MSMEs, cooperatives, agriculture-based associations to be strengthened for inclusive growth
THE participation of micro, small and medium enterprises (MSMEs), cooperatives and agriculture-based associations in the economy will be strengthened to ensure inclusive growth.
According to the 12th Malaysia Plan (12MP) document released by the Economic Planning Unit (EPU), the initiatives will include increasing MSMEs contribution to the economy, widening market access and international trade opportunities, and capitalising cooperatives, agriculture-based associations and social enterprise in developing entrepreneurs.
“The initiatives to accelerate the creation of high-growth and innovative firms will include enhancing targeted assistance for automation, digitalisation, Artificial Intelligence (AI), and other fourth industrial revolution (4IR) technologies.
“Focus will also be given to strengthening the ecosystem for future industry start-ups by creating technology and digital entrepreneurial cluster,” it said in the document.
It said the digitalisation of MSMEs will be undertaken as an important national agenda to transform the conventional way of doing business.
A national MSMEs digitalisation roadmap will be introduced to drive the adoption of digitalisation.
A mechanism to assist and guide MSMEs in the digitalisation process will be strengthened, among others through the Digital On-Boarding for Micro Businesses (DigitalNiaga), Digital Transformation Acceleration Programme and Warongku initiatives.
Meanwhile, the 12MP document said measures to enhance market access and opportunities will be further expanded to assist MSMEs in increasing sales of goods and services domestically and internationally.
“Government procurement will be fully leveraged as a means to support MSMEs in the domestic market, instil business confidence, drive innovation and stimulate the development of products for local content requirements,” it said.