Malaysiakini reported a great news from Deputy PM Najib. In a meeting (not the Cabinet Committee in Indian Community’s second meeting?), MIC manages to get an “assurance” that a mechanism to enable purchasing of shares by the Indian community will be created. This is crucial to reach the 3 percent equity by 2020(actually, I hope it will be revised to 10 percent equity. 3 percent is an insult to MIC and the Indian community.)
Samy Vellu said that PNB is requested to handle the scheme (I suppose to avoid another scandal ala MAIKA).
“I requested the government to arrange for Indians interested in buying shares, a partial grant and the rest of the money could be obtained through easy loans from banks,” he said in a statement.
He said Najib, who chairs the cabinet committee on the development of Indians, would discuss the matter with PNB to work out “an amicable and acceptable solution” to MIC’s request.
“The Indian community is still very much dependent on the government for assistance, especially in increasing their equity participation,” added the MIC president.
Samy Vellu also raised the possibility of joint ventures between Indian and bumiputera contractors to do government projects. He said the issues and concerns faced by Indian contractors was submitted to him by the Malaysian Indian Contractors Association recently. Many of them were finding it difficult to participate in government projects.
“I also proposed that Indian contractors be allowed to bid for selected government projects and the deputy prime minister was receptive to the idea. He said it can be worked out,” he said.
The government would work out a formula where more government projects could be given to Indian contractors provided they embark on joint ventures with bumiputera contractors.
He said Najib would resolve the issuing licenses to Indian contractors to carry out projects, especially Class F contracts.
“I am optimistic that all our requests will meet with positive outcome from the government,” he said, adding that follow-up would be done at the next meeting of the cabinet committee