Govt to continue being responsive to SMEs' needs by providing stimulus packages -- Noh Omar

KUALA LUMPUR, March 1  -- The government will continue to be responsive and give special commitment to fulfilling the needs of the small and medium enterprises (SMEs) by providing various stimulus packages to ease their burden during the COVID-19 pandemic.

Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said that with the micro SMEs (MSMEs) still grappling with the effects of the pandemic on the economy and domestic market, strategic measures are required to give them a lifeline to stay in operation.

"The government realises that the MSME sector is among the groups most affected by the pandemic, with 95.3 per cent registering a sudden drop in sales in the early stages of curbing (COVID-19),” he said during the Enterprise 50 (E50) Award 2022 pre-launch ceremony here today.

Noh said as the nation's economic backbone, MSMEs that number 1.15 million, or 97.2 per cent of the total businesses in Malaysia, contribute significantly to economic growth.

He said the RM40 billion Semarak Niaga Keluarga Malaysia Programme, comprising various types of loans, financing guarantees as well as equity injections, shows the government's commitment to help businesses rise again and be competitive.

According to the minister, the government is committed to implementing initiatives to drive transformation to ensure the 12th Malaysia Plan's objectives are achieved, with a focus on rejuvenating economic growth, well-being and inclusivity.

On the E50 award programme organised by SME Corporation, Noh praised SME entrepreneurs for their role in strategic nation-building towards innovation and digitalisation, sustainability and inclusive growth which would create a conducive entrepreneurship ecosystem.

“Over the next five years, focus will be given on spurring strategic and high-impact industry development. Efforts will be aimed at encouraging high technology adaptation, skills upgrading, innovation as well as research and development to transform the industry towards producing high-value products and services, expand the market globally and attract quality investments,” Noh said.

Nominations for the E50 Award 2022 for SMEs are open from March 1 to June 30, 2022, and 50 winners will be announced in November.

So far, 503 companies with four- and five-star ratings under the SME Competitive Rating for Enhancement Programme (SCORE) have been nominated.

-- BERNAMA