The country’s small and medium enterprise (SME) sector aims to achieve average gross domestic product (GDP) growth of 8.7% annually from this year until 2020, through the SME Masterplan 2012-2020 launched by Prime Minister Datuk Seri Najib Tun Razak on Thursday.

In a statement, SME Corp Malaysia said the contribution from SME sector to GDP is targeted to increase to 41% in 2020 from 32% at present, while contribution to employment and exports.

The SME Masterplan also aimed to increase company registrations, expand high-growth and innovative companies annually as well as raise labour productivity from RM47,000 in 2010 to RM91,000 in 2020.

The programmes will be strengthened by other complementary efforts, thus forming

32 initiatives altogether which include creating demand for SME products and services, encouraging resource pooling and services sharing, reducing information asymmetry and building capacity and knowledge of SMEs.

Good corporate governance structure to institutionalise the implementation through driving committee at the highest level and at the working committee level will also be done.