Friday, 30 September 2016

Draft law on national SME development

The National Small and Medium Enterprise (SME) Bill 2016 is being drafted to support SMEs and is aimed at strengthening the country's SME development in line with Prime Minister Datuk Seri Najib Tun Razak's wish of empowering SMEs.
The Bill highlights the function of the National SME Development Council in terms of assisting the government to develop the sector and matters related to special SME funds, as well as funds that had been announced.

According to a Census Report on SMEs, there are currently a total of 645,136 SMEs operating their businesses in Malaysia, representing 97.3% of total business establishments. It also showed that 90.1% of SMEs were in the services sector, 5.9% in manufacturing and 3% in construction. The remainder operated in agriculture (1%) and mining and quarrying (0.1%).
The Bill is expected to be tabled in Parliament at the year-end sitting.

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