Commitment contributes to entrepreneur and Cooperative Development in Terengganu

20 February 2024

By Wartawan Nabalu News

TRENGGANU: A total of 58 new cooperatives were successfully registered here in 2023.

Minister of Entrepreneur Development and Cooperation Datuk Ewon Benedick said in addition this 21 cooperatives received financing amounting to RM28.3 million under the SKM Revolving Capital Fund, and 18 cooperatives were also approved for financing under cooperative development assistance, with a value of RM1.3 million.

He said he appreciate the commitment shown by all officers and staff in the Ministry and Agencies in Terengganu in ensuring that all initiatives and assistance to entrepreneurs and cooperatives are delivered effectively.

Speaking during a monthly gathering with MEDC and agencies of Terengganu, he said in the context of Terengganu state, in 2023, a total of 32,860 entrepreneurs received financing from Amanah Ikhtiar Malaysia, TEKUN Nasional, SME Bank, and Bank Rakyat, involving a financing amount of RM485.3 million.

“In addition, 811 entrepreneurs received entrepreneurship guidance and training from the National Entrepreneurship Institute (INSKEN). SME Corp. has also implemented various entrepreneurship development programs, benefiting 469 entrepreneurs with an allocation of RM3 million,” he stated.

In strengthening the entrepreneurial ecosystem to be more holistic, the Cabinet has agreed to place the development ecosystem and supervision of franchise businesses under MEDC.

“This is to complement the efforts carried out by PERNAS, as the MEDC agency in developing franchise entrepreneurs in this country. In connection with this, the Ministerial Functions Act 1969 [Act 2] Government Ministers Order of the Federal Government 2024, which was gazetted on January 29, 2024, has included the Franchise Act 1998 [Act 590] under this ministry.”

He also said through this Order, a total of 10 permanent agencies are placed under the responsibility of MEDC and he hoped that the performance of these agencies under the supervision of MEDC can be improved so that more entrepreneurs and cooperatives can be assisted.

“We have achieved various successes related to our efforts in developing entrepreneurs and cooperatives in terms of capacity and capability development, exposure and cultivation, increased access to financing, market expansion, and business strengthening through technology adaptation and e-commerce platform utilisation.

He said they had implemented 187 programmes in 2023 that have benefited a total of 782,522 entrepreneurs, SMEs, cooperatives, social enterprises, start-ups, informal entrepreneurs, youths, and graduates.

“Based on these achievements, I truly appreciate the commitment shown by all officers and staff in the Ministry and Agencies in Terengganu in ensuring that all initiatives and assistance to entrepreneurs and cooperatives are delivered effectively. It is not an easy task, and certainly, everyone has played their role. Congratulations to all KUSKOP members and agencies in Terengganu.”