GAME CHANGER: 32 initiatives to increase sector's contribution to the nation's gross domestic product
PUTRAJAYA: THE Small Medium Enterprises Master Plan 2012-2020 launched yesterday will see the implementation of 32 initiatives, including six high-impact projects, and serve as a "game changer" for the sector.
Prime Minister Datuk Seri Najib Razak said the eight-year plan would push the SMEs to greater heights through greater productivity, innovation and growth.
The 32 initiatives are expected to increase the sector's contribution to the nation's gross domestic product from the current 32 per cent to 41 per cent in 2020. During the same period, its contribution to employment is targeted to grow from 59 per cent now to 62 per cent, while contribution to exports is expected to rise from 19 per cent to 25 per cent.
The six high-impact programmes under the master plan are on the integration of registration and licensing of business establishments, the Technology Commercialisation Platform (TCP) programme, SME Investment Programme (SIP), Going Export (GoEx) programme, Catalyst Programme, and Inclusive Innovation.
Najib said the initiatives were aimed at meeting four goals -- increase business formation, expand the number of high growth and innovative firms, raise labour productivity, and intensify formalisation.
He hoped the masterplan would see micro-enterprises, which make up 77 per cent of SMEs, graduate to become bigger business enterprises.
"The plan is a start to spur SMEs to a new level. The journey begins with its implementation and ends when the objectives are met," he said at the launch of the plan after chairing the 13th National SME Development Council meeting here.
"It is a lifelong plan which is not rigid, but a flexible one that can be adapted to the current surroundings.
"It is meant to empower the SME community by increasing income and social well being.
"SMEs with a rapid growth rate will receive the government's support to ensure they can reach greater heights and become homegrown champions," he said.
Najib added that SME Corp Malaysia, which is the central point of reference for information and advisory services for SMEs in the country, would be strengthened to allow it to spearhead the masterplan.
Present at the launch were International Trade and Industry Minister Datuk Seri Mustapa Mohamed and Chief Secretary to the Government Datuk Seri Dr Ali Hamsa.
In a statement released after the launch, SME Corp Malaysia said the country's SME sector aims to achieve an average gross domestic product (GDP) growth of 8.7 per cent annually from this year until 2020 through the newly launched masterplan.
The masterplan also aimed to increase company registrations by six per cent per year, and expand high-growth and innovative companies by 10 per cent annually.