Home > News > Nation
Saturday July 5, 2014 MYT 12:00:00 AM
Saturday July 5, 2014 MYT 10:06:48 AM
by lee yen mun
PUTRAJAYA: Malaysia will highlight the role of the small and medium enterprises (SME) in spurring the growth of the region’s economy during the Asean summit in Kuala Lumpur next year.
Prime Minister Datuk Seri Najib Tun Razak said the networking of SMEs in the region and integrating Asean as a single market and production base for these businesses would be emphasised.
Malaysia will chair the summit, which will involve Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
“In our effort to develop Asean as an economic community, as chair next year, we will give emphasis on the role of SMEs in Asean. Some 95% to 99% of the business establishments in Asean are SMEs by nature, so it is vital that we take advantage of Asean as a single platform,” Najib said after chairing the SME Development Council meeting.
On the national level, Najib said several high-impact initiatives will be implemented in the next few years to assist in the growth of local SMEs.
The SME sector currently contributes to 33.1% of the national economy but the Government has targeted to raise the SME contribution to 41% by 2020.
In order to achieve this goal, Najib said the annual growth for the SME contribution must be accelerated from 6.3% to 9.3%.
“This is a tall order, it’s a huge challenge. That’s why we are taking these initiatives (and) it has to be quite a massive effort on everybody’s part.
“If it is business as usual, it may not be possible to attain this target,” he said.
Tags / Keywords:
MCA’s SME bureau all set to help business community
Help for those switching jobs
Asean posied to be be next powerhouse in Asi
Wee: Borderline SMEs unsure what to do with GST registration
‘Ease loan criteria for new SMEs’
Exhibition to commemorate Johor Sultan's coronation launched
Brit metal band Carcass slammed for disrespecting Malaysian flag
Rally ends peacefully with carnival-like atmosphere
Nestlé rewards consumers with biggest promotion ever
The great South Australian adventure
Living away from Malaysia can trigger a lot of different longings
Lucky football fans get to catch match at Emirates Stadium - thanks to Tiger FC
Barcelona full back Alba sidelined for 10 days
Facebook talks up need for virtual reality, big tech bets
Copyright © 1995-2015 Star Publications (M) Bhd (Co No 10894-D)