Business communities especially large companies could further grow the private sector by strengthening their linkage to Micro, Small and Medium Enterprises (MSMEs).
This was said by the Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin Haji Abdul Hamid in a special remark for the “Enterprise Growth Connect: A Forum and Networking Event”.
The deputy minister minister was highlighting the role of MSMEs in growing the domestic economy and added that business communities can also benefit from this by linking themselves well with the MSMEs.
“By providing opportunities for the MSMEs to enter into their value chains and network, which may allow them access to new markets, resources ans expertise – leading to increased capability and competitiveness,” the deputy minister said.
He explained that in 2020, 97.2% of the total number of businesses in the country are MSMEs.
“Most of our MSMEs are in the services sector (75.7%) with wholesale and retail trade to be the largest economic activity, followed by the Industry Sector (21.3%) and the primary sector (3.1%),” he said.
“In 2020, MSMEs contribution to GDP is estimated to be 31.2% – with this significant contribution, we should not lose sight of the importance of MSMEs in our economic growth,” the deputy minister said adding that MSMEs should be encouraged to explore and venture into new business activities and markets.
“With the nation recovering from the pandemic, it is imperative that we do not become complacent and miss out on the windows of opportunity to drive meaningful business recovery and growth,
“especially when identifying new market opportunities for internationalisation, investing in digital transformation, encouraging innovation, focusing on sustainability and fostering collaboration to create new business opportunities.”
BANDAR SERI BEGAWAN
