KUALA LUMPUR, Oct 16 (Bernama) -- The government has allocated a record RM57 billion in financing facilities for micro, small, and medium enterprises (MSMEs) under Budget 2027 to help the sector weather global economic uncertainties.
Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong said the allocation, an increase from the previous RM50 billion, reflected the government's commitment to strengthening the sector's resilience by improving access to financing, lowering business costs, and enhancing government service delivery.
He said the government understands the pressures MSMEs face due to global economic fluctuations, including rising energy costs and supply chain disruptions that are beyond the country's control.
“We know that in a time of multiple crises, the SMEs must be given the breathing space so they can face the various challenges.
“We cannot control energy prices. We cannot control some of the supply chain. At least we can control the ground force here in Malaysia,” he said at the Enterprise 50 (E50) Awards ceremony here tonight.
Also present was SME Corp Malaysia chief executive officer Rizal Nainy.
Sim also touched on the latest minimum wage increase, noting that MSMEs have been granted an exemption to help the sector ease its operational cost pressures.
However, he stressed that easing the burden on employers does not mean the government has set aside its goal of providing high-income jobs for Malaysians.
“We all want to see Malaysians secure high-paying jobs, but as the world faces various crises, MSMEs also need to be given space to overcome these challenges,” he said.
Sim said the success of MSMEs is a key determinant of the nation's economic performance. He expressed optimism that 2027 will be a better year for the sector, supported by various government initiatives and the resilience of local entrepreneurs.
Meanwhile, Rizal said the E50 Business Matching programme organised by SME Corp Malaysia successfully generated RM420 million in potential sales.
He said the two-day programme, held in conjunction with the awards, aimed to expand MSMEs' access to export markets and open up new business collaboration opportunities.
"This year's E50 programme took a more meaningful approach. It was expanded with the E50 Export Conference and the E50 Business Matching programme," he said.
Rizal added that the awards received 160 nominations this year, the highest number since its inception in 1997.
He said the increased participation reflected the growing recognition of E50 as a prestigious platform that highlights the achievements of high-performing MSMEs in Malaysia.
At the event, 50 MSMEs received the E50 Award in recognition of their achievements, performance, and capability in expanding their businesses.
The award recognises the excellence of MSMEs in business growth, competitiveness, innovation, and governance.
-- BERNAMA