RM15.11bil allocated for entrepreneurship programmes in 2024, announces Zahid

PETALING JAYA: RM15.11bil has been earmarked for 270 entrepreneurship programmes under the Micro, Small and Medium Enterprises (MSMEs) Integrated Action Plan (SMEIPA) 2023/2024, slated to benefit 470,350 recipients nationwide.

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi announced that these programmes, distributed among various ministries, agencies, and local governments, are dedicated to bolstering entrepreneurship development within MSMEs. He said an average of 191 initiatives have been implemented each year, backed by a funding of RM9.6bil.

“For 2023 alone, RM15.48bil was invested in 258 programmes aimed at nurturing entrepreneurship and propelling the growth of MSMEs,” said Ahmad Zahid in a statement on Tuesday (May 14).

He underscored the need for a robust SMEIPA report that can serve as the central reference, ensuring full utilisation by stakeholders, particularly the ministries and agencies involved in the entrepreneurship ecosystem, to prevent overlapping in executing MSMEs-focused programmes nationwide.

To refine the coordination of entrepreneurship development projects, SME Corp Malaysia has instituted the MSMEs Status Registration System to provide precise support to entrepreneurs and MSMEs, thereby minimising any potential misuse of resources.

Ahmad Zahid also discussed the agreement between the Entrepreneurship Development Council and the national MSME meeting to merge the status registration system with other platforms, such as the Padu system, the Companies Commission of Malaysia (CCM) database and GovTech Malaysia.

This integration is intended to enhance collaboration between ministries and agencies and to upgrade the government’s delivery system, particularly in entrepreneurship development.

A consensus to expand the workforce was reached to ensure more effective coordination between the ministries to advance the entrepreneurial prospects of MSMEs in Malaysia.

“The ministries and government agencies have been directed to ensure the entrepreneurship development agenda is carried out in a thorough and cohesive manner. This will lead to greater transparency in programme delivery and a reduction in resource wastage,” Ahmad Zahid added.