SME Corp to venture into ‘hidden gems’ industry: CEO

KUALA LUMPUR: SME Corp will venture into “hidden gems” industry involving agarwood, orchid and others, in a bid to spur further growth among the country’s small and medium-sized enterprises (SMEs), its CEO Noor Azmi Mat Said.

The agency according to him, would develop technologies derived from “hidden gems” industry and market it globally.

SME Corp and relevant agencies he said are ready to increase the industry’s productivity via the adoption of cutting-edge technology and innovations.

“This ‘hidden gem’ industry is our target as the 11th Malaysia Plan comes to an end this year. We intend to ensure the industry has a place in the SMEs and (the SME Corp) is ready to bring technologies derived from it to the global market place,” he told Bernama.

Noor Azmi added that the development of agarwood processing technology is to make resin/oil derived from the non-timber forest product as the main ingredient in the production of fragrance products.

The oil/resin derived from agarwood is highly sought after by traders with its price could fetch RM12,000 per kg.

“We will gather the relevant technology to make agarwood (oil/resin) market-ready and to become one of the manufacturers of fragrance products,” he said.

SME Corp is also ready to encourage the country’s SMEs to develop more efficient battery technology, a key component in the modern era of digitalisation including mobile devices and environmental-friendly electric cars.