Master plan to chart SMEs' direction, progress

Source From (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/materpm/Article/

Published: on 22 Jun 2012
By Kamarul Yunus and R. Sittamparam

KUALA LUMPUR: The government has drawn up an SME master plan to chart the direction and progress of the country's small- and medium- sized enterprises (SMEs).

Prime Minister Datuk Seri Najib Razak said the plan will focus on creating an enabling ecosystem to accelerate the SME growth.

"One of the strategic goals under the plan is to promote innovation and the adoption of technology by SMEs," he said at the launch of Smidex 2012, Asean-India SME conference and SME Week here yesterday.

The master plan is one of the many efforts taken by the government to support the growth of the SME sector.

"We have also found that it is inspiring for businesses when we develop recognition programmes to support SMEs that excel," Najib said.

Therefore in 2010, the inaugural SME Innovation Award was introduced to recognise SMEs that are deemed most innovative.

The winner of the best innovative SME will receive the prestigious RM1 million cash prize and a trophy.

He said the government recently launched a RM500 million syariah-compliant commercialisation innovation fund for SMEs with innovative products or services which are already at the stage of commercialisation.

"Another effort which we are trying to do for winners from SMEs that have performed very well is to create a green lane for them so that the government is able to take up some of their products and services.

"A complaint sometimes heard is how do they become fame, how do they become regional champions when they have without businesses back home," Najib said.

He said SMEs employ the most number of people outside government, contributing to a large chunk of the gross domestic product.

They also provide the linkages between big businesses and small ones.