KUCHING (Oct 2): The Ministry of International Trade and Investment (Mintred) has provided support to over 36,000 entrepreneurs from 2021 to the second quarter of this year.
According to Deputy Premier of Sarawak Datuk Amar Awang Tengah Ali Hasan, the assistance covers many initiatives and programmes including financial aid, capacity-development, as well promotion of products.
“To empower the SMEs (small-medium enterprises), the government through Mintred will continue to implement programmes including increasing the capacity of entrepreneurs through training, as well as promoting local products to larger markets,” he said in his speech for the closing ceremony of the state-level ‘One District One Industry (SDSI) Showcase’ at Plaza Merdeka here yesterday.
Moreover, Awang Tengah highlighted the significance of SMEs in the global economy, citing a 2021 World Bank report that emphasised the segment as accounting for 90 per cent of businesses worldwide, and contributing to 50 per cent of global employment opportunities.
“In Malaysia, the micro-SME sector represents 97.4 per cent of the entire business community. According to the Department of Statistics Malaysia (DoSM), micro-SMEs contributed 38.4 per cent to the Gross Domestic Product (GDP), 10.5 per cent to exports (value), and 48.2 per cent to the national workforce, in 2022.”
Awang Tengah, the minister-in-charge of Mintred, also said despite the challenges posed by the Covid-19 pandemic, Sarawak remained steadfast to its commitment of supporting its entrepreneurs.
“The pandemic has been a catalyst for the growth of digital economy, and has given Sarawak the opportunity to explore new business opportunities in order to move forward.
“In 2022, Sarawak recorded total investments of RM32 billion in the manufacturing sector, the services sector and the primary sector that included activities related to oil and gas, as well as agricultural and plantation activities.
“For us in Sarawak, we’re very grateful because our government is very concerned about the people affected by the pandemic,” he said.
Bringing back the subject of SMEs, Awang Tengah highlighted the government’s commitment in supporting those operating in this segment, particularly amidst the economic challenges brought about by the pandemic.
“Through various schemes, including the Sarawak Micro Credit Scheme (SKMS), Small and Medium Industry Loan Scheme (SPIKS), Graduate Towards Entrepreneurship Programme (Gerak), Technical and Vocational Entrepreneurs Program (Ustev), and the Go Digital Platform, we have extended a helping hand not only to SME companies, but also to individuals, especially those in the B40 (low-income) category,” he said.
It is stated that the SKMS, aimed at assisting B40 entrepreneurs and micro-businesses, disbursed RM49.5 million to 1,502 entrepreneurs from 2021 to the third quarter of this year.
Under SPIKS, RM9.74 million in loans were provided to 82 Bumiputera SMEs for working capital, equipment purchase, and business premises modifications.
The Gerak and Ustev granted financial grants of up to RM10,000 to graduates and technical school-leavers in Sarawak, benefiting 1,115 SMEs with RM9.2 million disbursed between 2021 and this year’s third quarter.
The Go Digital Platform offered equipment grants of up to RM10,000 to entrepreneurs venturing into online or e-commerce businesses, assisting 1,100 SMEs with a total value of RM11 million disbursed between 2021 and this year’s third quarter.
“Additionally, the Sarawak government allocated RM80.7 million under Bantuan Khas Sarawakku Sayang (BKSS) 2.0 for subsidising interest rates for a period of 3.5 years to successful SMEs through schemes like the Special Relief Fund (SRF), Targeted Relief and Recovery Fund (TRRF), and PENJANA Tourism Facility (PTF),” said Awang Tengah.
It is also informed that 3,315 entrepreneurs continue to benefit from the RM77 million interest rate subsidy.
Moreover, Sarawak stands out as the only state in Malaysia to be providing a 3.5-year interest rate subsidy to eligible SMEs under SRF, PTF, and TRRF.
“At the same time, Mintred has been at the forefront of implementing the Business Empowerment and Recovery Fund (BizFund), which offers financial assistance to business associations in Sarawak to enhance their capacity and improve their businesses post-Covid-19.
“So far, the ministry has disbursed RM14.67 million across Sarawak for the implementation of these programmes,” added Awang Tengah.
Source: https://www.theborneopost.com/2023/10/02/over-36000-entrepreneurs-benefit-from-mintreds-support-says-awang-tengah/