Malaysia will ensure the continual development of SMEs
The Malaysian government will ensure the continual development of SMEs within the country and in regional markets, said Prime Minister Datuk Seri Ismail Sabri Yaakob.
SMEs are very important to the country’s development because they provide more than eight million job opportunities to Malaysians, he said. By 2025, the government plans for SMEs to contribute 45% of GDP to the country, in line with the 12th Malaysia Plan, noted the prime minister.
“This target is realistic as SMEs contributed 39 per cent of Malaysia’s GDP in 2019 before it was affected by the COVID-19 pandemic two years ago and the recent floods at the end of last year,” he said.
“The government has taken various measures to ensure SMEs, including micro- and informal entrepreneurs can continue their business,” he added.
The schemes that are ongoing to help entrepreneurs develop their businesses include the Semarak Niaga programme, with billions of ringing in funds to help fund business expansion, he said.
The Tekun Nasional Micro Sector Business Recovery Financing Scheme offers interest free loans of up to RM10,000 (US$2,347) and priority will be given to traders in the informal sector with funds for this programme totalling RM200 million (US$47 million), he added.