KUALA LUMPUR: The entrepreneur development ministry hopes to be given a higher allocation under Budget 2020, its deputy minister Hatta Ramli said today.
He said his ministry had submitted its proposals to Finance Minister Lim Guan Eng, who will table the budget in Parliament on Oct 11.
“We want to develop entrepreneurs in business, especially for them to provide employment,” he said when met after the official launch of the OIC Arab-Asia Trade and Economic Forum here today.
In the 2019 budget, the entrepreneur development ministry was allocated RM489 million.
Earlier this month, Entrepreneur Development Minister Redzuan Yusof said he expected RM5 billion to be allocated for entrepreneur development under the 12th Malaysia Plan.
He said this was to ensure the government’s plan to transform the country into a fully-developed as well as an entrepreneurial nation by 2030 could be realised.
Meanwhile, on the forum, Hatta said domestic economies around the world were made up of entrepreneurs and small and medium enterprises.
“In Malaysia, these businesses represent over 98.5% of all business establishments and offer 65% of all employment, while contributing to the gross domestic product,” he added.
However, he said the contribution of entrepreneurs and SMEs to exports was below 20% and this must be addressed.
Hatta said the Arab and Asian regions had abundant resources that could be utlised and great ambitions to be realised.
He also welcomed the Organisation of Islamic Cooperation’s initiatives to increase intra-trade. - FMT
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