KUALA LUMPUR, Feb 9 — The Ministry of Entrepreneur Development and Cooperatives (MEDAC) is optimistic the setting up of the National Entrepreneurship Development Council (MPKN) will be the catalyst for Malaysia’s aspiration to become an outstanding Entrepreneurial Nation by 2030.

In a statement today, its minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the council will coordinate the implementation of entrepreneurship initiatives at both the federal and state levels to be in line with current socio-economic policies and planning of the government.

MPKN is poised to drive the development and growth of Micro, Small and Medium-sized Enterprises (MSMEs) while acting as a communication platform between the federal and state governments, of which the latter’s effort will be to strengthen the current entrepreneurial ecosystem across all levels, he said.

“MPKN is also expected to play a leading role in coordinating policy and entrepreneurship development of the nation, and will set the scope of cooperation between the federal and state governments as well as recommending integrated strategic initiatives and measures to holistically address issues, challenges and obstacles faced by entrepreneurs of all levels.”

MPKN will also be the platform for MEDAC to form collective cooperation with all stakeholders so that the implementation of outlined strategies and initiatives can produce competitive and successful local entrepreneurs in a fair, equitable and inclusive economy, he said.

Wan Junaidi said MPKN will help the ministry to obtain accurate information on the current updated situation of entrepreneurs ’development and relevant grassroots information, as well as data on informal entrepreneurs, which account for more than one million people.

“This information and data will help MEDAC make better planning and effective interventions that will match the real needs of entrepreneurs as well as to avoid duplication of assistance between the state and federal governments,” he added.

He said in 2021, MEDAC will implement various programmes with a total allocation of RM3.5 billion through its 5E approach — Enculture, Enable, Empower, Energise, and Engage.

Wan Junaidi presided over MPKN’s virtual inaugural meeting held today, with memberships including ministers and permanent secretary of ministries from Sabah and Sarawak, as well as relevant ministries, federal government agencies, and state council members responsible for entrepreneurship development.

“The meeting discussed the strategic cooperation between MEDAC and the State Development Authority of Kedah and Perlis. The cooperation overlooks the strengthening of current programmes to develop entrepreneurs as well as MSMEs in their respective states.

“In addition, MEDAC will study suitable methods and initiatives to assist entrepreneurs in Sabah and Sarawak, diversifying local products and services, enhance current infrastructure, and improve their productivity,” said the statement.

In line with Malaysia’s aspiration to become an Entrepreneurial Nation by 2030, the MSME sector is expected to contribute up to 50 per cent to the national Gross Domestic Product as compared with 38.9 per cent achieved in 2019.