Abdullah Ahmad Badawi has urged Malay businessmen to work harder to obtain the bumiputera equity as targeted in the New Economic Policy.

"We need to increase Malay equity so that we can gain what belongs to us, that is at least 30 percent of bumiputera equity," the prime minister told some 500 Malay entrepreneurs in an award presentation ceremony organised by the Malaysian Malay Entrepreneurs Association in the Palace of Golden Horses last night.

Abdullah, who was in a jovial mood, began his speech by saying: "I am happy because I have a wife already, and you (Malaysians) are happy because your PM is happy."

Abdullah added that bumiputera equity has always been an obsession among the Malays, and they had not been able to achieve it due to various problems and fall backs.

He also advised Malay businessmen to build high quality human capital that will serve to build effective management power.

"Knowledge of management adds value to the business opportunities that are obtained," he said, adding that the quality of management knowledge can help in increasing bumiputera equity.

"Having opportunity is not enough if you don't know how to use it, and having business alone is not enough if you don't know how to manage it," said Abdullah.

Top calibre managers

Nevertheless, the prime minister said that it is undeniable that there are many Malay managers of top calibre.

"I am personally very proud of Petronas. Petronas is mentioned wherever I go, especially in countries where there are oil resources," he said, adding that Malays are in all levels of the management team of Petronas.

"We can see Malays in the top level, middle, and even at the bottom level. I am not saying that there are no other races in the team, but many Malays are there."

He also praised Khazanah Berhad and Maxis for having the ability to manage investments of all levels.

Abdullah opines that the only way to survive and win is by increasing the number of (Malay) managers.

He said that small companies must pool their resources to become one big company because big companies often succeed in gaining big projects compared to small companies.

"We have to prove that we have the capability to achieve something big. If we don't have that capability, we have to merge with others to gain bigger and better opportunities,"