MoU Between SME Corp, Enterprise Singapore To Propel MSMEs’ Growth

Dato’ Seri Anwar Ibrahim, Prime Minister of Malaysia and H.E. Lee Hsien Loong, Prime Minister of the Republic of Singapore witnessed the signing of MoU between SME Corp. Malaysia and Enterprise Singapore at The Istana, Singapore on 30 October 2023 towards strengthening bilateral relations and propelling the growth of Micro, Small and Medium Enterprises (MSMEs) for both countries.

The event was held in conjunction with the YAB Prime Minister’s Working Visit to the 10th Malaysia-Singapore Leader’s Retreat, thus making it even more significant.

The MoU which was officially signed by Rizal Nainy, Chief Executive Officer of SME Corp. Malaysia, and Lee Chuan Teck, Chief Executive Officer of Enterprise Singapore, further strengthens the collaboration between the two organisations towards the development of MSMEs in Malaysia and Singapore.

The focus of the partnership includes promoting training, digitalisation, sustainability as well as greater market access for the Malaysian and Singaporean MSMEs. SME Corp. Malaysia has identified eight priority sectors for business matching which include smart agriculture, electrical and electronic, aerospace, medical devices, halal industry, oil and gas, tourism, and biomass.

Commenting on the MoU Rizal said, “With this MoU in place, we are looking forward to a greater economic cooperation and prosperity for Malaysia and Singapore, particularly in MSME development through sharing of knowledge, experiences and best practices. Both countries are eager to harness the potential of their respective MSME sectors and leverage this collaboration to further promote entrepreneurship, innovation and economic development. The MoU signing is indeed a significant milestone in the shared journey of the two nations”.

In 2022, Singapore emerged as Malaysia’s second largest trading partner globally and held the top position among ASEAN nations.

The total trade volume between the two nations reached an impressive RM368.1 billion, with the balance favouring Malaysia. Malaysian exports to Singapore in 2022 reached RM232.56 billion, while imports stood at RM135.63 billion. This substantial trade surplus demonstrates the robust economic cooperation between the two countries.

The positive trend in Malaysia-Singapore trade continued for the period of January – August 2023, with the trade value reaching RM281.9 billion. This performance highlights the resilience and dynamism of the bilateral trade relationship. The figures are indicative of the strong commitment to mutual growth and prosperity which reaffirms the importance of the strategic partnership between the two countries.

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