SMEs allocation should go through one ministry, says Minister Mohd Redzuan

The ministry had proposed the change to consolidate the fund last year, and is hopeful that it would be fulfilled this time around


THE fund allocation for small and medium enterprises (SMEs) should be disbursed via one ministry to ensure the smooth running of all efforts to improve projects pertaining to entrepreneurship.

Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof (picture) said the ministry has put forward its proposal that could be included in the upcoming Budget 2020 in October to consolidate all funds under one roof.

“If you look at Budget 2019, Lim Guan Eng, the finance minister, has announced a RM4.5 billion fund (will be) made available to SMEs, which are parked in various ministries.

“So we have to coordinate with other ministries during the period to understand the deliverables,” he told reporters yesterday during the launch of Program Usahawan Muda Malaysia Baru.

Mohd Redzuan said the ministry had proposed the change to consolidate the fund last year, and is hopeful that it would be fulfilled this time around.

The Usahawan Muda programme, which supports the National Entrepreneurship Policy 2030 launched by Prime Minister Tun Dr Mahathir Mohamad in June, is aimed at pushing SMEs contribution to the GDP to 41% by the year 2020.

The programme is also expected to drive effective entrepreneurship programmes that involve more youth, particularly from the bottom 40% community.

The policy also includes elements of training and education to produce more innovation-based entrepreneurs, to widen the access of capital and financing, and to form a wide entrepreneur community among Malaysians.

Mohd Redzuan added that youths should champion innovation in entrepreneurship and subsequently become job creators rather than job-seekers.

“Innovation moves so fast, so entrepreneurship needs to thrive (with) innovation. The youth must be brave enough to tap into various opportunities and as a government, we are trying to provide a better ecosystem,” he said.

Meanwhile, Binary University founder and chairman Tan Sri Prof Joseph Adaikalam said the Usahawan Muda programme is expected to produce 1,000 young entrepreneurs over the next four years.

He said Binary University currently offers RM13.5 million worth of scholarships (partial) under the Biasiswa Usahawan 2030.

The scholarship is open to diploma holders from Kolej Profesional Mara, polytechnics and accredited private colleges.

During the launch, seven memoranda of understanding were signed with various entrepreneur associations.

The associations will then promote the concept of Usahawan Muda Malaysia Baru which emphasises on ethical values, strategic thinking and the need to embark on new ventures to help transform Malaysia into an entrepreneurial nation.