PETALING JAYA: Social enterprises will continue to be strengthened, with the government investing a total of RM5mil in efforts including capacity building for such businesses.
The Institut Keusahawanan Negara Berhad (Insken), an agency under the Entrepreneur and Cooperative Development Ministry, began making these investments in 2022.
The investments aimed to strengthen social enterprises in Malaysia through various initiatives like capacity building, improving market access and social enterprise accreditation.
Entrepreneur and Cooperative Development Minister Steven Sim Chee Keong said social enterprises are becoming more important in a world facing geopolitical uncertainties, a global supply crisis and social change.
"This is because such business models are not only for profit but also aim to provide solutions to societal problems and environmental issues through creative and sustainable business approaches.
"For example, our ageing population in future will require more community care services and social support – which can be led by the social enterprise model," he said in a press release on Friday (May 22).
Among the initiatives implemented by Insken were engagement sessions with industry players, social enterprise accreditation clinics, international conferences and programmes to strengthen network and market access across local and international levels.
Currently, a total of 3,875 participants had benefited from the programmes and initiatives carried out by Insken.
Within the past two years, Insken has also allocated RM200,000 to aid 20 social enterprise entities to expand their market and community impact.
Sim urged more social enterprises to be accredited through Insken to increase their credibility and access to funding, tax exemptions and other forms of government support.
There are about 20,749 social enterprises in Malaysia as of 2018.
