Despite billions spent, Malaysia only 58th in global entrepreneurship index, says minister

Entrepreneur Development Minister Mohd Redzuan Yusof says Malaysia has little to show for despite having numerous programmes, policies and action plans.

PETALING JAYA: Despite spending billions on entrepreneur development programmes, Malaysia still ranks a poor 58th in the Global Entrepreneurship Development Index, a minister said.

Entrepreneur Development Minister Mohd Redzuan Yusof said there are more than 60 organisations in the country involved in more than 150 entrepreneur development

In addition, he said there are more than 38 policies, blueprints, action plans and road maps related to entrepreneurship in Malaysia.

“We spend billions of ringgit on entrepreneur development initiatives. Unfortunately, we still rank 58th in the Global Entrepreneurship Development Index,” he said at a discussion on “Fostering the Entrepreneurial Ecosystem: The Roles of the Government” at Sunway University here today.

The event was organised by Asian Strategy and Leadership Institute (ASLI).

To move forward and as part of the solution, Redzuan said, is the New Entrepreneur Policy 2030, launched by Prime Minister Dr Mahathir Mohamad recently.

Among the strategies are an entrepreneurship ecosystem that needs to be
holistic and encompassing a conducive entrepreneurial mindset and culture.

Another objective is increasing the number of innovative and resilient global entrepreneur and economic players, he said.

Redzuan also said the government hopes to see a 50% increase in contribution from SMEs to the Gross Domestic Product by 2030.

“We are encouraging SMEs to rejig themselves,” he said, adding that one of specific digitalisation sectors will be the halal industry.