SME Corp. Malaysia celebrated another milestone with the renewal of its Memorandum of Understanding (MOU) with Turkiye’s Small and Medium Sized Industry Development Organisation (KOSGEB) on 11 September 2023. Held at the Sheraton Imperial Kuala Lumpur, the event testified the solid commitment of both nations towards advancing bilateral ties and advocating the growth of MSMEs. The MOU renewal was further enhanced by the unveiling of the “Global Be-Linked” initiative, a vibrant business matching conduit for Malaysian MSMEs with the foreign counterparts such as Turkish enterprises. With the participation of 12 Turkish firms and 37 Malaysian MSMEs, 42 business matching deals were sealed, translating to potential sales figure of close to RM9.6 million.
As expressed by Mr. Rizal bin Nainy, CEO of SME Corp. Malaysia during his welcoming remarks, “Under the esteemed banner of SME Corp. Malaysia, we stand at a defining moment, ready to etch a legacy on the international arena, collaboratively led by Malaysia and Turkiye. Our mission resonates with clarity: We seek to strengthen our shared bond, champion the cause of MSMEs, and harness the vast potential our mutual interests present.”
The ceremony was graced with the presence of His Excellency Emir Salim Yuksel, Ambassador of the Republic of Turkiye to Malaysia, and Dr. Fatih Gökyurt, Vice President of KOSGEB. This collaborative partnership traces its origin to the MOU first inked on 22nd February 2011 which was later rejuvenated with renewal in 2017.
Business-to-Business (B2B) meetings between the two nations have spanned crucial sectors like Food & Beverages (F&B), Halal, and Electrical & Electronic (E&E),
indicative of past collaborative successes. The joint business exploration mission to Istanbul and Sakarya in February 2023, led by SME Corp. Malaysia in alliance with the Malaysia International Islamic Chamber of Commerce and Industry (MIICCI) and backed by KOSGEB, successfully unfolded potential trade avenues valued at approximately RM1.1 billion.
Latest figures released by the Department of Statistics Malaysia (DoSM) emphasised the paramount importance of continuously facilitating market access for Malaysian MSMEs. In 2022, these entities registered a double-digit growth of 11.6% in GDP growth, surpassing the national average of 8.7%. Consequently, their contribution to the GDP rose to 38.4%, up from 37.4% in 2021. In terms of exports, Makaysian MSMEs recorded a staggering RM144.5 billion worth of export trade in 2022. As the leading job creators, MSMEs made up 48.2% of Malaysia’s employment landscape with total workforce of 7.59 million individuals. Therefore, ensuring market access and expansion avenues for MSMEs via bilateral collaborations are intrinsic to Malaysia’s economy.