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Thursday, May 8, 2014

Sabah SMEs have grownpast five years

Published: Saturday May 3, 2014 MYT 11:39:00 AM 
Updated: Saturday May 3, 2014 MYT 11:42:17 AM

KOTA KINABALU: The small and medium enterprises (SMEs) sector in Sabah has grown by 65 per cent in the past five years with 40,884 such establishments currently operating in the state.

Minister of Special Tasks in the Chief Minister's Department Datuk Teo Chee Kangsaid in terms of numbers, Sabah ranked sixth among all the 13 states in the country.

"The SMEs in the state are also more diversified covering many sectors including the manufacturing, agriculture, services, mining and quarrying and, construction sectors," he said at SME 100 Awards 2014 presentation last night.

In helping the SMEs, he said the government would continue to focus on capacity building, financial assistance, market development, facilitation of export and brand development, skill and entrepreneurial training, as well as, provide necessary infrastructure, institutional and regulatory support for business to flourish.

"At the same time, the government is also determined to ensure that our SMEs remain competitive globally and resilient to external shocks and uncertainties," he added.

Teo said the Malaysia Global Innovation and Creative Centre (MaGIC) launched in Cyberjaya jointly by Prime Minister Datuk Seri Najib Tun Razak and United StatePresident Barack Obama last week, was a one stop centre to empower entrepreneurs.

The state government would continue to work closely with the Federal government and its agencies to enable SMEs to take advantage of all the numerous assistance and incentives extended by the government.

"At the same time, I strongly urge our SMEs to be proactive and more aggressive in developing and expanding their business domestically and internationally.

"As all of you are well aware, most of the successful multinational companies today started off as SMEs," he said.

He also advised SMEs to prepare for the Goods and Services Tax (GST) which be implemented on April 1, 2015.

Teo added that the introduction of the GST was important to have a clear understanding of the general mechanism of the new system so that necessary adjustments can made.

At the event, 31 SMEs from Sabah and Sarawak were announced winners of the annual award, organised by SME Magazine,

Among the award recipients were Airworld Travel and Tours Sdn Bhd, Mega United Resources Sdn Bhd, Pembinaan D.G.E Sdn Bhd, SM Health Care Sdn Bhd, Timplas Industries (M) Sdn Bhd and Ulink Ascot Sdn Bhd. - BERNAMA

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