How does Malaysia assist its SMEs?
SMEs (small/medium-sized enterprises) form a vital part of any country’s economy by taking on risks larger businesses won’t touch and approaching them more efficiently. Malaysia’s half a million SMEs employ over half the workforce and contribute 37% of GDP, as well as drive innovation and serve as bridges between larger companies. This is particularly important to an emerging economy. Their work, however, also tends to be more labour-intensive than larger companies.
The Malaysian government wanted to show its recognition of local SMEs and has created several initiatives over the years, including the SME Corp. Reductions in setup and operating fees have helped over 40,000 SMEs in the past three years. Support structures like the SME Bank and the entrepreneurship division of MITI (Ministry of International Trade & Industry) provide more assistance. The Ministry has also launched a program called “Groom Big”, which prepares SME operators for competition in the global export market by maintaining focus on product and process quality; hygenic and halal practices; branding and marketing.
source & article: MITI Secretary General Abdul Rahman Mamat writing in Business Times
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