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Govt to focus on scaling up SMEs into mid-sized enterprises

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Government to Focus on Scaling Up SMEs into Mid-Sized Enterprises

A New Era in Entrepreneurship

The government is shifting its focus from supporting micro-business to scaling up SMEs into mid-sized enterprises this year, with the aim of creating more businesses that can compete globally. According to Entrepreneurs Development and Cooperatives Minister Datuk Ewon Benedick, this move will be backed by grants, financing, and digitalization programs.

Scaling Up SMEs

"This year, the government is focused on scaling up SMEs into mid-sized enterprises, particularly those with the potential for growth. We will support them through existing and new schemes provided by the ministry and its agencies," Ewon said.

Matching Grants and Financing

The government will offer matching grants and financing to help businesses automate operations, acquire new machinery, digitize processes, and comply with international standards, such as adapting to ESG (environmental, social, and governance) principles, so that their products and services can compete globally.

Digitalization and E-commerce

Ewon expressed hope that Malaysia will see a rise in mid-sized enterprises in the coming years. "We will operate our own online sales platform, MyMall, to provide entrepreneurs with more digital sales channels. The more digital platforms our entrepreneurs can leverage, the better," he added.

TikTok Shop Live Hub

The government has also partnered with TikTok Shop to launch the TikTok Shop Live Hub, an initiative aimed at empowering local entrepreneurs through an e-commerce ecosystem. The launch of the second hub at the Tekun Nasational headquarters is a step forward in helping local SMEs expand into larger markets by leveraging digital marketing.

TikTok Shop’s Commitment

As part of its long-term commitment, TikTok Shop has announced an investment of nearly RM3 million to develop and operate TikTok Shop Live Hubs across Malaysia. This commitment is realized with the opening of the first hub in Kuala Lumpur, providing digital platform access to entrepreneurs.

Conclusion

The government’s focus on scaling up SMEs into mid-sized enterprises is a significant step towards creating more globally competitive businesses that can contribute more to the country’s gross domestic product and job creation. With the support of grants, financing, and digitalization programs, entrepreneurs can leverage digital platforms to expand their reach and increase their competitiveness.

Frequently Asked Questions

Q: What is the government’s focus for 2024?
A: The government is focused on scaling up SMEs into mid-sized enterprises, particularly those with the potential for growth.

Q: What kind of support will be provided to SMEs?
A: The government will offer matching grants and financing to help businesses automate operations, acquire new machinery, digitize processes, and comply with international standards.

Q: What is the government’s digitalization plan?
A: The government will operate its own online sales platform, MyMall, to provide entrepreneurs with more digital sales channels. The government will also partner with TikTok Shop to launch the TikTok Shop Live Hub, an initiative aimed at empowering local entrepreneurs through an e-commerce ecosystem.

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