Govt to review SME policies and initiatives

Ministry aims to make the development of SMEs more holistic, integrated and targeted

By KEVIN WONG / Pic By MUHD AMIN NAHARUL

The Entrepreneur Development Ministry (MED) is reviewing all policies and initiatives relating to businesses that are run by small and medium enterprises (SMEs).

MED Minister Datuk Seri Mohd Redzuan Md Yusof said the ministry aims to make the development of SMEs more holistic, integrated and targeted.

“It is our mission to widen and coordinate entrepreneurial activities to be more targeted, inclusive, encompassing all segments of society including the bottom 40% and middle 40% groups,” he said in his keynote address at the Malaysian Economic Summit 2018 yesterday in Kuala Lumpur.

He said MED will focus on, among others, providing proper training and facilitation for entrepreneurs based on industry needs such as business advisory, loans and funding to stimulate the interest of potential entrepreneurs to establish their own start-ups.

“At the same time, assistance will be extended to them to ensure growth and sustainability of their business,” he said.

Mohd Redzuan added that it is the mandate of the ministry and other agencies, including SME Corp, Bank Rakyat and the National Entrepreneur Group Economic Fund, to provide support and facilitation to local entrepreneurs.

“So that they may move forward and withstand competition and challenges of the global market of which is especially important with the current wave of economic change and the Industrial 4.0,” he said.

He said the government also aims to provide a conducive environment to promote a culture of entrepreneurship in the country.

Meanwhile, Mohd Redzuan said Malaysia could possibly be part of an Asian aircraft project that is initiated by the Japanese government.

“The Japanese government has invited us to consider and potentially participate in this Asian aircraft project. This is in view of our support in the global aircraft industry, with Composites Technology Research Malaysia Sdn Bhd supplying tier-two components to Airbus SE.

“So, with that it will be our basis to open up and explore the project if the ideation from Japan does materialise in the near future,” he said, adding that the project is still currently in the initial stage and without any blueprint.

He said if the project does take off, Malaysia will contribute and provide aircraft components but not aircraft engines.