RM15.11 billion allocated for 270 Entrepreneurship Programmes in 2024, benefiting 500,000 individuals

14 May 2024

By AVV

KUALA LUMPUR: The Malaysian government allocated RM15.11 billion for 270 entrepreneurship programmes in 2024, benefiting nearly 500,000 recipients.

In a statement by Dato' Seri Dr. Ahmad Zahid Hamidi Deputy Prime Minister and Chairman of the National Entrepreneurship Development and SMEs Council, he said that these programmes are part of the Integrated Action Plan for Small and Medium Enterprises (SMEIPA) and involve 10 ministries, 58 agencies, and 8 state governments.

The government aimed to enhance coordination, improve programme targeting, and avoid wastage through the implementation of the SMEs Status Registration System. The addition of members to the National Entrepreneurship and MSME Development Council (SEK-MPUPK) further strengthens cooperation between ministries in empowering MSME development in Malaysia.

He stated that in addition, the report states that an average of 191 entrepreneurship programmes and development programs for Micro, Small, and Medium Enterprises (MSMEs) have been implemented each year, with an annual commitment of RM9.6 billion.

In 2023 alone, RM15.48 billion was spent on 258 entrepreneurship programs and MSME development.

“To improve the coordination of entrepreneurship development programmes, SME Corp. Malaysia has implemented the PMKS Status Registration System. This system ensures that programs are more targeted towards entrepreneurs and MSMEs, thus avoiding wastage.

The meeting also agreed to integrate the PMKS Status Registration System with other main systems such as PADU, SSM Database, and GovTech Malaysia to enhance synergy between ministries and agencies and improve government service delivery.”

To enhance the coordination of entrepreneurship ecosystem and program development within the country, the National Entrepreneurship and MSME Development Council (SEK-MPUPK) has approved the addition of members to strengthen cooperation between ministries in empowering MSME development in Malaysia, he said adding that additional members include the Secretary-General of the Ministry of Rural Development and Territory (KKDW) and the Ministry of Investment, Trade, and Industry (MITI), in addition to the Ministry of Finance, Ministry of Economy, and Ministry of Entrepreneurship and Cooperative Development (MEDC).

The involvement of KKDW and MITI in the SEK-MPUPK membership allows for more integrated alignment and coordination of all entrepreneurship and MSME development programs, especially in penetrating the global market and expanding access to rural areas. Ministries and agencies are advised to ensure comprehensive and integrated implementation of entrepreneurship development agendas to avoid program overlaps, improve government transparency, and reduce wastage of government resources, he said.-ends