Bumiputra vendor programme a success: Najib

KUALA LUMPUR: Datuk Seri Najib Abdul Razak today said the Bumiputra vendor programme has been a success, with many projects delivered on time and below the estimated cost.
Citing an example, the prime minister said 51% of the of the MRT project was given to such vendors and they were able to deliver it ahead of time.
"The time has come for us to disregard the myth that any project given to a Bumiputra vendor will run above cost and also be delayed.
"The MRT project is a clear example of this," he said.
Najib said projects will only be awarded to the successful vendor after their financial and technical abilities have been scrutinised.
The Government-Linked Investment Companies (GLIC) and G20 BEA programme is in its 4th year.
The prime minister said the government had created a mechanism to drive this agenda forward as well as monitor its success.
He urged successful vendors to graduate from the programme because they need to add new vendors to the programme.
He added that vendors cannot remain in the programme forever.
"Bumiputra companies can now compete with others, not only locally but also internationally. There is no longer a need for this so-called local 'Ali Babas'.
"The success of Bumiputra companies has proven that they can compete with the very best," Najib said in his speech before handing over certificates of appreciation to representatives of the top 10 Bumiputra vendors.
He said the success of the Bumiputra vendor programme shows the Barisan Nasional government's commitment to uplift Bumiputeras.
He said the government had also fine-tuned the New Economic Policy which was introduced in 1970 with the aim of eradicating poverty of all races as well as increasing Bumiputra equity in the economy to 30%.
He said equity is not the only means of looking at wealth but income distribution, especially among the middle class.
Najib said the government can help Bumiputras overcome some fundamental weakness but it cannot help move them forward.
He said they must stand on their own strength and build a strong a business as well as help develop the economy.