KUALA LUMPUR: The Entrepreneur Development and Cooperatives Ministry, through its agency SME Corp Malaysia, has allocated RM134.6mil to empower micro, small and medium enterprises (MSME) this year.

Its deputy minister Datuk Ramanan Ramakrishnan said the fund aims to implement various initiatives and enable entrepreneurs to penetrate a wider market at international level.

"Through programmes and initiatives planned this year, the ministry through its agencies including SME Corp Malaysia remains committed to empowering the country's entrepreneurial ecosystem.

"The commitment is in line with the vision of the National Entrepreneurship Policy 2030 to make Malaysia a superior entrepreneurial country in line with the Madani economy framework to restructure the economy towards making Malaysia an economic leader in the South-East Asian region.

"This commitment also takes into account the half-term review of the 12th Malaysia Plan which has set clear targets for MSME growth by 2025.

"The target involves a 41% contribution to the gross domestic product, 15% to exports, 3.5% in average labour productivity growth and 90% for MSMEs to digitise their business operations," he said during a press conference after attending a briefing session at the SME Corp Headquarters here on Tuesday (Jan 9).

According to him, SME Corp last year channeled a total of RM131.3mil which benefited 22,861 MSMEs nationwide.

Ramanan said the initiative also involved financial assistance for export purposes, namely the Bumiputra Export Promotion Programme (GEB) and SMEs Go Global programme (SMEGG) aside from programmes to develop export capabilities and capacity, and business matching.

At the same time, he said the Business Accelerator Programme (BAP) which was temporarily halted due to insufficient allocations will be reintroduced to MSMEs this year with RM55mil allocated.

SME Corp chief executive officer Rizal Nainy said the RM134.6mil would assist about 16,700 MSME who will receive benefits to expand and internationalise their businesses this year.

"In addition, SME Corp will continue to implement other key programmes such as the Bumiputra Enterprise Enhancement Programme (BEEP), Bumiputra Youth Entrepreneur Buddies (TUBE), Export Strengthening Programme, Strategic Industry Improvement Programme and High-Performance Companies (Prestige) as well as the BizMe Programme for inclusive enterprise development," he said.

https://www.thestar.com.my/news/nation/2024/01/09/over-rm130mil-allocated-to-aid-micro-small-and-medium-enterprises-says-deputy-minister