KUALA LUMPUR: SME Corporation Malaysia (SME Corp) is partnering the World Bank to make local small and medium sized enterprises (SMEs) more relevant in the global economy, in adjusting to current trends.
CEO Noor Azmi Mat Said said SME Corp was in the midst of gathering data of the SMEs to be shared with the international financial institution.
“The World Bank does research and studies regularly. By sharing data, it will enable the World Bank to measure our participation and results of the various communities of the (SME) industry.
“They can also provide us with the outcome in terms of growth (projections) as well as recommendations on which sectors to focus on,” he told Bernama on the sidelines of the National Asean SME Policy Index (ASPI) Dissemination Seminar today.
SME Corp will follow up with the World Bank, he said.
Noor Azmi noted that the government wants to produce more high growth companies and at the same time give greater attention to high demand sectors.
Minister of Entrepreneur Development Datuk Seri Mohd Redzuan Yusof, who launched the seminar, said measures provided by the World Bank would also dis-close those areas in need of skill sets, such as aviation and blockchain.
“We want to capitalise on this and must not lose focus. When we announced the third Malaysia car project for example, it was not purely about making it, but also about applying the skill set,” he added.
He said to further promote SME development in Malaysia, ministries and agencies would need to benchmark their policy framework against Asean member countries. In this context, ASPI serves as the best assessment tool based on a comprehensive policy framework, while allowing for benchmarking not only among participating countries, but also inter-national best practices.
“We will also look into aligning local SMEs to the megatrends and Industrial Revolution 4.0 to accelerate growth. This will be achieved through a two-pronged strategyfor high growth and innovative firms as well as microenterprises,” Mohd Redzuan said.