Entrepreneur Development Ministry to minimise bureaucracy to propel SME growth

The Ministry of Entrepreneur Development will minimise bureaucracy involving the development of Small and Medium Enterprises to enable them to contribute 41 per cent to the country’s Gross Domestic Product (GDP) this year. Minister Datuk Seri Mohd Redzuan Yusof said this was among the major challenges of the ministry in line with the policy outlined in the National Entrepreneurship Policy 2030.

“The bureaucratic process should be re-evaluated and improved. There were many complaints from the SME on the issue. We are addressing this right now.” He said if the issue of bureaucracy could be well addressed, the year 2020 will be the best year to prove Malaysia’s capability in weathering the uncertain global economic wave.

He said the Ministry has also lined up programmes and training for SME entrepreneurs, including basic entrepreneurship course to prepare them SMEs for the fourth industrial revolution. “Training and awareness towards the IR4.0 should be stepped up because many of our entrepreneurs are still reluctant to migrate to digital technology,” he said.

He is confident that the government is on the right track to create 250,000 entrepreneurs and one million employment opportunities in Malaysia in five years. “Based on the data we collected in 2018 — 2019, we have already created more than 50,000 new entrepreneurs, so I am confident that, with the cooperation of all agencies and ministries, we can achieve the target of creating 250,000 new entrepreneurs.

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