KUALA LUMPUR: The Ministry of Entrepreneur Development (MED) is streamlining the roles of over 60 entrepreneur development organisations (EDO) to accelerate the growth of local small and medium enterprises (SMEs) to achieve 41 per cent contribution to gross domestic product (GDP) by 2020.
Entrepreneur Development Minister Datuk Seri Mohd Redzuan Yusof said the MED's rationalisation effort allowed all EDO to function under one framework, while avoiding redundancy in its planning and coordination.
MED has allocated RM12.89 billion financial commitments for a total of 151 SME programmes this year.
The ministry has today launched the National Entrepreneurship Framework (NEF) to support the country's economic development.
Redzuan said the NEF consists of 21 strategic objectives grouped into four strategic thrusts for various sectors.
The thrusts are accelerating economic growth through innovation driven entrepreneurship, comprehensive and integrated entrepreneurship development, boosting entrepreneurship among the B40 and scaling-up entrepreneurs.
"After the official MED's establishment on July 2, 2018, the ministry had organised engagement sessions with various parties and stakeholders throughout the country to get inputs in creating more conducive and comprehensive ecosystem in the entrepreneurial sector," he said during the National Entrepreneurship Framework media briefing here today.
Redzuan said NEF was one of the ministry's efforts to inculcate the country's entrepreneurial agenda to enhance sustainable economic development.
The NEF is also a guideline in preparing more holistic National Entrepreneurial Policy, which is expected to be launched in mid-2019.
"The framework will be a platform for MED to achieve our objective in developing the entrepreneurial sector such as to boost SMEs contribution of about 41 per cent to the country's GDP by 2020.
"We also want to create one million jobs within five years, encourage 50,000 entrepreneurs to provide 200,000 job opportunities annually and train 50,000 graduates annually in entrepreneurial sector, while aiming about 23 per cent of SMEs exports contribution with a turnover of RM50 billion by co-operatives by 2020.”
He said MED would also encourage more public participation in strengthening the NEF by sharing their feedbacks via interactive website or engagement with the ministry throughout the country.
This article originally appeared on New Straits Times