SEMy2030 sets new direction for development of social entrepreneurship, says PM

KUALA LUMPUR: The recently launched Social Entrepreneurship Framework for Action 2030 or SEMy2030 provides a new national direction for the development of social entrepreneurship in Malaysia, Prime Minister Datuk Seri Ismail Sabri Yaakob has said.

He said he emphasizes the development of an effective regulatory and governance framework to ensure that social enterprises operate with responsibility and accountability, in addition to building trust among the population and the private sector. .

The Prime Minister said that SEMy2030 sets five goals in line with the aspirations, strategies and initiatives set out under the Shared Prosperity Vision 2030, the National Entrepreneurship Policy 2030 and the 12th Malaysian Plan.

“To ensure the achievement of its policy objectives and targets, SEMy2030 has developed five strategic axes, 20 strategies and 45 initiatives. SEMy2030 has also defined new descriptions for more inclusive enterprises in line with the characteristics of social enterprises at the global level”, did he declare. said this at the launch of SEMy2030 here on Saturday (April 23).

The Minister of Entrepreneurs and Cooperative Development, Tan Sri Noh Omar, was also present.

The framework, developed by the Ministry of Entrepreneurs and Cooperatives Development (Kuskop), provides the basis for developing a comprehensive and conducive ecosystem to support the growth of social entrepreneurship in the country.

“This plan also outlines initiatives to increase awareness, reach and inculcation of a competitive and effective social entrepreneurship concept to improve the livelihoods of society.

“To ensure that social enterprises can grow and be competitive, SEMy2030 also outlines targeted strategies to build social enterprise capacity and skills,” he said.

He said this includes providing more structured training on adapting technology and digitization, expanding access to finance and financial support, and facilitating access to domestic markets. and international.

Ismail Sabri said the government, through Kuskop, will also review and improve the registration and accreditation framework for existing social enterprises to enable them to have wider access to aid and opportunities. of growth.

Tracing the history of social entrepreneurship in Malaysia, Ismail Sabri said it started in 1922 with the publication in the Gazette of the Cooperative Societies Act 1922, which was replaced by the Cooperative Societies Act 1948. cooperatives.

“Unlike the cooperative and micro, small and medium enterprise (MSME) sectors, the growth of social entrepreneurship in Malaysia is still in its infancy. Many important elements, including the regulatory framework, financial infrastructure and financial security network, have not yet been established,” he said.

He said that despite various problems and challenges, local social entrepreneurship has great potential for development and in fact, with the help of the government, several social enterprises in the country have already been successful.

Citing an example, he said that Helping Hands Penan Shop had succeeded in empowering Penan women by giving them the opportunity to generate income through the production of various handicrafts.

Another success story is MyMedikal Healthcare which provides services to less fortunate groups who had no access to healthcare services, including in Sabah.

“The government is aware of the potential and important role of social entrepreneurship in the socio-economic growth of the country. In this regard, a long-term national policy and goal should be formulated.

“Social enterprises should continue to be empowered and their role strengthened to face unexpected challenges and changes, in addition to elevating their performance to the next level according to the needs and demands of society and the environment,” said he declared.

Ismail Sabri urged all parties interested in the development of social entrepreneurship, especially public and private agencies, social impact investors and companies, to continue their strong support, cooperation and commitment.

He also hoped that more of the younger generation, especially young people and graduates, as a support group, would pool their ideas and resources to strengthen social entrepreneurship in Malaysia.

“I hope that by 2030, social enterprises will be recognized as an important contributor to the development of a prosperous, inclusive and sustainable Malaysia,” he added. – Bernama

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