Private Companies Need To Extend Support To Strengthen MSMEs - Ewon

KUALA LUMPUR, June 12 (Bernama) -- More private companies need to step up and extend support in the form of innovative and sustainable financing to micro, small, and medium enterprises (MSMEs), said Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick.

The minister said that this desire is in line with the government's goal to empower MSMEs as the backbone of the national economy.

" MSMEs are the backbone of the country's economy through their contribution to the gross domestic product (GDP). If more MSMEs can be supported, their contributions will certainly continue to increase and significantly contribute to the national economy," he said.

Ewon said this while officiating the RM50 million Revenue-Based Financing Programme by the Dattel Asia Group, in conjunction with OHSEM360 2025, here today.

He said that alternative financing through such programmes is a good initiative to provide broader opportunities for entrepreneurs and to access business capital.

"The government always welcomes and appreciates any efforts by the private sector in creating value and laying the foundation to provide a more significant long-term impact on the MSMEs business ecosystem and contributing to the country's economic growth.

"This is one of the government's aspirations through the National Entrepreneurship Policy 2030, which is to expand access to capital markets to enhance the capacity and competitiveness of MSMEs at the domestic and global levels," he said.

He said that the initiative by Dattel Asia Group is a clear example of how financial and technological innovation can have a direct impact on the growth and sustainability of entrepreneurs and MSMEs.

"It also shows that the government and private sector play an important role in ensuring the development of a sustainable entrepreneurship ecosystem for the benefit of the people and the national economy," he said.

He also said his ministry is open to and welcomes the involvement of the private sector in providing alternative financing.

Additionally, he emphasIsed that the development of technologies such as artificial intelligence (AI), Big Data, and automation has transformed the global business landscape, and MSMEs can no longer rely solely on traditional methods.

"Along with the development of technology, entrepreneurs and MSMEs cannot operate traditionally. They need to adapt the use of appropriate technology to remain competitive," he added.

-- BERNAMA