The contribution by SMEs to the gross domestic product is about 38% and the government hopes to achieve 50% in 10 years, under the National Entrepreneurship Policy 2030.
In terms of cooperatives, Wan Junaidi said they contribute some RM40bil to the economy currently and the government hopes to boost this figure up to RM100bil by 2030. Wan Junaidi said that the allocation for SMEs and entrepreneurs under Budget 2021 should not be viewed from the angle of what Medac was supposed to receive but rather in totality under other relevant ministries and agencies.
“Our aim is for all these agencies to be able to provide continuous assistance to businesses, SMEs and cooperatives and provide employment opportunities for Malaysians, ” he said, adding that SMEs contribute around 48% of the nation’s employment or around seven million people. “A relocation of financial resources might take place, from one source to another government-assisted financial resource.
“Along the supply chain and demand, this has to be handled by the government. The Prime Minister will launch an e-commerce system soon, ” said Wan Junaidi, adding that Medac plays an important role to ensure that all SMEs can be involved.
SME are dying
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