More assistance for B40-owned businesses

comments     Bernama     Published     Updated

11MP Small Medium Enterprises (SMEs) owned by Bottom 40 (B40) households, especially the aspirational group, will be helped by financing options and business facilitation to improve business capacity under the Eleventh Malaysia Plan (11MP).

Today, there are 2.7 million B40 households with a mean monthly household income of RM2,537, said the Economic Planning Unit (EPU) of the Prime Minister’s Department in the 11MP.

Prime Minister Najib Abdul Razak tabled the five-year (2016-2020) plan in Parliament today.

“The mean income of the B40 households will double to RM5,270 in 2020 from RM2,537 in 2014,” the EPU said.

 

The government has also outlined strategies in uplifting B40 households towards a middle-class society by initiating partnerships with large firms to provide more business opportunities for SMEs.

According to the EPU, Entrepreneur development organisations (EDOs) such as SME Corporation Malaysia (SME Corp), SME Bank, and MTDC will continue to provide entrepreneurial training relevant to market needs.

During the 11MP, the focus will also be on lifting the economic opportunities and participation of B40 households to ensure that Malaysia’s prosperity is shared by all, regardless of ethnicity, socio-economic status or geographic location.

The EPU said uplifting the quality of life of B40 households will be a game changer for Malaysia as upskilling and providing job opportunities to the B40 households, will increase the nation’s skilled workforce and reduce inequality passed on to future generations.

“The government will also introduce the Multidimensional Poverty Index (MPI) to ensure that vulnerability and quality of life is measured in addition to income.

“Through the MPI, the government will concentrate on three important elements, namely approach, scope and characteristics of B40 households.

“For instance, under the scope element, assistance will be given to B40 households with micro-enterprises and help foster community and social-based enterprises among the B40 households, in addition to individual enterprises,” it added.

- Bernama



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