MED to restructure roles of 60 agencies

By SHAHEERA AZNAM SHAH / Pic By TMR

The Ministry of Entrepreneur Development (MED) is restructuring the roles of over 60 entrepreneur development agencies in accordance with the National Entrepreneurship Framework (NEF).

Minister Datuk Seri Mohd Redzuan Md Yusof (picture) said the move aims to address the agencies’ overlapping roles and rationalise their functions.

“It will allow the ministry to restructure, streamline and execute the distribution of the roles with an effective cost,” he said at the launch of the NEF in Kuala Lumpur yesterday.

Commenting on the possibility of consolidated development agencies, Mohd Redzuan said the ministry does not discount the likelihood of a particular entity to regulate the agencies.

“It will depend on the feedback and effectiveness of the framework. If there is a need for all the agencies to be managed under a ministry, an amendment will be made through the national policy.

“For now, we are just managing the implementation involving the country’s entrepreneurial agencies,” he said.

At present, there are 151 small and medium-sized enterprise (SME) development programmes in the country planned this year with financial investments worth RM12.89 billion.

The NEF includes 21 strategic objectives which are classified in four main categories, covering various sectors and industries in Malaysia.

Mohd Redzuan said the framework will serve as a guideline in establishing the National Entrepreneurship Policy (NEP), which is expected to be launched in mid-2019.

“MED will be presenting the framework as the foundation and action plan to the NEP.

“The NEF is a ‘living document’ that will be enhanced and reviewed accordingly as the industries and entrepreneurs’ need changes,” he said.

He added that the framework focuses on achieving several of the nation’s goals, such as raising the SME contribution to GDP to 40.1% by 2020.

“The ministry is also targeting to create one million job opportunities through entrepreneurship in five years, training 50,000 graduates to become entrepreneurs and boosting the SME exports to 23% with a RM50 billion turnover,” Mohd Redzuan said further.