UMNO Proposes Establishing Core Economic Action Council - Ahmad Zahid

KUALA LUMPUR, Aug 23 (Bernama) -- UMNO has proposed that the government establish a Core Economic Action Council (CEAC) to oversee the country's current main focus, said its President Datuk Seri Dr Ahmad Zahid Hamidi. 

Ahmad Zahid, who is also the Deputy Prime Minister, said the establishment of CEAC is important as the country is transitioning to new sources of growth and production such as rare earths, digital economy, innovation and green investments, as well as a high level of technical and vocational education and training (TVET).

"Through the CEAC, the government can consider a progressive taxation regime to further boost national income," he said when delivering his presidential policy speech at the 2024 UMNO General Assembly (PAU) here, today.

Ahmad Zahid also insisted that UMNO remains committed to empowering the Bumiputera economy and continuing its role in elevating the group's economic agenda, including via the Bumiputera Economic Congress (KEB) 2024, which was held in February.

He said UMNO will continue to monitor all the resolutions and the several announcements by Prime Minister Datuk Seri Anwar Ibrahim during KEB's closure.

This includes the RM1 billion Bumiputera micro-credit financing fund; the initial RM100 million grant for the MARA MADANI Waqaf fund; and the 50 acres (20.23 hectares) land allocation in Bandar Malaysia as Malay reserve land and its commercial development.

"UMNO would like to thank the Prime Minister (for his commitment to implement the KEB)," he said.

In line with the interests of KEB, Ahmad Zahid emphasised that UMNO's current task is to ensure that every resolution and initiative is successfully implemented to benefit needy Bumiputera. 

"Therefore, we will recommend that an annual research and report be made to assess its effectiveness and the benefits reach the targeted group," he said.

Other than the implementation of the KEB, he also highlighted the importance of foreign investors entering the country to open up opportunities for Bumiputera entrepreneurs to enjoy the economic spillovers.

Ahmad Zahid, who is also the Halal Industry Development Council chairman, also sees the potential of the halal industry which he described as huge.

"In 2023 alone, the halal industry's contribution to the gross domestic product (GDP) was recorded at 7.9 per cent with halal product exports amounting to RM53.72 billion.

"Malay entrepreneurs must fully benefit from this huge market and opportunity," he said. 

-- BERNAMA