Shares for Indians: Gov't agrees to work out mechanism | Malaysiakini

Sep 11, 08 5:05pm

MIC president S Samy Vellu says this is another step to help achieve the target of three percent Indian equity participation by 2020.MORE

	Arrange for partial grants
	Joint ventures with bumi contractors

..............................................................................................................................................................................

The government has agreed to work out a mechanism to enable the Indian community to purchase shares to achieve the target of three percent Indian equity participation by 2020, said MIC president S Samy Vellu.

He said the assurance was given by Deputy Prime Minister Najib Razak to him during their meeting in Putrajaya today.

Describing the meeting as "very successful", Samy Vellu said he requested that the Permodalan Nasional Berhad (PNB) manage a scheme that would allow Indians to own shares without going through the difficult process of getting bank loans.

"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.

Joint ventures

Samy Vellu also said he raised with Najib the possibility of joint ventures between Indian and bumiputera contractors to carry out government infrastructure 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.

At the first meeting of the cabinet committee last July 1, several decisions were taken to assist the Indian community economically and socially, among them, providing them more opportunities in the Vendor Development Scheme.

Another important decision was to provide micro credit loans to 4,000 new Indian entrepreneurs annually.