Kuala lumpur: Micro, small and medium enterprises (MSMEs) have now become the main source of livelihood for more than eight million workers across the country, thereby strengthening their role as one of the main pillars of the Malaysian economy, said Minister of Entrepreneur Development and Cooperatives Steven Sim. The minister highlighted that this figure represents nearly half of the country's total workforce, spanning across various sectors such as retail, food services, manufacturing, and family-run businesses critical to the local economy.

According to BERNAMA News Agency, Sim emphasized the crucial role that MSMEs play despite facing challenges like increasing operational costs due to global supply chain issues and geopolitical uncertainties. He pointed out that the MSME sector continues to be the backbone of the people's economy. In a statement issued for International MSME Day 2026, Sim noted the Malaysian government's ongoing commitment to bolster support for this vital sector through numerous development programs and significant financial allocations.

Recognizing the importance of MSMEs, Sim shared that the MADANI Government implemented 344 entrepreneurship and MSME development programs last year, with an investment of RM31.63 billion. These initiatives resulted in the creation of 6,600 new entrepreneurs, enhanced business management for 50,000 MSMEs, and successful digital transformations for 8,000 MSMEs. These efforts also led to increased sales of RM870 million domestically and RM6.8 billion in export sales, underscoring the success of these interventions.

For the current year, Sim announced plans for over 300 MSME development programs with funding exceeding RM60 billion. These programs are designed to address financing, human capital development, market access, infrastructure, and technology adoption. Implemented under KUSKOP's ABCD framework, the initiatives aim to enhance productivity, streamline bureaucracy, and improve access to capital and markets.

Sim concluded by expressing KUSKOP's goal not only to sustain MSME operations but to elevate them, transforming them from small enterprises to high-value companies and expanding their reach from local to international markets.