Mustapa: Gov’t to take steps to defend ringgit
The government will take steps to defend the ringgit and overcome its impact on small and medium enterprises (SMEs).
International Trade and Industry Minister Mustapa Mohamed said the move is also to assist local entrepreneurs, particularly bumiputeras, affected by the uncertain global economy.
“Looking back at the 1997-1998 financial crisis, the government assisted SMEs then and this effort will continue,” he added.
He said this at the dialogue session on the export market and 11th Malaysia Plan (11MP).
The dialogue was attended by 78 high performing bumiputera companies from various sectors and organised in conjunction with the networking session among them.
Meanwhile, the Bumiputera Agenda Steering Unit (Teraju) has allocated RM120 million for three collaboration programmes with the Malaysian Design Development Centre, SME Bank, and SME Bank Corp Malaysia to assist bumiputera entrepreneurs.
“Of this amount, RM100 million will be allocated to SME Bank to prepare financing equity for eligible companies in respect of equity takeovers or expand their businesses,” said Teraju chief executive officer Husni Salleh.
Another RM10 million will go towards a pre-export capacity building for bumiputera entrepreneurs in brand building, as well as development activities such as branding, packaging, and labelling.
A further RM10 million will be channelled to the Tunas Usahawan Belia Bumiputera programme to encourage the involvement of youths in entrepreneurship by providing guidance, advice as well as financial assistance through a business grants programme and the buddy system, as well as management activities.
- Bernama
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