THE government will unlock the growth and innovation potential of small-and medium-scale enterprises (SMEs) over the 10MP period to create domestic, regional and global champions.
It will reduce the regulatory costs borne by SMEs, build capacity and capabilities of SMEs, support the creation of an entrepreneurial culture, strengthen support systems and improve access to financing for SMEs.
SME Corp Malaysia will deliver the SME development targets. It will coordinate programmes, including funding offered by ministries and agencies, to reduce redundancy and inefficiency as well as track and assess the impact of the programmes.
It will report annually to the National SME Development Council chaired by the prime minister.
The government will exempt some of the more costly business regulations for companies employing five or fewer people until the company expands beyond five employees.
Regulations will be eased for these companies in registration of business and employment requirements.
To build capacity and capability, the government will introduce programmes such as multinational corporations/large company training, skills training programmes, medium-term industry training schemes and leverage on training resources abroad.
MNCs/large company training will see SME employees who supply products and services to MNCs given training to upgrade their knowledge and skills.
Skills training courses will cover management, finance, marketing and ICT application.
Source: Business Times
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