TEKUN National receives an allocation of RM330 million in the 2024 Budget

29 October 2023

By Wartawan Nabalu News

KUALA LUMPUR: TEKUN National has received an allocation of RM330 million in the 2024 Budget to provide financing facilities for small traders in the batik and craft industry, indigenous entrepreneurs, as well as Sabah and Sarawak Bumiputera.

Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick said that out of this amount, RM30 million is allocated for financing facilities under the Indian Community Entrepreneur Financing Scheme (SPUMI) specifically for Indian community entrepreneurs.

"Through this budget initiative, I hope that local Micro, Small, and Medium Enterprises (MSMEs) will continue to be competitive and enhance their business capacity.

"With the additional allocation to TEKUN National, we hope that more informal and micro entrepreneurs who are starting or expanding their businesses can be assisted and developed in their capacity," he said.

He said this during his speech at the official celebration of TEKUN National's 25th Anniversary at the Bangi Avenue Convention Centre (BACC) yesterday.

Ewon stated that in the 2024 Budget, a total of RM44 billion is allocated to various agencies for various financing facilities and guarantees to benefit MSME entrepreneurs throughout the country.

"The government acknowledges that businesses have been affected by the pandemic, especially MSMEs, and in line with that, the 2024 Budget has placed more emphasis on the MSME group.

The MADANI Government's commitment is to stimulate greater participation of micro, small, and medium enterprises (MSMEs) in the advanced and sustainable entrepreneurship sector through various initiatives such as financing and capacity development, to ensure that MSMEs' contribution to gross domestic product (GDP) can be enhanced as outlined in the National Entrepreneurship Policy 2030 (DKN2030), which aims for a 50 percent increase by 2030," he said.

He said that among the ministry's strategies to realize DKN2030 is through the Informal Entrepreneur Formalization Plan to facilitate the transition of informal entrepreneurs to registered businesses.

"Through the implementation of the plan, the existing entrepreneurial ecosystem can be strengthened by encouraging voluntary business registration and fostering an entrepreneurial mindset and the development of informal entrepreneurs' potential," he said.

The event was attended by approximately 1,000 entrepreneurs and Tekun Nasional employees from across the country.

During the event, Ewon also presented the Successful Entrepreneur Award to 21 Tekun entrepreneurs, the Best TEKUN Branch Award, and the Best TEKUN State Award.

Also present were Deputy Minister of MEDAC Senator Saraswathy Kandasami, Chief Secretary of MEDAC Dato' Seri Suriani Dato' Ahmad, Chairman of Tekun Nasional Dato' Hj Abdul Sani Abdul Hamid, and senior officials from the ministry and agencies.