Accra:The government has announced a record RM57 billion allocation for micro, small, and medium enterprises (MSMEs) under Budget 2027 to help the sector navigate global economic challenges. This marks an increase from the previous RM50 billion allocation.

According to BERNAMA News Agency, Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong emphasized the government's commitment to strengthening MSME resilience by improving access to financing, reducing business costs, and enhancing government service delivery. He acknowledged the global economic pressures faced by MSMEs, including rising energy costs and supply chain disruptions.

At the Enterprise 50 (E50) Awards ceremony, Sim highlighted the importance of providing MSMEs with breathing space during multiple crises. He noted that while certain global factors like energy prices and supply chain issues are beyond control, Malaysia can manage local conditions to support businesses.

Sim also addressed the recent minimum wage increase, explaining that exemptions for MSMEs are intended to alleviate operational cost pressures without abandoning the goal of providing high-income jobs for Malaysians. He expressed confidence that government initiatives and the resilience of local entrepreneurs would lead to a better year for the sector in 2027.

SME Corp Malaysia's chief executive officer, Rizal Nainy, reported that the E50 Business Matching programme successfully generated RM420 million in potential sales. The programme, held alongside the awards, aimed to enhance MSMEs' export market access and foster new business collaborations.

This year's E50 initiative included the E50 Export Conference and the E50 Business Matching programme, receiving 160 nominations—the highest since 1997. Rizal noted this reflects the E50's recognition as a prominent platform for showcasing high-performing MSMEs in Malaysia.

At the ceremony, 50 MSMEs were honored with the E50 Award for their achievements, growth, competitiveness, innovation, and governance.