creating more rent-seekers, middlemen and commission agents.
Technorati tags: sme, malaysia, bumiputra, politics
posted by hew @ 10:33 am
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