SMEs to Remain a Priority Amidst a Challenging Economic Environment

Kuala Lumpur, 23 June 2016 – The 20th National SME Development Council (NSDC)Meeting, chaired by Prime Minister Dato’ Sri Mohd Najib Tun Haji Abdul Razak today was briefed on the latest economic developments and its impact on SMEs. The Council noted that against the backdrop of an increasingly challenging economic environment, SMEs continued to remain resilient, recording a GDP growth of 6.1% in 2015 compared with the underlying growth of 7.9% in 2014. This was further corroborated by findings from the latest First Quarter 2016 SME Survey undertaken by SME Corp. Malaysia, which indicated that although businesses in Malaysia have been affected by the subdued economic performance, SMEs were affected to a lesser extent. As at 2015, the contribution of SMEs to GDP was 36.3%.

The encouraging performance was due in part to a series of pre-emptive measures undertaken by the Government since early last year to cushion the impact of the economic slowdown. Measures were intended to stimulate domestic demand and provide additional financing assistance to support SME growth. Meanwhile, the execution of the High Impact programmes (HIPs) under the SME Masterplan have lent further support to SMEs. Focus has been on promoting innovation and facilitating commercialisation of products and services by SMEs. To date, we have eight innovations commercialised and 110 license deals signed under HIP2 of the Technology Commercialisation Platform.

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