MoU with IORA opens up devt opportunities for Malaysian SMEs

Wan Junaidi shows the document signed on behalf of the Malaysian government to extend collaborations with IORA member states on SME development.

KUALA LUMPUR, Dec 12: The Malaysian government has inked a Memorandum of Understanding (MoU) with member states of the Indian Ocean Rim Association (IORA) to expand promotional collaborations in driving small and medium enterprise (SME) development in the region.

Minister of Entrepreneur Development and Cooperatives Datuk Seri Dr Wan Junaidi Tuanku Jaafar emphasised that the collaboration under the IORA platform will open up opportunities for SMEs to foster collaboration and contribute to the achievement of export value of 30 per cent by 2030.

“My ministry or Medac is confident that the MoU will strengthen our collaborations with member states in facing the economic crisis brought by the Covid-19 pandemic.

“Medac will continue to be committed in implementing the agreements to ensure that the government’s aspirations to make Malaysia into a ‘Prestigious Entrepreneurial Country’ by 2030 is achieved,” he revealed in a statement after signing the document at his office here today.

In line with the aspirations of DKN 2030 and the importance of SMEs as the pulse of the country, Wan Junaidi added that a holistic and conducive entrepreneurial ecosystem must be created to support an inclusive, balanced and sustainable socio-economic development agenda in Malaysia.

IORA is a dynamic inter-governmental organisation comprising 22 member states including Australia, Bangladesh, Comoros, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Maldives, Mauritius, Mozambique, Oman, United Arab Emirates, Seychelles, Singapore, South Africa, Somalia, Sri Lanka, Tanzania, Thailand and Yemen.

Up until December 2020, 15 of the 22 member states of IORA have signed the MoU to cooperate in building networks and collaborations between relevant institutions of member states.

Other intentions include to encourage participation of SMEs in business forums, trade expos, seminars and relevant platforms; exchange experience and information on SME development; facilitate market accessibility through compliance with standards, certifications and technology advancement; facilitate capacity building and entrepreneurship skills programmes, encourage synergy among Indian Ocean Rim Business Forum; and conduct analysis study related to SMEs in the Indian Ocean region. — DayakDaily