As part of its new economic model approach, the Government will be setting up Ekuiti Nasional Bhd (Ekuinas), a private equity fund to ensure meaningful and effective participation by bumiputras, as well as stimulate investments in sectors with high-growth potential.
Ekuinas, to be established with an initial capital of RM500mil and eventually enlarged to RM10bil, will invest in high-growth sectors, including education, medical tourism, education tourism, information and communications technology, and oil and gas, Minister in the Prime Minister’s Department (Economic Planning Unit) Tan Sri Nor Mohamed Yakcop said at Invest Malaysia 2009 yesterday.
Ekuinas would begin operations “soon, meaning this year, not next year.”
While Ekuinas might jointly invest in projects with non-bumiputra partners, there would be a specific bumiputra agenda, Nor Mohamed said.
He emphasised that Ekuinas aimed to be meritocratic and improve bumiputra participation in the economy by supporting capable bumiputra entrepreneurs without detriment to any other ethnic groups in the country.
“It is a win-win situation; we are acting so that no group is disincentivised or a hindrance to anyone,” he said, adding that while Ekuinas would report to the Government it would not be run like a government department but by professional staff operating outside the government.
Meanwhile, the EPU said in a statement yesterday that Ekuinas would jointly invest with the private sector, reflecting a genuine partnership and, through a fully commercial approach, would ensure meritocracy of participating bumiputras.
“The Government remains committed to the objective of growth with equity,” it said.