Ministry plans to groom 100 millionaires each year

PUTRAJAYA: Help and guidance are on the way for small-scale entrepreneurs to become millionaires through financial initiatives, assistance in promotions and marketing so that their ventures will generate income in the millions of ringgit.

Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the ministry had set an annual target to groom 100 millionaires from small businesses.

“Through assistance and guidance provided by our agencies, as well as smart partnerships, we are confident of being able to create an ecosystem to help local enterprises thrive, ” he said at an event to mark the ministry’s first anniversary under the Perikatan Nasional government.

He said the recent signing of a memorandum of understanding with Perbadanan Usahawan Nasional Bhd (PUNB) would pave the way for micro-businesses to gain access to bigger loan facilities to expand operations.

“With bigger operations come bigger productivity and this will enable entrepreneurs to see turn-over reaching millions annually.

“We will also help these businesses in terms of marketing and promotion as well as halal certification not just for the domestic market but also for their products to markets internationally, ” he said.

He cited the case of a keropok lekor maker who raked in about RM4,000 monthly.

The keropok lekor maker expanded his business through franchise and now has 15 outlets under his wing with a total revenue of RM3mil a year.

Wan Junaidi also said the ministry had allocated RM5.15bil for various programmes, including training, financing and assistance, which would contribute towards boosting the small and medium enterprise sector’s performance.

He said the programmes and assistance were mostly targeted at the grassroots level, the B40 category and those who were severely impacted by the Covid-19 pandemic.

“Economic reforms must be rakyat-centric. It should be grassroots-driven. By improving the socio-economic status of the B40, it will help stimulate domestic spending and boost the economy, ” he said.

Wan Junaidi said the ministry had also made several structural reforms to further enhance the cooperative industry, including amending the Cooperatives Act and to launch the Cooperative Transformation Plan 2021-2025.

“The ministry aims to transform the cooperative industry into a significant economic growth engine, contributing RM100bil to the country’s gross domestic product by 2030, ” he said.

He said another effort worth mentioning was by Institut Keusahawanan Negara Bhd (Insken), which helps entrepreneurs to migrate their businesses online.

Based on feedback, this initiative had helped most entrepreneurs double their sales on e-commerce platforms.

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