Did you know? Small and Medium Enterprises (SMEs) have actually accounted for 98.5% of business entities throughout Malaysia? They contributed 37% to the country’s Gross Domestic Product (GDP) in 2017 and the government believes and has targeted that they contribute 50% to GDP by the year 2030.
In early July, Prime Minister Tun Dr Mahathir Mohamad launched the National Entrepreneurship Policy 2030 (NEP 2030). The NEP 2030 will help ease operations for government initiatives and enhance the environment for the way SMEs work. Entrepreneur Development Minister Datuk Seri Mohd Redzuan Yusof has stressed that even though they’ve spent billions of ringgit on entrepreneur development initiatives and hosts numerous entrepreneurship programmes in different ministries, Malaysia is still ranked 58th on the Global Entrepreneurship Development Index.
He stated that SMEs faced key issues such as rapid technology growth that has been proven difficult to catch up with, access to insufficient financing, and a proper environment set for SMEs. This is where Biztory can help assist your SME business. Biztory is a cloud accounting software and with the recent rapid growth in technology, it has been proven convenient and incredibly easy to use, even for the older generations who lack technological skills. On top of that, we have also collaborated with Grab to provide Grab Financial Services Malaysia (GFSM) which allows SMEs to apply loans with zero collaterals (terms and conditions applied).
At Biztory, we aim to help the Malaysian economy by doing our part and assisting SMEs in any way possible. Through this, we believe that by the year 2030 SMEs will remain and grow tremendously successful and contribute even more than the initial target of 50% to GDP.