KOTA KINABALU: Small and medium enterprises (SMEs) make up more than 97 per cent of total businesses and employ about 60 per cent of the workforce in Malaysia.
Minister of Special Tasks Datuk Teo Chee Kang said SMEs played a very significant role in the economic development and social uplifting of a country.
“SMEs are diverse in nature. They can be established for any kind of business activities in urban or rural areas. In many countries, SMEs are considered as the backbone of their economics,” said Teo at the first installation gala dinner of Malaysia Entrepreneurs’ Development Association (PUMM) Sabah State Liaison Committee here on Sunday.
The new Sabah board of committees are led by chairman Andrew Thu under the leadership of PUMM president Dato’ Dr Tony Looi.
In Malaysia, Teo said SMEs were on track to contribute 41 per cent to the country’s gross domestic product (GDP) by 2020 compared to 33 per cent in year 2013.-Sayangsabah