KUSKOP Launches RM136 Million in Funding to Empower Indian Entrepreneurs

The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) has introduced a range of initiatives to strengthen the development of Indian entrepreneurs. These new programs come with an allocation of RM136 million in supplementary financing funds, aimed at fostering the growth and advancement of small and medium-sized enterprises (SMEs) in the Indian community.

Deputy Minister Datuk Seri R. Ramanan highlighted various significant programs during the Minister’s Question Time in the Dewan Rakyat. One of the most prominent is the PENN Programme (Prosperity, Empowerment, and a New Normal for Indian Women), supported by RM50 million through Amanah Ikhtiar Malaysia.

He further announced the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) Programme, which is backed by a fund of RM50 million. Additionally, RM6 million has been allocated to the Business Accelerator Programme for small Indian-owned businesses (I-BAP), while the Indian Entrepreneur Development Scheme (SPUMI) Goes Big Programme has been introduced with a funding pool of RM30 million.

Ramanan was addressing a query from Datuk Muslimin Yahya (PN-Sungai Besar) about KUSKOP’s current reform initiatives, specifically those focused on fostering the growth of the micro, small, and medium enterprise (MSME) sector.

KUSKOP’s dedication to encouraging MSMEs to engage in High Growth High Value (HGHV) activities was emphasized as an essential focus of their initiatives. These efforts are part of a comprehensive government strategy aimed at enhancing the competitiveness of MSMEs, enabling them to thrive in the market and contribute significantly to the nation’s economic growth.

“We aim to support the New Industrial Master Plan 2030 (NIMP 2030) by boosting MSMEs’ participation in high-growth manufacturing value chains, both domestically and internationally,” Ramanan said.

He noted the remarkable economic impact of MSMEs, with their contribution rising to RM613.1 billion in 2023, compared to RM584.1 billion in 2022.

The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) continues to demonstrate strong commitment to uplifting Indian entrepreneurs and the broader MSME sector through substantial financial initiatives and targeted programs. With continued investment and strategic planning, these efforts aim to elevate the role of MSMEs, ensuring their sustainable growth and lasting impact on Malaysia’s economy.

Source: Business Today