International Compliance Vital For SMEs To Penetrate Global Market

Entrepreneur and Cooperatives Development Minister Datuk Ewon Benedick has emphasised the importance for Malaysia’s small and medium-sized enterprises (SMEs) to adhere to international guidelines and compliance standards to expand into the global market.

Benedick highlighted that his ministry is providing guidelines for compliance with environmental, social, and governance (ESG) practices, crucial for industries aiming to penetrate major world markets such as the United States, Japan, and Europe.

Speaking at the SME Future Day event, Benedick stated the significance of SMEs fulfilling criteria like halal certification to facilitate easier access to export markets and participation in international expos.

“We want SMEs to fulfil such criteria, including halal certification. With this, it’s easier for us to push for the export market and participate in expos like this,” he said on the sideline of the SME Future Day here.” he said.

Prime Minister Datuk Seri Anwar Ibrahim delivered the keynote address at the event organised by the German Association for Small and Medium-sized Businesses (BVMW) and visited the Malaysian booth to support local businesses.

Benedick noted that Malaysia currently boasts 1.1 million SMEs, mostly micro-enterprises, along with over 16,000 cooperatives with a total membership exceeding seven million individuals.

The ministry, through initiatives like SME Bank and SME Corp, facilitated the participation of six Malaysian companies in the expo, aiming to assist them in tapping into the German and European markets.

The participating companies include Marniq Bersatu Sdn Bhd, Primelux Energy Sdn Bhd, Ade Azhar Trading Sdn Bhd, 59Kopa Sdn Bhd, Marrybrown, and Old Town White Coffee.

Additionally, Benedick highlighted the Business Exports Programme (BEP) under SME Bank and the Bumiputera Export Incentive Programme (GEB) by SME Corp, designed to promote exports and encourage more companies to join these initiatives.

Benedick expressed the ministry’s aspiration for a larger budget allocation to facilitate sending more entrepreneurs to overseas expos, fostering greater opportunities for Malaysian businesses to expand globally.

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