KUALA LUMPUR: Bumiputera enterprises must expand their reach beyond their communities and engage with non-Bumiputeras, as they are integral to the business ecosystem and networking essential for success.

Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said that traders and entrepreneurs, especially those in the Malay Businessmen and Industrialist Association Malaysia (Perdasama), which includes nearly 27,000 entrepreneurs from micro to small and medium enterprises, should adopt a broader, inclusive approach to business.

"The business world is universal; it does not distinguish between Muslims and non-Muslims, Bumiputera Malays or non-Malays. Many businesses, for example, are not owned by Muslims but still produce halal products that generate billions of ringgit in exports," he said at the Perdasama Annual General Meeting today.

In addition to focusing on business growth, Johari stressed the importance of resilience, determination, and a strong work ethic for entrepreneurial success.

"I also highlighted the significance of caring for employees, as they are the backbone of any business. Moreover, trust between a company and its suppliers is vital. If suppliers trust us, they will support our business, regardless of size, because they know we will safeguard their interests," he said.

He further advised entrepreneurs to maintain proper records and stay up to date with their financial statements, which are crucial for securing loans from financial institutions.

"A business must keep proper records, including audited accounts and systematic cash flow documentation, even for non-incorporated businesses. Timely preparation of audited accounts is essential. When banks see a well-organised business, they are more likely to approve loans.

"Unfortunately, many entrepreneurs neglect this, which leads to loan rejections — a common issue among Bumiputera businesses," he added.

Johari also advised entrepreneurs to engage with banks when their businesses are profitable, allowing them to present their growth plans.

"It's not enough to approach banks only when facing financial struggles," he said.

Meanwhile, Perdasama president Mohd Azamanizam Baharon echoed the need for assistance schemes and grants to be allocated to Bumiputera companies with merit, particularly those in high-tech industries, renewable energy, and artificial intelligence.

"This aligns with the nation's New Industrial Master Plan 2030 (NIMP 2030)," he said.

"The involvement of trade associations like Perdasama is crucial as the voices of its 27,263 members play a significant role in shaping Malaysia's business ecosystem."

He also said that the projected economic impact of Perdasama members was expected to grow from RM15 billion in 2024 to RM20 billion in 2025, contributing 0.08 per cent to the country's GDP.

https://www.nst.com.my/news/nation/2024/12/1153870/johari-urges-bumiputera-entrepreneurs-embrace-inclusive-business