Malaysia wants economic growth benefits to reach small entrepreneurs

Malaysia's government aims to ensure that the benefits of economic growth are shared more broadly, particularly with small entrepreneurs and Bumiputera startups, according to Economy Minister Akmal Nasrullah Mohd. Nasir. He stressed that economic progress should not solely be measured by growth figures but by tangible benefits reaching smaller businesses.

The minister highlighted the necessity of closing the gap between emerging startups and established companies that have successfully penetrated larger markets. This, he explained, requires a comprehensive support ecosystem.

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Agencies like Teraju (Bumiputera Agenda Steering Unit) need to play a bigger role, not just by providing financing, but by assisting companies in scaling up through talent development, skill-sharing, and industry networking.

"Agencies like Teraju (Bumiputera Agenda Steering Unit) need to play a bigger role, not just by providing financing, but by assisting companies in scaling up through talent development, skill-sharing, and industry networking," Akmal stated during a press conference after a Teraju ecosystem engagement session.

Regarding Teraju's performance, Akmal described the agency as being on the right track but urged it to strengthen its efforts in nurturing more Bumiputera companies capable of growth and listing on Bursa Malaysia. He acknowledged the progress made by Teraju in helping Bumiputera companies enhance their business scale to compete at a higher level.

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For me, I can see a lot of progress has been achieved by Teraju, especially in ensuring the company scaling-up process can be implemented.