KUCHING: The Sarawak Ministry of International Trade, Industry and Investment (MINTRED) has pledged to continue implementing various programmes and supportive measures, both financial and non-financial, to aid local businesses.
This commitment comes as Small and Medium Enterprises (SMEs) remain a critical driver of economic growth, contributing 39.1 percent to Malaysia’s Gross Domestic Product (GDP) in 2023, with a notable RM29.7 billion or 17.9 percent share in Sarawak’s economy in 2022.
Sarawak Deputy Premier, Datuk Amar Awang Tengah Ali Hasan, highlighted the ongoing challenges faced by SMEs and cooperatives, which limit their growth and competitiveness.
“High business costs due to rising prices of raw materials, labour, and rental fees are among the main hurdles,” he said this through his speech read by his representative, Dato Sri Mohd Naroden Majais during the Official Opening Ceremony of the Economic Challenges Seminar: Business Sustainability Opportunities for Cooperatives on Tuesday.
Additional challenges include limited sustainability practices in Environment, Social, and Governance (ESG) areas, a lack of connections with larger firms, and slow progress in digitalising business operations.
To address these challenges, Dato Amar Awang Tengah announced a range of support initiatives under the Ministry’s purview.
“We will continue to roll out programmes like the Sarawak Micro Credit Scheme (SKMS), Small and Medium Loan Scheme (SPIKS), Graduates Towards Entrepreneurship (GERAK), Technical and Vocational Entrepreneurs (USTEV), and Digital Entrepreneurship Programmes such as Go Digital,” he explained.
The Ministry is also partnering with TikTok Shop for the Sarawak Digital Mall initiative, alongside entrepreneurial training and product promotion programmes.
Since 2021, the Ministry has approved RM193 million in financial assistance, benefiting 8,900 entrepreneurs.
Additionally, over 30,000 entrepreneurs have received non-financial support to strengthen their businesses through capacity-building and product promotion efforts.
Beyond the Ministry’s efforts, federal and state agencies, including SME Bank, Amanah Ikhtiar Malaysia, Malaysian Industrial Development Finance Berhad, MARA, the Malaysian Cooperative Commission, TEGAS, SDEC, and STIDC, have contributed to entrepreneurial development.
“These initiatives have assisted over 177,000 Sarawak entrepreneurs, with a total aid value of RM2.6 billion,” he noted.
Also present were Head of the Entrepreneur Development Division, representing the Permanent Secretary, Ministry of International Trade, Industry and Investment (MINTRED) Sarawak, Connie Christopher Kesa, Deputy Director of Malaysian Cooperative Commission Sarawak Branch, Norazlan Anuar and other guests. -UKASnews
