PRI­VATE SEC­TOR URGED TO CHIP IN

Ac­tive an­gel com­mu­nity lack­ing in Malaysia, says PNB chair­man

New Straits Times - - Business -

KUALA LUMPUR

PERMODALAN Na­sional Bhd (PNB) is urg­ing for more pri­vate ven­ture cap­i­tal fund­ing in the coun­try to boost in­no­va­tion and trans­for­ma­tion.

Chair­man Tan Sri Ab­dul Wahid Omar said cur­rently in Malaysia, the ma­jor­ity of such fund­ing came from gov­ern­ment-spon­sored in­sti­tu­tions.

He said nearly 70 per cent of ven­ture cap­i­tal fund­ing in Malaysia was de­rived from the gov­ern­ment, un­like in the United States where more than 80 per cent of such fund­ing came from pri­vate in­sti­tu­tions.

“The idea here is to get more of the pri­vate sec­tor to al­lo­cate a por­tion of their wealth to start in­vest­ing in start-ups, new ven­tures and ven­ture cap­i­tal fund­ing,” said Wahid af­ter launch­ing a book en­ti­tled “Malaysia at a Cross­roads: Di­ag­nos­ing the Con­straints to High-In­come Sta­tus” at the Growth Diagnostics Fo­rum or­gan­ised by PNB Re­search In­sti­tute (PNBRI ), here, yes­ter­day.

Wahid also ob­served a very ac­tive an­gel in­vestor com­mu­nity in the US, which he said was lack­ing in Malaysia.

“We know some ty­coons are do­ing it on the quiet. But we would like to see more of these high­net-worth in­di­vid­u­als come on board to in­vest in start-ups and small and medium en­ter­prises.”

Wahid high­lighted the 10 rec­om­men­da­tions in the book, which in­cluded up­grad­ing risk cap­i­tal and more pri­vate cap­i­tal fund­ing. The book also rec­om­mends greater re­gional and state-level ap­proaches to un­der­stand­ing growth driv­ers to en­sure trans­for­ma­tion is felt at the district and lo­cal lev­els.

PNB would work with a few par­ties to see how these rec­om­men­da­tions could be im­ple­mented, said Wahid.

The growth diagnostics study was com­mis­sioned by PNBRI and led by Univer­siti Ke­bangsaan Malaysia (UKM) vice-chan­cel­lor Prof Datuk Seri Dr Noor Azlan Ghaz­ali, who is also a mem­ber of PNBRI, to­gether with UKM econ­o­mist-in-res­i­dence at the vice-chan­cel­lor’s of­fice, Mpumelelo Nx­u­malo, and Bright Vi­sion Con­sult­ing Sdn Bhd lead con­sul­tant Jared Glanz-Berger. Bernama

PIC BY SALHANI IBRAHIM

Permodalan Na­sional Bhd (PNB) chair­man Tan Sri Ab­dul Wahid Omar (cen­tre) with PNB Re­search In­sti­tute chair­man Datuk Dr Awang Adek Hussin (right) and Univer­siti Ke­bangsaan Malaysia vice-chan­cel­lor Prof Datuk Seri Dr Noor Azlan Ghaz­ali at the launch­ing of the book, ‘Malaysia at a Cross­roads: Di­ag­nos­ing the Con­straints to High-In­come Sta­tus’ in Kuala Lumpur yes­ter­day.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.