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Tuesday March 24, 2009

Ministry’s five-year plan to boost bumi businesses


KUALA LUMPUR: The International Trade and Industry Ministry is drafting a Bumiputra Development Master Plan to increase bumiputra participation in the services and manufacturing sectors.

Its minister Tan Sri Muhyiddin Yassin said the plan would cover the period from 2009 to 2013.

“The plan will identify issues facing bumiputra entrepreneurs in the two economic sectors, and outline strategic thrusts to overcome them,” Muhyiddin said in his speech during the opening of the 2nd MIDF (Malaysian Industrial Development Finance Berhad) Bumiputra Entre-preneur Symposium by Deputy Prime Minister Datuk Seri Najib Tun Razak yesterday.

He added that all agencies under his ministry would pool their resources and share ideas to help bumiputra entrepreneurs improve their businesses and strengthen their position in the economy.

On the ministry’s efforts to reduce the burden of small-and-medium enterprises (SMEs) due to the reduction in gas and fuel subsidies, he said MIDF had reduced the interest for several soft loan schemes offered to the SMEs.

He said following the measure, there had been an increase in loan approvals for SMEs in the second half of 2008 (210) compared with the first half of 2008 (145).

At the event, Najib also launched a book by Smidec (Small and Medium Industries Development Corp) on starting a business.

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