PM launches SME Masterplan

Thursday, 19 July 2012 08:38

Prime Minister Datuk Seri Najib Tun Razak yesterday unveiled the Small Medium Enterprises (SME) Master Plan 2012-2020 which will drive SMEs to the next level of growth through higher productivity and innovation.

The eight-year blueprint will see the roll-out of 32 initiatives including six high-impact projects, which are expected to increase business formation, expand the number of high growth and innovative firms, raise labour productivity from RM47,000 (2010) to RM91,000, and intensify formalisation, he said at the launch of the plan after chairing the 13th National SME Development Council meeting in Putrajaya.

The six high-impact programmes are the - integration of registration and licensing of business establishments under a single registration point; the Technology Commercialisation Platform (TCP) programme, which will have a network of privately managed platforms to promote innovative ideas from concept to commercialisation; SME Investment Programme (SIP) to provide initial financing through the setting up of investment companies to invest in potential SMEs; Going Export (GoEx) programme to provide customised assistance to new exporters and SMEs venturing into new markets; Catalyst Programme to develop home-grown champions with support in financing, market access and human resource development and an Inclusive Innovation programme to empower the bottom 40% of the income group to tap on innovation through transformation of rural community.

The Prime Minister expressed the hope that more enterprises, which account for 77 % of SMEs in the country could develop to become larger business enterprises.

Through these initiatives, the SME sector is expected to contribute 41% to the country's gross domestic product from the current 32% while its contribution to employment and export are expected to reach 62% and 25% from 59% and 19% respectively.

The plan also targets to increase the number of new businesses by 6% a year and high-growth and innovative companies by 10% a year.

SME Corp Malaysia, which is the central agency entrusted to oversee the development of SMEs in the country, would be strengthened to empower it to drive the implementation of the masterplan, Datuk Seri Najib added.

Adapted from New Straits Times and The Star