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SMEs Sustain Operations Despite Challenging Year
KUALA LUMPUR, June 21 (Bernama) -- The small and mediumenterprises (SMEs) continue to revive and sustain operations despite achallenging 2009 as many businesses were affected by the economic and financialcrisis.
"The crisis, however, has brought aboutopportunities for many SMEs to focus their efforts on human resourcedevelopment, secure more business deals as well as focus on research anddevelopment and innovation activities in order to diversify theirbusinesses," says the Ministry of International Trade and Industry (MITI)in the 2009 International Trade and Industry Report released here on Monday.
It says the government has envisioned SMEs as animportant economic agent that will contribute towards job creation and incomegeneration, in tandem with the country's aspiration to become a high-incomenation.
"In this regard, efforts will be geared towardsenhancing SME accessibility to obtain financing for the new growth areas at areasonable cost," it says.
In 2009, SME Enterprises Corp Malaysia, which wasrebranded from SMI Development Corp, continued to implement SME developmentprogrammes, as well as the financial assistance schemes, it says.
MITI says two key initiatives, Rationalisation ofGovernment Funds and SME Development Initiatives, were announced during theBudget 2010 to ensure effective implementation of government funds as well asto strengthen access to financing for SMEs.
"The Budget announcement comprised various measuresto encourage private investments by SMEs such as financing schemes, taxincentives, skill enhancement programmes and infrastructure development,"it says.
Last year, SME Corp Malaysia received 12,618 applicationsfor projects under the grant and loan schemes, an increase of 187.5 per centcompared with 2008, it says
"A total of 4,270 projects with grants amounting toRM143.3 million were approved last year, registering an increase of 6.2 percent compared with 4,019 approvals in 2008," it says.-- BERNAMA
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