.JPG "Entrepreneur Development Minister Mohd Redzuan Md Yusof speaks to reporters during a press conference in Cyberjaya October 4, 2018. u00e2u20acu2022 Picture by Miera Zulyana")
KUALA LUMPUR, March 14 — The government is realigning the policy governing business ecosystem to strengthen local entrepreneurs in the pursuit to improve their contribution to the economy, Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof said.
He said after 61 years of independence, Bumiputera small and medium enterprises (SAEs) only contributed less than 10.0 per cent to the gross domestic product (about 8.0 per cent), despite constituting 68 per cent of the population.
“Obviously, we need to do something to empower them (Bumiputera). We will conduct more programmes, including protege personal training and have more bilateral trade relationships,” he told reporters after attending the Empowerment, Economic Progress and Growth in the New Malaysia Seminar, here today.
Mohd Redzuan said his ministry would also be giving some input to the Economic Affairs Ministry on the new Malay economic policy.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali recently said that the government would be formulating a new “inclusive” economic policy for Malays based on growth, while ensuring equality and shared prosperity.
Earlier in his speech, Mohd Redzuan said it is the aspiration of the new government to inculcate entrepreneurship as a culture or lifestyle in the country.
“We see entrepreneurship as a key empowerment component in developing more producers among Malaysians.
“In order to do this, there must be efforts in two key areas — the digitalisation of businesses and development of talent,” he added.
Mohd Redzuan said with more than 1.2 million businesses registered with the Companies Commission of Malaysia, a drive to encourage the adoption of digitalisation and utilisation of technology is essential to keep them and the country’s economy competitive.
Digitalisation also offers new opportunities for innovative business solutions in a fast-changing environment that requires businesses to be nimble and capable of pivoting quickly, he said, adding that, “It also serves as a level playing field for micro enterprises, SMEs and MNCs (multinational corporations).” — Bernama
