TL; DR – Entrepreneurship has become one of the main agenda in the Malaysia Budget 2018, whereas there are lot of budding startups and SMEs that progressively innovative and creative.
Malaysia’s Prime Minister Dato’ Seri Najib Razak announced the 2018 Budget, emphasising the theme “Prospering an Inclusive Economy, Balancing between Worldly and Hereafter, for the Wellbeing of Rakyat, Towards the TN50 Aspiration.”
On the 27th October evening, Dato’ Seri Najib Razak announced the eight thrust of economy foundation and boosting for the country. What is in store for Malaysian entrepreneurs in 2017?
In the first thrust, Invigorating Investment, Trade and Industries, Malaysia Government is committed to enhance and small and medium enterprise. A sum of RM200 million is allocated to SMEs for training programmes, grants and soft loans under the SME Corp, and about RM82 million is allocated for the development of halal industries and products under various agencies.
The Government is also committed to help micro entrepreneurs in this budget, of which they provide an amount of RM500 million to TEKUN. Micro financing is important for micro entrepreneurs who need to kick-start their business.
To accelerate exports, the Government is looking forward to focus on high-impact export sectors by providing RM150 million to MATRADE, MIDA and SME Corp to implement promotional programmes and expand export markets.
The second thrust which is Towards TN50 Aspirations, the Government is concerned on the social ills in the society. To address this, a matching grant of RM50 million will be provided to social enterprises and NGOs to resolve daily social issues and challenges in innovative ways.
Fourth thrust; Driving Inclusive Development, target inclusivity of people from different walk of life. Hence, an interesting insight that the Government announced 2018 as the Women Empowerment Year. Initiatives that will be implement is that to require 30% participation of women as board of directors in GLCs and GLICs as well as statutory bodies by the end of 2018, and a sum of RM20 million is allocated to conduct training and entrepreneurship programmes, which including PEAK Entrepreneur Programme under MyWin Academy.
2018 offered a blooming year for entrepreneurship in Malaysia. Entrepreneurs should take up all the opportunities to boost their business and be more innovative in the future.