KUALA LUMPUR: The Entrepreneurship and Cooperative Development Ministry (Kuskop) is preparing a strategy paper to empower Small and Medium Enterprises (SMEs), which will be presented to the National Economic Action Council (MTEN) in April.
Its minister, Datuk Ewon Benedick, said as a start in that direction, a series of engagement sessions have been conducted to gather views and feedback from SMEs regarding issues, challenges and suggestions to facilitate SME empowerment.
He said this strategy paper is crucial as the contribution of the micro, small and medium enterprises (MSMEs) sector to the gross domestic product (GDP) in 2022 is still below the target set under the 12th Malaysia Plan (RMK12).
"In 2022, the contribution of MSMEs to the GDP was 38.4 per cent amounting to RM580.4 billion, while total exports accounted for 10.5per cent equivalent to RM144.5 billion.
"Cooperatives generate revenue of RM45.5 billion and possess assets worth RM159.6 billion.
Therefore, we need to strategise to have a more significant impact on the entrepreneurship sector in this country," he said when delivering his New Year's speech to the ministry's staff here today (January 23).
Ewon also said that to strengthen the entrepreneurship ecosystem to be more holistic, the Cabinet has agreed to place the development ecosystem and supervision of franchise businesses under his ministry.
He said this change is to complement the efforts undertaken by Perbadanan Nasional Bhd (Pernas), as an agency under the ministry in developing franchise entrepreneurs in the country.
At the same time, this fully supports the ministry's efforts in preparing the National Franchise Entrepreneur Development Policy 2030 (D-PUF 2030), which is currently being finalised.
During the event, three launches took place, unveiling the 2024 KUSKOP Strategic Planning, introducing the New Social Enterprise Rating Empowerment Portal and revealing the new logo for the KUSKOP Cooperative.
The 2024 KUSKOP Strategic Planning serves as the ministry's blueprint for advancing the entrepreneurial and cooperative sector this year and it focuses on three main objectives, including establishing a conducive ecosystem to support the accelerated growth and stability of the country's entrepreneurial sector.
The new Social Enterprise Rating Empowerment Portal is a centralised hub for up-to-date information on social enterprises in Malaysia and through this portal, social enterprises can apply for three levels of social enterprise rating - whether as Seed Social Enterprises, Basic Social Enterprises or Accredited Social Enterprises. --BERNAMA