INSKEN Invests RM5 Mln To Strengthen Social Enterprises - Sim

KUALA LUMPUR, May 22 (Bernama) -- A total of RM5 million has been invested by the National Entrepreneurship Institute (INSKEN) since 2022 to strengthen the country’s social enterprise sector through initiatives focused on capacity building, market access and social enterprise accreditation.

Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong said the investment aligns with the MADANI Government’s efforts to position social enterprises as a driver of Malaysia’s inclusive economy.

He said social enterprises are becoming increasingly important amid geopolitical uncertainties, global supply chain disruptions and social changes, as the model not only focuses on profit, but also addresses social and environmental issues through creative and sustainable business approaches.

“As an example, an ageing society in the future will require more community care services and social support, which can also be driven through the social enterprise model,” he said in a statement today.

Among the initiatives implemented by INSKEN are engagement sessions with industry players, social enterprise accreditation clinics, international conferences, and programmes to strengthen networking and market access locally and abroad.

Sim said 3,875 participants have benefited from INSKEN’s programmes and initiatives to date.

He said INSKEN had also allocated RM200,000 over the past six months to help 20 social enterprise entities expand their markets and community impact through procurement opportunities, operational subsidies, event participation and strategic business matching.

He also encouraged more social enterprises to obtain accreditation through INSKEN to enhance credibility and gain access to financing, tax exemptions, government programmes, exhibitions and other forms of support.

Based on the Social Entrepreneurship Action Framework 2030 (SEMy2030) and the British Council’s The State of Social Enterprise in Malaysia study, Malaysia had an estimated 20,000 social enterprises as of 2018.

To date, 600 business entities have received social enterprise accreditation through INSKEN, comprising 281 Aspiring Social Enterprises, 252 Basic Social Enterprises and 67 Accredited Social Enterprises.

Meanwhile, INSKEN chief executive officer Viviantie Sarjuni said the agency is moving towards mainstreaming social procurement practices to help social enterprises become more competitive, sustainable and ready to expand further.

-- BERNAMA