The International Trade and Industry Ministry (MITI) is in the final stages of drafting the National Small and Medium Enterprise (SME) Bill 2016, which is expected to be tabled at the next Parliament sitting.

Its deputy minister, Datuk Ahmad Maslan said the initiative was aimed at strengthening the country's SME development in line with Prime Minister Datuk Seri Najib Razak's wish of empowering SMEs.

He said discussions had been held with relevant parties nationwide to collect information that should be considered in promulgating the bill.

"For example, today, we are meeting SMEs from the Central Region, next the minister (Datuk Seri Mustapa Mohamed) will focus on Sarawak and Kelantan, while Johor and Kedah will be briefed by me.

"We are trying to table the bill in Parliament at the year-end sitting. A total of 645,136 SMEs are registered with us, accounting for 97.3 percent of total businesses in Malaysia," he told reporters here Thursday.

Earlier, Ahmad held a briefing for about 400 members of industrial associations and Bumputera chambers of commerce from the Central Region.

Of the number of registered SMEs, he said 77 percent were micro-businesses, 20 percent (small businesses) and three per cent (medium-sized businesses).

He said 90 percent of them were in the services sector, manufacturing (5.9 percent), construction (three percent), agriculture (one percent), mining and quarrying (0.1 percent).

He said the bill would highlight the function of the National SME Development Council in terms of assisting the government to develop the sector and matters related to special SME funds, as well as funds that had been announced.

"It will also set uniform payment terms and enhance the role of financial institutions and public-private partnerships, advisory services, training, research assistance and financial support," he said, adding that penalties would be imposed against SMEs for infringement.

He said the bill took into account international standards practices adopted by the US, Japan, South Korea, India, Mexico, Indonesia, and Brazil. -- Bernama