Initiatives and targeted interventions for stability of entrepreneurs

23 January 2024

By Nabalu News Journalist

KUALA LUMPUR: This year is critical due to the limited timeframe of less than two years to meet the national targets set for 2025, therefore making it imperative to focus with responsiveness in supporting entrepreneurs and cooperatives to enhance their business performance.

Minister of Entrepreneur Development and Cooperative (MEDC) Datuk Ewon Benedick said initiatives and targeted interventions are needed to promote business growth for the stability of the entrepreneurship sector, in line with the vision of the National Entrepreneurship Policy 2030 (DKN 2030) to make Malaysia a leading entrepreneurial nation.

He said this during a presentation of mandate and launch of the Strategic Planning Document of the Ministry of Entrepreneurship and Cooperative Development for 2024 with the theme "MADANI Entrepreneurs, Driving the Economy".

“This Strategic Plan aims to achieve three main objectives, mainly to provide a conducive ecosystem to support the growth and stability of the national entrepreneurship sector; enhance the scale and competitiveness of entrepreneurs and cooperatives; and strengthen the entrepreneurial service delivery system to be more facilitative and effective,” he said.

According to him, to achieve the targeted objectives, 5 strategic cores, 22 strategies, and 205 programmes have been formulated, covering aspects of policy formulation, governance and oversight, capacity development, access to financing, market access, technology adaptation, and service delivery enhancement.

“The implementation of all planned programmes and projects will benefit 630,661 entrepreneurs and aspiring entrepreneurs,” he said adding that there are clear goals through six Key Performance Indicators (KPIs) set for 2024, aiming for every individual trained to become an entrepreneur and contribute to the growth of entrepreneurship in Malaysia.

“Strategic focus will be given to improving the scale and competitiveness of entrepreneurs and cooperatives to achieve the targets set under the 12th Malaysia Plan (RMKe-12) and DKN 2030.”

“Aligned with the aspiration of MADANI Economy: Empowering the People to elevate the status and dignity of our country towards making Malaysia a leading economic power in Asia, this strategic plan will support entrepreneurs, including cooperatives, to become champions at the national and international levels,” he stressed.

“I strongly hope for the full commitment of all Ministry staff and agencies to continue supporting entrepreneurs in revitalising their business activities and generating positive impacts for the people to enjoy a better quality of life. Let's strengthen the cooperation and unity we have achieved to provide the best services to the entrepreneurial community and cooperatives, and ultimately achieve the targeted KPIs throughout this year.”

He lauded Dato' Sri KSU and his team for preparing the Strategic Planning Document for the Ministry of Entrepreneurship and Cooperative Development for 2024, adding that appreciation should also be given to all Ministry agencies supporting the implementation of the planned initiatives and interventions to help entrepreneurs, PMKS, and cooperatives improve their performance and business potential.

He expressed his commitment to ensure the smooth administration of the Ministry based on the principle of togetherness practiced and hoped for a better year through inspiration of past successes and achievements as motivation and by turning constraints and challenges into lessons and examples.

The open-door policy will continue for entrepreneurship associations, cooperatives, and PMKS entrepreneurs to foster good communication in serving them as customers of our Ministry.

MEDC and its affiliated agencies have been honoured with a range of prestigious awards and accolades for their outstanding achievements in 2023.

MEDC was awarded the National Development Award 2023, acknowledging its significant contributions to the nation's economic growth and development.

Bank Rakyat, a prominent financial institution, received the Outstanding Global Islamic Banker Excellence Award 2023, which was presented to its esteemed Chief Executive Officer, Dato’ Dr. Mohammad Hanis Osman.

The Malaysia Cooperative Commission (SKM) was honoured with the Loyal Customer Award for its Tender Wizard platform, a distinction it has held since 2015. Additionally, the commission received a Clean Audit Award from the Chief Auditor General, affirming its commitment to transparency and good governance.

SME Corp., a key public sector agency, was recognized for its impactful efforts in driving digital adoption, winning the Most Impactful Public Sector Agency Driving Digital Adoption at the Top Tech Innovation Awards 2022. The agency also received the 'Masterclass in Public Sector on SME Development' award at the Malaysia Excellence Business Awards (MEBA), further cementing its position as a leader in SME development.

Other notable achievements include Tekun Nasional's GIFA Excellence Award 2023 and Merit Award for SME Development 2023, SME Bank's Best Sustainability Sukuk Award in the SME category, and UDA's recognition as the Most Successful Sustainable Valuable Brand.