Budget 2027: KUSKOP Seeks More Funding, Lower Business Costs For SMEs

KUALA LUMPUR, Oct 8 (Bernama) -- More funding and resources for small and medium enterprises (SMEs) as well as lower costs of doing business are among the key priorities of the Ministry of Entrepreneur and Cooperatives Development (KUSKOP) for Budget 2027, said its minister Steven Sim Chee Keong.

Sim said other key priorities include improving the efficiency of government assistance for SMEs.

“The details would have to wait for tomorrow’s Budget 2027 announcement by Prime Minister Datuk Seri Anwar Ibrahim,” he said to reporters after delivering his speech at the Federal Malaysian Manufacturing (FMM) Small and Medium Industries (SMI) Conference 2026 here today.

Sim also said the ministry aims to help at least 100 companies achieve RM100 million in revenue over the medium term, with four initiatives targeted for completion by the end of this year.

On the redefinition of SMEs, he said the ministry is working on the matter and is committed to seeing the definition revised during his tenure,

Sim expressed hope for positive developments in adjusting corporate tax thresholds, providing practical assistance and support for SMEs, and strengthening late-payment protection.

Anwar, who is also Finance Minister, is scheduled to table the Budget 2027 in Parliament on Oct 9. 

Meanwhile, FMM president Jacob Lee Chor Kok said the federation called for a new growth agenda to help more Malaysian businesses scale into SMEs, mid-tier companies and future national champions.

He said stronger SMEs, more mid-tier companies, and ultimately more Malaysian, regional, and global champions are needed.

“Our success should not be measured simply by how many SMEs we have, but by how many of our companies successfully grow into larger, more competitive enterprises.

“Our objective should be to encourage SMEs to grow better, stronger and more competitive to help SMEs to scale. I hope this will receive the favourable support from our minister,” he said.

The FMM SMIC 2026, held today, drew more than 300 business leaders, entrepreneurs, policymakers and industry stakeholders, with discussions centred on four pillars -- frameworks, talent, capital and technology, featuring business scaling, growth financing and digitalisation.

-- BERNAMA