Collaborations between MEDC and SME Bank empowers MSMEs

27 May 2024

By AVV

KOTA KINABALU: The collaboration between the Ministry of Entrepreneur Development and Coporative (MEDC) and SME Bank reflects their joint dedication to empowering micro, small, and medium enterprises (MSMEs).

MEDC Minister Datuk Ewon Benedick said this during the launching of The Jom XCESS SME Bank Sabah Regional Center, here today

He said the collaboration not only fosters a conducive environment to provide opportunities for entrepreneurs to grow but also helps strengthen Sabah's economic ecosystem.

"According to statistical data, Sabah's Gross Domestic Product (GDP) in 2022 reached RM81.9 billion, with a growth rate of 3.7 percent. This achievement indicates great potential for rapid economic growth in the state of Sabah," he shared.

According to him Sabah's GDP composition indicates growth in various sectors, highlighting the importance of entrepreneurship in strengthening Sabah's economy.

Entrepreneurship not only helps create job opportunities but also enhances productivity and economic diversity, he said.

"In line with that, as announced in the 2024 Budget, a total of RM44 billion has been allocated to benefit MSME entrepreneurs for loan facilities and financing guarantees. This is a positive step by the Government to advance the MADANI economy for the MSME sector," he stated.

MEDC is always actively engaging in various initiatives to reach out to and assist the entrepreneurial community in Sabah. Programmes like National Entrepreneur Week and MSME Week are examples of the Ministry's initiatives aimed at driving entrepreneur sustainability.

"We believe that the development of MSMEs requires cooperation from all parties. Therefore, we thank SME Bank and other government agencies for their participation in this effort. Today's Jom XCESS programme is an example of how MEDC and government agencies can collaborate to help foster the progress of MSMEs," he said.

The government has provided various opportunities, he said urging entrepreneurs to seize these opportunities to ensure that they become one of the entrepreneurs contributing to the prosperity of the economy of Sabah and the country as a whole..

Also present during the event were SME Bank Chairman

Datuk Muslim Hussain and Datuk Wira (DR.) Aria Putera Ismail Group Chairman and Chief Executive Officer of SME Bank.