Sabah’s Micro Entrepreneurs, SMEs Are Mainstay Of Economic Growth

KOTA KINABALU: Micro entrepreneurs, as well as small medium enterprises (SMEs) in Sabah remain the mainstay of the state’s economic growth, says Chief Minister Musa Aman.

He added based on this, the state government would continue to formulate and implement economic and social development policies to enhance the income and well-being of the people.

Musa, right, with the Prime Minister on Saturday after the launch of the Gabungan Rakan Entrepreneur Aspirasi Terhebat (GREAT).

Musa said in Sabah’s budget for this year, apart from allocations, initiatives and assistance channelled through related ministries and departments, a special funding of RM53 million had also been allocated to various strategic sectors and target groups.

“This includes an additional allocation of RM10 million to support development and entrepreneur activities among SMEs, as well as the Rural Entrepreneur Development Programme.

“Within this special allocation too, the state government channelled a RM6 million grant to Yayasan Usaha Maju (YUM) to offer more opportunities for micro entrepreneurs, specifically women, to venture into business,” he added.

He said this in his speech at the launch of the Gathering of Rising Entrepreneurs, Act Together 2017 (Great) programme here Saturday.

The event was launched by the Prime Minister Najib Razak.

Musa said YUM in Sabah had succeeded in producing 72,110 micro entrepreneurs and the state government was optimistic that the additional allocation would benefit 658 more through the Entrepreneur Loan Scheme.

He said for the subsequent phase, the state government would focus on creating high income opportunities through various new methods towards economic growth that is knowledge and digital based.

“As such, the state government will enhance further efforts at developing human capital, particularly related to entrepreneurship, that is relevant and equipped with the latest knowledge.

“Whatever the business, the need for the creation of a network of cooperation along the value chain is very important,” he added.