KUALA LUMPUR, Aug 4 (Bernama) — The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) is targeting to increase the number of medium-sized firms to five per cent of the country’s total micro, small and medium enterprises (MSMEs) by 2030 from 1.6 per cent currently.
Its Minister, Datuk Ewon Benedick, said KUSKOP will continue to develop MSMEs by implementing targeted interventions.
“To ensure long-term business sustainability, scaling up MSMEs will be the main agenda in driving their growth as well as creating more resilient MSMEs that can withstand future shocks.
“This is quite ambitious and challenging. Several new initiatives have been identified to drive the agenda, including boosting MSME participation in high value-added activities, disruptive business models, and the global value chain, as well as increasing the number of MSME board listings,” he said at the 2024 MSME performance media briefing organised by SME Corporation Malaysia today.
He said that although this may be challenging, it is not impossible to achieve.
“Over the past two years, from 2023 to 2025, the findings of the 2025 MSME survey show that 8.5 per cent of firms have formalised their businesses, while 7.3 per cent of MSMEs have been successfully scaled up into larger entities.
“The MSMEs that have managed to scale up were found to possess strong competitive advantages, namely being involved in high-impact industries, exporting to international markets, supplying through business-to-business arrangements and to non-MSME firms, as well as adopting environmental, social and governance (ESG) practices in their business operations,” he added.
At the press conference, MSMEs were said to continue to strengthen their position as key players in the Malaysian economy by contributing RM652.4 billion in 2024.
The Department of Statistics Malaysia recently disclosed that MSMEs’ gross domestic product (GDP) expanded by 5.8 per cent in 2024, outperforming the country’s GDP growth of around 5.1 per cent, as well as non-MSMEs’ 4.7 per cent growth.
— BERNAMA
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