MOU between Singapore and Malaysia to enhance MSMEs growth

2 November 2023

By Wartawan Nabalu News

SINGAPORE: SME Corp. Malaysia and Enterprise Singapore have signed a Memorandum of Understanding (MoU) to enhance the growth of Micro, Small and Medium Enterprises (MSMEs) between Malaysia and Singapore.

YAB Dato' Seri Anwar bin Ibrahim, Prime Minister of Malaysia and H.E. Lee Hsien Loong, Prime Minister of the Republic of Singapore, witnessed the signing of the MoU at The Istana in Singapore.

The MoU was officially signed by Mr. Rizal bin Nainy, Chief Executive Officer of SME Corp. Malaysia, and Mr. Lee Chuan Teck, Chief Executive Officer of Enterprise Singapore, with the objective of strengthening bilateral relations, particularly in the areas of digitalisation, training, sustainability, and greater market access for MSMEs in Malaysia and Singapore.

Malaysia has identified eight priority sectors for business matching which include smart agriculture, electrical and electronic, aerospace, medical devices, halal industry, oil and gas, tourism, and biomass.

In 2022, Singapore emerged as Malaysia's second-largest trading partner globally and held the top position among ASEAN nations. The total trade volume between the two nations reached USD 83.68 billion (RM368.1 billion), with a trade surplus favouring Malaysia.

The trade relationship has continued to flourish into 2023, highlighting the importance of the strategic partnership between the two countries. Datuk Ewon Benedick, Minister of Entrepreneur Development and Cooperatives and H.E. Dato’ Dr. Azfar bin Mohamad Mustafar, High Commissioner of Malaysia to the Republic of Singapore, were also present during the signing of the MoU.