KUALA LUMPUR, Nov 25 (Bernama) — The small and medium enterprises (SMEs) are poised to assume an even greater role in propelling Malaysia under the Economic Transformation Programme.
In a statement, SMECorp Malaysia said as the new role would bring along new challenges which include liberalisation measures in the services sector, there was need for a new approach to SME development to accelerate the growth of SMEs.
It said in this regard, under the government’s SME Masterplan, it would chart the policy direction for SMEs through the year 2020 by creating a conducive ecosystem for SMEs to thrive and transform domestic SMEs to be globally competitive.
Along with the effort, SMECorp recently released the Small and Medium Enterprises Annual Report 2010/11 at the 12th meeting of the National SME Development Council.
The report was officially released by Prime Minister Datuk Seri Najib Tun Razak on Wednesday, November 23.
“The report is one of the significant initiatives of the council aimed at providing the current assessment on the performance of SMEs and the SME development programmes during the year,” SME Corp said.
The report which released new time series data on employment and productivity showed that the favourable growth performance of SMEs was accompanied by gains in productivity.
“For the seventh consecutive year, the growth was higher than the overall gross domestic product (GDP) growth, hence resulting in SME contribution to GDP to increase from 28.1 per cent in 2003 to 31.9 per cent in 2010,” it added.
SMECorp said the report incorporated inputs from the ministries and agencies involved in SME development across all economic sectors.
The report is available in both English and Bahasa Malaysia and accessible online via the SME Corp’s website (www.smecorp.gov.my) and SME Info Portal (www.smeinfo.com.my).