RM5.88 billion disbursed for SME sector development for 2017

 |Jul 12, 2017
Prime Minister Datuk Seri Najib Razak chairing the 22nd National Small and Medium Enterprise Council Meeting today. – Pic credit Twitter @smecorp.

KUALA LUMPUR: The government has disbursed funds totalling RM5.88 billion for 2017 for the small and medium enterprise (SME) development programmes which are being implemented by 16 ministries and over 60 agencies.

Prime Minister Datuk Seri Najib Razak said the funds were approved in line with the 2017 declaration to promote the development of SMEs and business startups in the government’s efforts to enhance the SME contributions to the country.

“I also understand that, the key outcome of the SME Survey for the first quarter of 2017 shows that the SME business performance is improving

“I am confident that the long-term goal and direction under the SME Masterplan to accelerate the growth of SMEs towards the achievement of a high-income nation status by 2020 can be realised,” he said in his welcoming remarks before chairing the 22nd National Small and Medium Enterprise Council Meeting here today.

Present were International Trade and Industry Minister Datuk Seri Mustapa Mohamed, Rural and Regional Development Minister Datuk Seri Ismail Sabri Yaakob and SME Corporation Malaysia Chief Executive Officer Datuk Hafsah Hashim.

For the 2007-2016 period, Najib said SMEs posted an average annual growth rate of 5.4 per cent, which was higher than the country’s overall average annual economic growth of 4.2 per cent.

Last year, the SME sector grew 5.2 per cent while its export growth increased 6.6 per cent despite the challenging global economic environment.

The Prime Minister also announced the Sixth Natitional SME Week from June 25 to July 1, 2018 in conjunction with the International Macro, Small and Media Enterprise Day on June 27 set by the United Nations General Assembly in April this year. – Bernama

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