By STAFF Writer
November 27, 2011
MALAYSIA ECONOMY NEWS - Economic Transformation Programme in Malaysia recognises the small and medium enterprises (SMEs) as the key driver of economic growth.
SMECorp Malaysia said today in a statement that the new role is poised to assume bringing new challenges that includes service sector liberalisation measures. It added that a new approach is required to SME development in accelerating the growth of SMEs.
Earlier research has shown that SMEs are able to stand by being innovative in stiff competition.
The statement further mentioned that SMECorp Malaysia would, under the SME Masterplan of the government, chart out policy direction through 2020 for the SMEs with the creation of conducive ecosystem for them and also by transforming the domestic SMEs into global competitor.
On November 23, at the National SME Development Council 12th meeting, the SMECorp released Small and Medium Enterprises Annual Report 2010/11. The report was released by Malaysian Prime Minister Datuk Seri Najib Tun Razak.
SME Corp said the annual report is a significant initiative aiming to provide recent assessment on the SMEs performance during the year.
The report showed growth in the SMEs performance and gains in productivity as well. The growth was higher for the seventh year that Malaysia's gross domestic product (GDP) growth with a contribution of 28.1% in 2003 to 31.9% in 2010.
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