Akmal Nasrullah: Removing 30pc Bumiputera equity rule for private education will not weaken empowerment agenda

Economy Minister Akmal Nasrullah Mohd Nasir stated on September 26 that eliminating the 30 percent Bumiputera equity requirement for private education institutions would not weaken Malaysia's empowerment agenda for the community. He explained that the responsibility for implementing and monitoring the removal of the requirement would be shared among relevant ministries based on their respective areas of responsibility.

Nasrullah emphasized that the Bumiputera empowerment agenda should be seen as a means to enhance the community's ability to engage and grow within the economy. He reiterated the government's ongoing commitment to strengthening Bumiputera empowerment through measures that boost their capacity to continue expanding and participating in economic activities.

Addressing reporters after the closing ceremony of the Rehda Institute Youth Initiative (RIYI) 2026, Nasrullah affirmed the government's dedication to boosting Bumiputera participation and capabilities in economic activities, emphasizing that removing the equity requirement was not a sign of reduced commitment to the community. At the event, he received the RIYI 2026 closing summary report, which revealed a discrepancy between students' expectations and employers' assessments of graduates' preparedness for the workplace.

The survey, conducted among students and recent graduates from 21 Malaysian universities and industry employers, found that only 2.9 percent of employers believed fresh graduates could add commercial value within one to three months, whereas 41.6 percent of students believed this was a realistic timeframe. Similarly, while 32.3 percent of employers deemed local universities sufficiently prepared graduates, 62 percent of students felt universities adequately prepared them for real-world work environments.

The report also highlighted the increasing influence of artificial intelligence on entry-level employment, with 76.4 percent of students using AI tools regularly, and half of the surveyed employers expecting AI to reduce entry-level job opportunities over the next three years. In terms of career development, 79.4 percent of employers were willing to provide structured training and a clear career progression in exchange for employees' commitment to remain with the company, while 67.6 percent of students would accept such arrangements.

Additionally, 82.4 percent of students and 58.3 percent of employers were in favor of mandatory salary-range disclosure in job advertisements, and 57.1 percent of students indicated they were likely or very likely to seek employment opportunities outside Malaysia within five years.

These findings underscored the RIYI 2026's objective of bridging the gap between universities and industry, focusing on bridging the chasm between academic and professional expectations. RIYI 2026's final session delved into the implications of AI on junior roles, productivity, decision-making, and the competencies required for future leaders.

Rehda Institute chairman Datuk Jeffrey Ng Tiong Lip called for closer collaboration between universities and industry to provide students with earlier exposure to workplace realities, emphasizing the importance of RIYI's role in connecting students with industry leaders through direct engagement and mentorship.