Govt initiative helps smaller firms scale up and compete in wider markets
BUTTERWORTH: About 250,000 micro, small and medium entrepreneurs have benefited from the Power-Up 10K initiative, with RM9bil channelled to them as of July 31, said Entrepreneur Development and Cooperatives Minister Steven Sim.
He said the initiative aimed to accelerate the growth of micro, small, and medium enterprises (MSMEs).
The ministry also introduced the Indian Entrepreneur Capital and Economic Stimulus Package (Mudra) this year to strengthen financing support for Indian entrepreneurs.
“Under Mudra, 5,000 Indian entrepreneurs have received various forms of financing totalling RM100mil,” he said at the Muslim Economic Development Agenda (Apem) 3.0 here yesterday.
Sim said the ministry would continue strengthening support through its ABCD Strategy, focusing on accelerating productivity, streamlined bureaucracy, access to capital and developing market access.
He said the approach would strengthen the resilience and competitiveness of MSMEs while helping them expand into wider markets.
“This reflects the government’s commitment to building a stronger, progressive and inclusive entrepreneurial ecosystem while ensuring sustained business growth and improving the people’s well-being.”
Sim welcomed Apem as a strategic platform to strengthen the participation of Muslim MSMEs in the national entrepreneurial ecosystem.
He said MSME development required a comprehensive approach to help entrepreneurs move beyond conventional business practices through better access to financing, capacity building, technology and market networks.
“Entrepreneurs today need more than just capital. They need guidance, market access, business networks and continuous support to grow sustainably and remain competitive,” he said.
“Our goal is to ensure more entrepreneurs can progress to the next level, create jobs, boost productivity and become an important component of the country’s economic value chain.”
Sim urged Apem organisers to strengthen cooperation with ministries, government agencies, financial institutions, the cooperative sector and industry players.
He said such collaboration would help turn resolutions reached at the convention into action programmes and business opportunities.
Sim said Apem 3.0 could be further strengthened through five initiatives to help Muslim entrepreneurs expand their businesses and improve their competitiveness: financing and market access clinics; continuous capacity-building and entrepreneurship programmes; digital and artificial intelligence transformation; business matching; and business scaling.
“The financing and market access clinics will provide entrepreneurs with tailored guidance on financing avenues and market expansion while development programmes will focus on continuous capacity building and entrepreneurship training,” he said.
The one-day event, attended by 300 participants, was organised by the Penang Muslim League.
Also present were Penang Muslim League president and Apem organising chairman Datuk Najmudeen Kader and business leaders.
