Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog

SMEs Should Take Advantage Of Government Incentives Of RM11.4 Billion: Mustapa

Posted by admin2 on June 17, 2015 at 12:34 pm
KUALA LUMPUR, Nov 14 (Bernama) — All small and medium enterprises (SMEs) should take advantage of the RM11.4 billion in government incentives earmarked for their development in 2015, says Minister of International Trade and Industry (MITI), Datuk Seri Mustapa Mohamed.

The recent Budget 2015 also outlined several measures to further facilitate the SME development and strengthen their long term competitiveness, he added.

“Take advantage of this incentive to expand your businesses. In doing so, you will be able to further contribute to Malaysia’s economic growth,” he said in his speech, before presenting the Enterprise 50 Awards, here Friday.

The Enterprise 50 is an annual awards programme organised by SME Corporation Malaysia (SME Corp) and Deloitte Malaysia, with other supporting sponsorships, to recognise the achievements of Malaysia’s enterprising SMEs.

Mustapa said 2015 will also mark a very important milestone for Malaysia and its SME community as the Asean Economic Community (AEC) will be realised then.

“The formation of the AEC will definitely offer great opportunities for Malaysian SMEs.

“As a single market with a population of 620 million, Asean’s total trade is worth US$2.5 trillion (US$1=RM3.34) with an annual Gross Domestic Product (GDP) growth forecast of more than five per cent,” he added.

To further enhance the value chain activities, Mustapa said Asean and its neighbours, are negotiating to form a Regional Comprehensive Economic Partnership Agreement (RCEP).

“When concluded, RCEP will form a trading group with a market size of over three billion and a combined GDP of over US$21 trillion, contributing to almost half the global trade.

“Malaysian companies must embrace the AEC and East Asian integration. Economic integration will open new business opportunities and create greater value to our businesses,” he added.

Realising the importance of SMEs as the country’s engine of growth, he said the government will continue to support SME development through the implementation of the SME Masterplan (2012-2020).

“The main objective of the Masterplan is to raise productivity, increase the number of high growth and innovative firms, as well as enhance the formalisation of businesses,” Mustapa added.

Meanwhile, Country Managing Partner, Deloitte Malaysia, Tan Cheng Hook in his speech said SMEs played a crucial part in strengthening Malaysia’s economic growth.

“You contribute 33 per cent to Malaysia’s GDP, and this is targeted to increase to 41 per cent by 2020,” he said.

The Award programme began in 1997 with the support from the MITI.

Fifty winners are selected based on their financial capabilities, operations and management skills from the nominations received.

The winners received the Enterprise 50 award trophy and certificate at the awards dinner.

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