Micro, small and medium enterprises account for 97% of business transactions and over half of Malaysia’s GDP and jobs, says the deputy prime minister.
KOTA TINGGI: Micro, small and medium enterprises (MSMEs) continue to play a key role as the backbone of the national economy, accounting for 97 per cent of all business transactions in Malaysia, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
He said statistics from the Department of Statistics Malaysia (DOSM) show that the sector not only drives economic growth but also accounts for approximately 52 per cent of gross domestic product (GDP).
Ahmad Zahid, the Minister of Rural and Regional Development, said MSMEs generate over 50 per cent of job opportunities in the country.
“More than 50 per cent of job opportunities are generated by the MSME sector,” he told reporters after officiating the Rural and Regional Development Ministry’s (KKDW) GEMA @ KKDW Rural Entrepreneurs Aspiration programme in Johor here today.
Defence Minister Datuk Seri Mohamed Khaled Nordin was also present at the event.
He said the government has demonstrated its commitment to the sector by allocating up to RM40 billion to boost the competitiveness of local entrepreneurs.
He praised the Johor state government’s proactive initiatives in developing more MSME entrepreneurs, which have contributed to the state’s industrial and economic development.
Ahmad Zahid said Johor’s 8 per cent growth rate, above the national average of 5.2 per cent, reflects the effectiveness of the state government’s policies in drawing investment and expanding economic activity.
“This is a strong achievement, supported by political stability and good leadership in Johor,” he added.
