BUKIT MERTAJAM, July 31 (Bernama) -- The Gerakan will propose the formation of the National Economic Consultative Council III (NECC III) to the Barisan Nasional (BN) Supreme Council at its meeting Monday in a move to find the cause for the failure of the Bumiputeras in achieving the target of 30 per cent equity in the national economy.

Its president, Datuk Seri Dr Lim Keng Yaik said the problem must be tackled thoroughly to find the real reason for the failure and look for an immediate solution so that the Bumiputeras could achieve the equity target before 2020.

"I feel this is the right time for the government to set up the NECC III represented by the various groups including representatives of political bodies, non-governmental organisations, the chambers of commerce, social organisations and thinkers from the institutions of higher learning to plan for the realisation of the 2020 Vision which is only 15 years away," he said.

Speaking to reporters after opening the Gerakan Batu Kawan division's building, here today, he said the government needed to immediately carry out thorough planning to ensure the Bumiputeras achieved the targeted equity and not to stop now when the equity was only 18 per cent.

Dr Lim, who is also the Minister of Energy, Water and Telecommunications, said: "The failure must be studied...why did they fail to achieve the 30 per cent equity despite the many positive measures taken by the government...the reasons must be studied and discussed seriously."

The government must study the weaknesses in the allocation of shares of companies listed on the Bursa Malaysia to the individuals. The shares probably should be given to organisations and bodies that were looking after the interests of Bumiputeras, he said.

He said the 56th Umno general assembly recently had given much attention to the failure of the Bumiputeras in achieving the 30 per cent equity target and various groups had suggested that the agenda to raise the economy of the Malays be reviewed including the revival of the spirit of the New Economic Policy (NEP).

Also present at the event were Gerakan deputy president Datuk Seri Kerk Choo Ting, vive president Tan Sri Dr Koh Tsu Koon, secretary-general Chia Kwang Chye and Batu Kawan Gerakan division head Ng Siew Lai.