Latest news with #MinistryofEntrepreneurDevelopmentandCooperatives
The Sun
3 days ago
- Business
- The Sun
KUSKOP aids 8,466 Indian entrepreneurs in first five months of 2024
KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has assisted 8,466 Indian entrepreneurs through multiple initiatives between January and May this year. These programmes, including Prosperity Empowerment and A New Normal for Indian Women (PENN), Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i), and the SPUMI Empowerment Financing Scheme (SPUMI Goes Big), aim to enhance economic inclusivity. KUSKOP Deputy Minister Datuk Seri R Ramanan highlighted the government's dedication to uplifting the Indian community in entrepreneurship. 'This demonstrates that Indian entrepreneurs are integral to Malaysia's economic progress,' he said during a press conference after launching the Vanigham Financing Scheme under SME Bank. The scheme allocates RM50 million for Indian small businesses, offering loans between RM100,000 and RM300,000 at a subsidised 6% interest rate. Due to high demand, SME Bank expanded funding to RM140 million, redirecting applicants to other suitable programmes. Today, RM2 million was disbursed to the first 20 beneficiaries. Also present were ministry deputy secretary-general Datuk Saidatu Akhma Hassan and SME Bank chairman Datuk Muslim Hussain.
The Sun
12-06-2025
- Business
- The Sun
KUSKOP to enhance collaboration with BPMB to expand financing access for entrepreneurs
KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP), through its agencies, aims to enhance collaboration with Bank Pembangunan Malaysia Berhad (BPMB) to expand access to financing for high-potential entrepreneurs, particularly youth, women, and the Indian community. Deputy Minister Datuk Seri R. Ramanan said this was among several strategic proposals discussed during his meeting with BPMB chairman Datuk Sulaiman Mohd Tahir and chief executive officer Datuk Muzaffar Hisham, who paid him a courtesy call. 'I am confident this synergy will open up greater opportunities for local entrepreneurs and strengthen the national entrepreneurial ecosystem towards greater sustainability and inclusivity,' Ramanan shared in a Facebook post today. He said the meeting was held following the significant development that saw EXIM Bank and SME Bank now become wholly-owned subsidiaries of BPMB effective May 1, which has been seen as a strategic realignment in strengthening the country's network of development financial institutions. Ramanan said the meeting also opened a space for constructive discussion on BPMB's important role in supporting the country's development agenda, particularly through high-impact development financing that can drive the growth of the entrepreneurship and small and medium enterprise (SME) sectors. 'I welcome BPMB's commitment in spearheading financing that is in line with national aspirations under the MADANI Economy framework, which emphasises the principles of sustainability, prosperity and the well-being of the people in an inclusive manner,' he added.
The Sun
12-06-2025
- Business
- The Sun
KUSKOP, BPMB Collaborate to Boost Financing for Entrepreneurs
KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP), through its agencies, aims to enhance collaboration with Bank Pembangunan Malaysia Berhad (BPMB) to expand access to financing for high-potential entrepreneurs, particularly youth, women, and the Indian community. Deputy Minister Datuk Seri R. Ramanan said this was among several strategic proposals discussed during his meeting with BPMB chairman Datuk Sulaiman Mohd Tahir and chief executive officer Datuk Muzaffar Hisham, who paid him a courtesy call. 'I am confident this synergy will open up greater opportunities for local entrepreneurs and strengthen the national entrepreneurial ecosystem towards greater sustainability and inclusivity,' Ramanan shared in a Facebook post today. He said the meeting was held following the significant development that saw EXIM Bank and SME Bank now become wholly-owned subsidiaries of BPMB effective May 1, which has been seen as a strategic realignment in strengthening the country's network of development financial institutions. Ramanan said the meeting also opened a space for constructive discussion on BPMB's important role in supporting the country's development agenda, particularly through high-impact development financing that can drive the growth of the entrepreneurship and small and medium enterprise (SME) sectors. 'I welcome BPMB's commitment in spearheading financing that is in line with national aspirations under the MADANI Economy framework, which emphasises the principles of sustainability, prosperity and the well-being of the people in an inclusive manner,' he added.
The Sun
05-06-2025
- Business
- The Sun
New cooperative act expected to be tabled in Parliament this December - sec-gen
BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, said Ministry of Entrepreneur Development and Cooperatives secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. 'Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December,' he said. 'The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said during the opening of the ANGKASA-MINDA-UKM Cooperative Empowerment Forum here today. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new cooperative act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community, and improve cooperative governance. 'The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country. 'We want to make cooperatives a culture among Malaysians by 2050. ANGKASA (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said. Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.
The Sun
05-06-2025
- Business
- The Sun
New Cooperative Law Set for Parliament in December
BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, said Ministry of Entrepreneur Development and Cooperatives secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. 'Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December,' he said. 'The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said during the opening of the ANGKASA-MINDA-UKM Cooperative Empowerment Forum here today. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new cooperative act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community, and improve cooperative governance. 'The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country. 'We want to make cooperatives a culture among Malaysians by 2050. ANGKASA (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said. Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.
