KUALA LUMPUR – Small and medium enterprises (SMEs) and micro SMEs RM40bil stimulus package is to stimulate businesses still struggling with the effects of the pandemic, said Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar.
Speaking at the Enterprise 50 (E50) Award 2022 pre-launch ceremony on Mar 1, he added that SMEs need strategic measures to stay in operation due to impact that the pandemic has on the economy and domestic market.
“The government will continue to be responsive and give special commitment to fulfilling the needs of the SMEs by providing various stimulus packages to ease their burden during the COVID-19 pandemic,” Noh continued.
According to Noh, the government realises that the SMEs and micro SME sector is among the groups highly affected by the pandemic.
95.3% of these businesses registered a sudden decline in sales during the early stages of curbing the pandemic.
What’s more is that SMEs and micro SMEs make up 97.2% (1.15 million) of total businesses in Malaysia – a significant contribution to the country’s economic growth.
Noh also added that the SMEs RM40bil stimulus under the Semarak Niaga Keluarga Malaysia Programme, comprises of various loans, financing guarantees, and equity injections. These should help rebuild businesses to be competitive once more.
“The government is committed to implementing initiatives to drive transformation to ensure the 12th Malaysia Plan’s objectives are achieved, with a focus on rejuvenating economic growth, well-being and inclusivity,” the minister said.
The Semarak Niaga Keluarga Malaysia Programme is a support incentive announced as part of budget 2022. The RM40bil stimulus package was officially launched in February 2022.
Prime Minister Ismail Sabri previously mentioned during the official launching that this stimulus should act as a catalyst that would “increase contributions of SMEs to the country’s GPD to 45%” by 2025.
For more information, visit the budget 2022 website here.
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