SMEs to further spur growth in 11MP period: EPU
Published on: Friday, May 22, 2015
Kuala Lumpur: The development of small and medium enterprises (SMEs) will spur further growth and increase inclusiveness across the various segments of society, said the Economic Planning Unit (EPU) of the Prime Minister's Department in the Eleventh Malaysia Plan (11MP).The development of SMEs will be based on the SME Masterplan (2012-2020) which targets to increase their contribution to Gross Domestic Product (GDP) to 41 per cent by 2020. The strategy includes promoting greater use of Information and Communications Technology (ICT), strengthening human capital development, simplifying the process of formation and formalising of businesses, increasing demand for SME products, and creating home-grown champions who can compete in regional and international markets.
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EPU said Sabah and Sarawak will be given priority in infrastructure development such as telecommunications network, supply of electricity and water as well as transportation connectivity to enable the SMEs to expand their businesses.As Malaysia continues to move towards a high-value and knowledge-based economy, efforts to enhance innovation at the enterprise and societal levels were also outlined, aiming to raise productivity through new or improved processes, technologies and business models. "Innovation is a game changer to sustain economic growth and improve the well-being of the rakyat. "The focus will be on strengthening relational capital to foster stronger linkages, collaboration and trust among stakeholders. This will enable better coordination as well as sharing and testing of ideas to create new value," EPU said.
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