Malaysia boosts social enterprise growth
The Malaysian government has opened its social impact procurement programme for registration, aimed at providing a level playing field for social impact businesses by supporting their job creation and innovation efforts.
The Malaysian Global Innovation and Creativity Centre (MaGIC) has been tasked to assess and validate eligible applicants for the programme, which was first announced in the nation’s Budget 2021 with an allocation of RM20 million (US$4.85 million).
“Through this initiative, social impact businesses, many of which are micro and small enterprises, can build their credentials for future growth and investment opportunities”, said MaGIC.
The programme is expected to provide such firms with the opportunity to scale up impact-driven solutions, which in turn would spur the social innovation ecosystem, reports Bernama.
“Solutions offered by social impact businesses include alternative and affordable material for low-cost rural housing, literacy programmes for underprivileged youth and handicraft by indigenous communities,” said MaGIC.
To help promote products and services by these organisations, MaGIC will also be listing all approved applicants on a dedicated webpage, which it hopes “would allow the public to also support social enterprises by spending their ringgit in a more impactful manner”.