MUSCAT, DEC 30 - With many similarities in the economic visions of Oman and Malaysia, there are ample opportunities for the small and medium enterprises of the two countries to share their experiences with each other as real partners in growth and development, said Dr Hafsa Hashim (pictured), chief executive officer of the SMECorp Malaysia, in a workshop organised by the Oman Development Bank (ODB).
The workshop which began on Monday is part of the celebrations of ODB’s 40th anniversary where Hafsa Hashim shared history of the development of small and medium scale enterprises in Malaysia and its role in the economic growth of the country.
In her detailed presentation, Hafsa Hashim said that Malaysia had made first industrial master plan for the period till 1995. It was in 1996 when second industrial master plan was made for the period till 2005. It was a landmark decision in the direction of industrialisation and promotion of small and medium enterprises which was also coincided by formation of small and medium industries development corporation (SMIDEC) in May 1996. In the year 2000, a development plan was introduced.
It was in 2004, when National SME Development Council was formed as highest governing body with Central Bank of Malaysia also known as BNM as secretariat of the newly formed NSDC. In 2006, third industrial master plan for the period till 2020 came. Six years after that in 2012, MIEDC took over the role of NSDC secretariat from the Central Bank of Malaysia.
On the role the SMECorp Malaysia, Hafsa Hashim said that the organisation cooperates with NSDC on the one hand and ministries, government agencies, SMEs and business chambers and associations on the other. It works as central coordinating agency between them in the process of formulation of policies and coordination of SME programmes. It also works as secretary of NSDC, and as a referral centre for SME related information, management of SME related data and information as well as business advisory and support.
She said that more than 98 per cent of the business establishments in Malaysia are SMEs of all sizes and sectors. Their number is more than 900 thousand. It is interesting to note that around 21 per cent of these SMEs are owned by women which clearly defines the role women play in the industrial development of the country. Malaysia never ignored their contribution to the growth of the country.
Of these SMEs, around 90 per cent are in services sector, more than five per cent are in manufacturing sector, more than four per cent are in construction section and just one per cent in agriculture and below one per cent are in mining and quarrying, said Hafsa Hashim.
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