By Jeeva Arulampalam
PUTRAJAYA, Malaysia - A masterplan for the years 2011 to 2020 will be developed to synchronise small- and medium-sized enterprise (SME) development with the new economic model, the prime minister said.
Datuk Seri Najib Razak said the masterplan would create an ecosystem that facilitated the development of SMEs from all aspects including funding, capacity-building and logistical support.
"The aim is to help SMEs grow from small successful local companies to regional and global levels," he said here yesterday, after chairing the 10th National SME Development Council meeting.
The masterplan will propose measures for SMEs to make a quantum leap in performance and for Malaysia to produce domestic, regional and global champions that can spearhead the country's economic growth.
The SME contribution to gross domestic product remained flat at 29 per cent during the period 2000 to 2004, but rose from 29.4 per cent in 2005 to 31.4 per cent in 2008.
"We've seen that the service sector is the sector that is most progressive in terms of SME development.
"We also want to focus on other sectors such as agriculture and manufacturing under the masterplan," said Najib.
He added that stakeholders and other parties were being consulted to redefine the SME.
The National SME Development Council had approved the establishment of a special unit responsible for SMEs at relevant agencies and ministries using available resources to enhance effectiveness, coordination and monitoring SME development initiatives.
The council also encouraged all ministries and agencies to adopt the SME Competitive Rating for Enhancement (SCORE) to monitor SMEs in their programmes.
Under the Integrated Action Plan 2009/2010, 354 programmes will be implemented this year with financial commitments totalling RM6.02 billion (S$2.48billion).
Roughly RM3.3 billion has been allocated for the development of SMEs in the services sector in line with the government's aim of developing Malaysia into a high-income economy.
Najib also urged SMEs to use Bank Negara Malaysia's financial advisory services if they are not able to find financing.
Last year, BNM assisted 253,801 individuals and businesses, an increase of 90 per cent compared with 133,439 individuals and businesses in 2008.
Also, 531 SMEs have received specific advisory services on access to financing from BNM, with 92 per cent of such cases resolved during the period.
Total financing from financial institutions amounted to RM135.5 billion at end of last year involving 635,841 SMEs.
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