Master plan sets clear direction for SMEs

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

Published: on 10 July 2012

KUALA LUMPUR: The SME Masterplan 2012-2020 to be unveiled on Thursday will define what direction small and medium enterprises (SMEs) should take in the next eight years, says Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir.

The master plan is to ensure SMEs contribute 41 per cent to the country's gross domestic product from the current 32 per cent.

"The master plan will clearly define where we want to be in the next eight years. Once we have that kind of direction, SMEs can know what to expect," he said.

Mukhriz said through the master plan, the government hopes to facilitate the development of SMEs in all aspects including funding, capacity-building and logistical support.

"This aim is to enable them to grow from small successful local entities to become regional and global players," he said.

Speaking to reporters after the official launch of the SME Recognition Award 2012 here yesterday, Mukhriz said SMEs are important as it is the largest contributor for employment, wealth creation and exports.

The SME Recognition Award is a custom-made award to honour SMEs in Malaysia based on their competitive strength.

Organised by the Small & Medium Industries (SMI) Association of Malaysia, the SME Recognition Award is on its 11th year where this year it will select 88 winners from 16 different categories.

The assessments are based on corporate ambitions, uniqueness, financial performance, efficient implementation and social contributions.

"I understand that this year, public voting will be done for the first time to choose the winner," Mukhriz added.