Kongres Ekonomi Bumiputra 24: Hopes and Realities

The Kongres Ekonomi Bumiputra 24 (KEB24) began with much fanfare and promise, akin to a royal wedding. The event kicked off with great ceremony, much like a queen cutting the cake at a grand feast, followed by days of singing, drumming, and performances on stage. However, after the curtains fell, the excitement waned, leaving behind silence and unanswered questions. This seems to have become a recurring pattern in our political and governmental culture.

The Pattern of Lost Momentum

Much like the fervor during the national election campaigns, where promises and enthusiasm peak, the momentum post-victory often fizzles out. This pattern is also seen in the preparation and approval of the national budget. Despite the initial bustle and intense discussions, once approved by Parliament, it fades into obscurity, with little follow-up or accountability.

This issue, I believe, is reflective of the general attitude among the Malay community.

My Involvement and Objectives

In the pre-KEB24 discussions, I sought ways to actively participate, as cheering from outside the stadium does little good if the coach and players can’t hear you. Eventually, I managed to involve myself in two key clusters:

1. Rural Economy Cluster
2. Wealth Creation, Capital, and Equity Cluster

We have long analysed and discussed these topics within MPM. Issues of land and economy are inseparable.

Focus on Rural Economy

For the rural economy, our focus was on four main aspects:

1. Productivity of Yields: Increasing income by raising product prices.
2. Attracting Investments: Ensuring a minimum return of 5%, which is achievable.
3. Sustaining Human Capital: This depends on income levels and local living costs.
4. Increasing Land Value: Aiming for at least a 10% annual increase, following economic growth.

These goals are achievable with the right strategies and commitment.

Building Bumiputra Wealth

Building Bumiputra wealth starts with knowledge and experience. Education, exposure, and opportunities are crucial. Our approach focuses on leveraging the largest asset, land, and building capital, alongside facilitating loans for gearing, growth, and expansion.

The Reality Post-KEB24

Pre-KEB24 preparations saw thousands of intellectuals, entrepreneurs, technocrats, government officials, and invited participants discussing and debating various issues. Numerous ideas and proposals were carefully considered, weighed, and ultimately, the best were chosen to become policies and actions.

The host, with UMNO’s proposal and government agreement, provided participants with an array of working papers. Attendees listened intently to the proposed recipes, read by ministers, and these were accepted as creative ideas and innovative suggestions for implementation. These plans could potentially involve the entire country in practical projects and businesses.

Key Government Initiatives Announced

Two major initiatives were announced:

1. Gazetting 200 acres of land in Kuala Lumpur and the Federal Territories as Malay Reserved Land, including 20 acres in Bandar Malaysia. However, the nature of the development and opportunities for the Bumiputra community remain unclear.
2. Establishing the Bumiputra Land Corporation, with questions surrounding its legislation, scope, and authority yet to be answered.

For successful implementation, collaboration with organisations like UDA or GLCs and private companies is necessary. Establishing a Land Development Bank or a fund to expedite achieving KEB24’s goals is also crucial. As an NGO movement, I hope to be involved and contribute. It would be peculiar to accept our theoretical formulas but exclude us from the practical implementation, risking the outcome of being first class in planning but third class in executing.

Moving Forward

A model like the successful UDA and Kampung Baru land development should be a focal point. My next steps will involve discussions with key enablers to ensure the continuity and success of these initiatives.

KEB24 may have started as a vibrant spectacle, but the real challenge lies in maintaining momentum and translating plans into tangible outcomes for the Bumiputra community as we move towards the centennial of independence.