Govt aims to list two bumiputra companies by year-end
Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said the Bumiputra Rapid Acceleration and Value Enhancement programme launched yesterday will be a game-changer in building and boosting the bumiputra entrepreneurial ecosystem towards achieving that target.
He said the initiative would offer alternative financing of up to RM1mil for high-performing bumiputra companies at a competitive rate of just 3.5%, in addition to introducing comprehensive capacity building initiatives to help companies advance to a higher level.
'A total of 15 companies will be selected in the initial phase, and from that number, five will receive intensive mentoring to prepare them for listing on Bursa Malaysia by the end of this year,' he said in a speech at the launch of the initiative in Parliament yesterday.
His speech was delivered by the Entrepreneur and Cooperatives Development Minister Datuk Ewon Benedick. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Moscow ready to welcome arrival of Sultan Ibrahim for state visit
MOSCOW: Moscow is ready to welcome the arrival of His Majesty, Sultan Ibrahim, King of Malaysia who will begin his maiden state visit to Russia starting Tuesday (Aug 5) until August 10. Malaysian Ambassador to Russia Datuk Cheong Loon Lai said Sultan Ibrahim expressed hope that the meeting with Russian President Vladimir Putin on Wednesday (Aug 6) could open a new chapter in Malaysia-Russia bilateral relations. "His Majesty also expressed hope that the two leaders can hold productive discussions, especially on matters of mutual interest," he told Bernama here. Cheong said Sultan Ibrahim also admired the historical and technological values in Russia, and had even established many interactions with the country in the fields of trade and investment since His Majesty's reign as the Sultan of Johor. "His Majesty also shares the same interests as President Putin, such as horse riding," he said. This visit at the invitation of President Putin is considered historic and meaningful because it is the first state visit by a Malaysian Head of State to Russia since the establishment of diplomatic relations in 1967. Two locations for the visit in Moscow, namely the Russian Automotive Technology Development Center (Nami) and the Tochka Kipeniya Technology and Innovation Center, are also ready to welcome Sultan Ibrahim's arrival. "His Majesty will visit Nami to inspect and explore Russian automotive technology, particularly in the field of research and development. "This visit provides an opportunity for His Majesty to see first-hand the advancement of Russian technology given His Majesty's deep interest in the automotive industry," said Cheong. The visit to Tochka Kipeniya, he said, also provides an opportunity for Malaysia to explore innovative Russian solutions in the field of drone and robotics development through artificial intelligence (AI) applications for public use, security, defence, environment, space projects and biodrones. Earlier, Cheong attended a briefing session on the national celebration event at the Kremlin, the location of Sultan Ibrahim's official meeting with President Putin. Also present at the session were the Chief of Protocol, Ministry of Foreign Affairs Datuk Yubazlan Yusof, Chief of Government Ceremonies, Prime Minister's Department Datuk Rozainor Ramli and the Grand Chamberlain of Istana Negara Datuk Azuan Effendy Zairakithnaini. Sultan Ibrahim departed from the Royal Malaysian Air Force Air Base in Subang at 8.55am (Malaysian time) and is scheduled to arrive here on Tuesday. After Moscow, His Majesty is scheduled to travel to Kazan from August 8 to 10. Sultan Ibrahim ascended the throne as the 17th Yang di-Pertuan Agong on Jan 31 2024.- Bernama
Free Malaysia Today
2 hours ago
- Free Malaysia Today
Close to 830,000 STR recipients in Sabah, Dewan told
There are more than 470 sundry shops and supermarkets in Sabah taking part in the SARA initiative. (Bernama pic) PETALING JAYA : There are close to 830,000 Sumbangan Tunai Rahmah (STR) recipients in Sabah, with a total of RM410 million channelled to the beneficiaries in Phase 1 and 2 of the initiative, the Dewan Rakyat was told. In a written reply, the economy ministry said two more STR payments will be doled out in August and November. The ministry also revealed that there are 506,000 Sumbangan Asas Rahmah (SARA) recipients in the state, which will see a total of RM500 million being channelled to the beneficiaries. It said 95% of the SARA recipients have used their MyKad to make purchases at registered premises. It was responding to a question from Vivian Wong (PH-Sandakan), who wanted to know the total number of Sabahans eligible for the SARA initiative and the number of those who had claimed the funds. The ministry said that more than 4,500 sundry shops and supermarkets were taking part in the initiative, an increase from the 700 participating outlets recorded in 2024. 'In Sabah alone, more than 470 premises are registered under the programme. This number will continue to increase to ensure better access in all areas,' it said.
Rakyat Post
3 hours ago
- Rakyat Post
MSMEs Continues To Drive National Economic Growth, Contributing RM652.4 Billion In 2024
Subscribe to our FREE Micro, Small and Medium Enterprises (MSMEs) further reinforced their position as the key player in the Malaysia's economy by contributing RM652.4 billion in 2024. Official statistics from the Department of Statistics, Malaysia (DOSM) showed that MSMEs expanded by 5.8% in 2024, continued to outperform both the national GDP which grew by 5.1% and Non-MSMEs at 4.7%. This remarkable performance, in line with Malaysia's overall economic growth trajectory was largely fuelled by the construction sector which registered a double digit growth of 17.3% (2023: 5.8%). This marks the most robust growth recorded by MSMEs in the construction sector over the past decade, supported primarily by the special trades subsector, which in turn provided additional boost to the overall performance of MSMEs. As a result, MSME contribution to the national GDP increased to 39.5% in 2024, compared to 39.3% in the previous year. The encouraging performance was not only evident domestically but also reflected in MSMEs' increasing integration in the global value chains. MSME exports surged significantly by 31.3% or almost RM50 billion to reach RM196.8 billion. This highlighted a remarkable expansion compared to the 3% growth recorded in 2023 at a value of RM149.9 billion. Moreover, MSME exports grew at a faster pace than that of Non MSMEs or large firms, which grew around 7.2%. Following this extraordinary performance, the share of MSMEs to Malaysia's total exports rose substantially to 14.3% in 2024 (2023: 12%). The surge in exports momentum was anchored by the services sector which increased more than doubled its exports value, from RM33.2 billion to RM71.3 billion in 2024, primarily supported by tourism-related industries. Malaysia received a total of 38 million foreign tourists in 2024, an increase of 31.1% (2023: 29 million tourists). This positive development in the tourism industry had a substantial spillover effect on MSME exports, given that more than half of MSMEs (or 55.6%) are actively involved in tourism-related activities. The 30-day visa exemption for tourists from China and India also contributed to the boost in tourist arrivals. Zooming in to the employment aspect, MSMEs employed a total of 8.1 million workers, an increase of 3.1% or nearly 250,000 additional workforce. Thus, MSME contribution to total employment rose to 48.7% in 2024 (2023: 48.5%). Meanwhile, MSME labour productivity was at RM80,507 per worker, improved from RM78,475 registered in 2023. In anticipation of this year's economic situation, various factors and challenges are expected to impact MSME performance. These include the tariff imposition by the United States as well as the scope expansion of the Sales and Services Tax (SST). According to the Minister of Entrepreneur and Cooperatives Development, YB Datuk Ewon Benedick, the current landscape presents an opportunity for MSMEs to turn challenges into strategic business growth by reassessing the firms' supply chain structure, adopting ESG practices and enhancing digitalisation. 'Ministry of Entrepreneur and Cooperatives Development (KUSKOP) together with its agencies especially SME Corp. Malaysia are committed to developing MSMEs through implementation of targeted interventions. Scaling up of MSMEs will be the key agenda to drive growth and build firms with greater resilience against future shocks. I am positive that the good performance of MSMEs will help to achieve our target of increasing the medium-sized enterprises from 1.6% currently to 5% by 2030.' 'The robust performance in export signifies MSMEs' strengthening position in the global marketplace. Since 2022 under the SME Export Enhancement Programme, SME Corp. Malaysia has been promoting Malaysian SMEs abroad and supporting them through capacity building and financial assistance via the appointed market linkers. Under the RMK13, SME Corp. Malaysia aims to further enhance MSMEs' export through specific initiatives targeted to boost high impact sectors, internationalisation and sustainability of MSMEs. In fact, in conjunction with Malaysia's ASEAN Chairmanship this year, SME Corp. Malaysia is organising the SME Venture@ASEAN 2025 from 16 to 18 October 2025 that offers great opportunity for MSMEs to penetrate the export market particularly within the ASEAN region,' added YB Datuk Ewon Benedick. Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
