“Come 2020, the SMEs’ plan to contribute 41 per cent to the country’s GDP will be achieved.”
DARELL LEIKING, International Trade and Industry Minister
KUALA LUMPUR: Small and medium enterprises (SMEs) posted growth of 7.2 per cent to RM435.1 billion last year against 5.2 per cent in 2016 in all major economic sectors, including services, manufacturing and agriculture.
International Trade and Industry Minister Darell Leiking said SMEs’ contribution to the country’s gross domestic product rose to 37.1 per cent last year, from 36.6 per cent in 2016.
“Come 2020, the SMEs’ plan to contribute 41 per cent to the country’s GDP will be achieved, exports will hit 23 per cent and employment 65 per cent,” he said during a media briefing on the SMEs’ performance for last year, here, yesterday.
Darell said SMEs were expected to assume a greater role, not only as an enabler but also as a key growth driver.
He said in the last 14 years (2004-2017), SME real GDP growth had consistently outperformed the overall economy, averaging at 6.6 per cent compared with 5.1 per cent for the overall GDP.
“In terms of exports, SMEs recorded higher growth of 7.9 per cent last year compared with seven per cent in 2016, due to higher commodities exports such as palm oil and rubber as well as manufactured products, particularly electrical and electronics,” he said.
Asked if SME Corp Malaysia would be maintained under the ministry, Darell said: “Yes, of course.
“It is an entire bloc of us. Each one in the International Trade and Industry Ministry has a role to play, so it is a component that should not be taken away and we would ensure that it is kept within our family first.”