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Small and Medium Enterprises (SMEs) has contributed to the rise of Malaysia’s real gross domestic product (GDP) percentage, almost making up a 40% increase. According to the Statistics Department of SME Corp Malaysia, which is the central coordinating agency for SME development in Malaysia, they claimed that it is expected that SMEs are up and coming and are assumed a greater role in the economy. They are not only considered the enablers, but are also important in encouraging growth for businesses everywhere to thrive.
As an entrepreneur, you may have heard of the SME Masterplan. The performance of SMEs that drives an increase in economy is all due to the approach in SME development and successful implementation of alternatives under the SME Masterplan. The higher SME GDP growth was shown in major sectors, especially in the service industry, manufacturing, as well as agriculture. Other than that, SMEs have also drastically increased employment rates, presenting Malaysians with more job opportunities in different sectors and fields.
For exports, SME exports recorded a higher growth due to an increase in exports for commodities, such as palm oil and rubber, and manufactured electrical products and electronics. During 2017, SME exports grew from RM12 billion to a massive increase of RM167 billion all within one year.