12MP: Govt to enhance entrepreneurial development programmes to inculcate right mindset

KUALA LUMPUR: The government will further enhance the entrepreneurial development programmes to inculcate the right mindset among aspiring entrepreneurs, according to the 12th Malaysia Plan (12MP) document released by the Economic Planning Unit (EPU).

The development of entrepreneurs will be guided by the National Entrepreneurship Policy (DKN 2030).

The document states that education and training will also focus on developing students with entrepreneurial skills set to produce more job creators among graduates; and Triple Helix collaboration will be encouraged to enable entrepreneurs to acquire the necessary skills and competencies.

Besides, the implementation of outreach programmes will be intensified in boosting entreprenurial capability and skills among youth, Bumiputera and specific target groups; incubation spaces will be established in rural and less developed areas to support aspiring entrepreneurs; and intrapreneurship development within organisations will be augmented to provide opportunities for employees to become entrepreneurs.

"Efforts to produce entrepreneurs that are competitive and resilient will include enhancing entrepreneurship development and promoting innovation-driven entrepreneurs.

"These will enhance the capacity and capability of entreprneurs to be competative domestically and internationally," it said in the document released today.

In addition, the government will implement support programmes to increase the number of innovative entrepreneurs, including youth, Bumiputera, and specific target groups in strategic and high-impact industries, such as smart farming, halal, aerospace, biotechnology, medical services, and digital economy.

"Entrepreneurs will be encouraged to continuously innovate by adopting advanced and digital technology, including in their business operation and management.

"Collaboration between entrepreneurs and researchers will be intensified to enhance innovation in creating more high-value products and services that will boost competitiveness," it added.

Meanwhile, the government will create a conducive and holistic ecosystem for entrepreneurship to support entrepreneurship development, given the diverse characteristics of entrepreneurs, cooperatives, agriculture-based associations, social enterprises, as well as micro, small and medium enterprises (MSMEs).

The government will undertake initiatives to enhance governance, regulations, institutional roles and financing to boost the performance of entrepreneurs.

"These initiatives will provide comprehensive support to establish an enabling environment, unlock entrepreneur potential and accelerate growth," it said.

Among the initiatives that will be undertaken are developing a corporate governance toolkit for MSMEs; reviewing existing legislations related to entrepreneurship; and revitalising the role of the Development Financial Institutions (DFIs).

The government three-pronged efforts under the 12MP which focuses on creating innovative and sustainable entrepreneurs; promoting inclusive participation through MSMEs, cooperatives and agriculture-based associations; as well as improving the entrepreneurial ecosystem are expected to increase the contribution of MSMEs to gross domestic product (GDP) to 45 per cent and the cooperatives' revenue to RM60 billion in 2025.

Similarly, the revenues of agriculture-based associations, namely the Area Farmers' Organisations (PPKs) and Area Fishermen's Associations (PNKs), are expected to increase to RM2.8 billion and RM149 million, respectively.

-- BERNAMA