MEDAC introduces Entrepreneur and Cooperative Recovery Plan

The Entrepreneur Development and Cooperatives Ministry (MEDAC) is introducing an Entrepreneur and Cooperative Recovery Plan which is expected to benefit more than 20,000 entrepreneurs, said its minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar.

The plan, which outlines six main strategies, is aimed at supporting the stability of the entrepreneurship ecosystem, restoring entrepreneurs' business operations in the immediate term, and ensuring entrepreneurs remain competitive and resilient.

"The plan consists of 30 programmes that will be implemented in two phases: the immediate term from May to December 2020, and the medium term, from January 2021 to May 2021," he said in a Facebook posting.

Wan Junaidi said the plan was discussed during a meeting with Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz on jump-starting business operations in the country after most economic sectors were allowed to operate at full capacity and without time constraints during the Conditional Movement Control Order period.

He said more than 20,000 entrepreneurs involved in micro, small and medium enterprises, cooperatives and the informal sector would benefit from the implementation of the plan.

"MEDAC also has submitted 19 new programmes and initiatives to the Finance Ministry which include application to increase the funds for TEKUN Nasional and other MEDAC agencies," he said.

According to him, the additional fund for TEKUN Nasional is necessary as his ministry has received a large number of applications for financing from SME entrepreneurs nationwide.

Wan Junaidi said MEDAC had also begun a strategic collaboration with the Youth and Sports Ministry and the Higher Education Ministry to implement youth entrepreneurship programmes, especially for the higher learning institution students and graduates as well as youths who lost their jobs due to the COVID-19 pandemic.

-- BERNAMA