KOTA BHARU, Micro, Small, and Medium Enterprise (MSME) entrepreneurs are advised to make the most of the significant allocation provided by the government under the Budget 2024 to generate income and contribute to the country's economic growth.

Universiti Teknologi Mara (UiTM) Malaysia Alumni Entrepreneur Affairs Federation chairman Ahmad Muzakkir Hamid said the allocations allow MSMEs to receive financial support from the government to elevate their businesses to a higher level.

"The allocation is substantial because the government acknowledges that MSMEs are the backbone of the country's economy. This will breathe new life into entrepreneurs to market their products internationally," he said when contacted by Bernama today.

He said that the allocations showed the government recognised that MSMEs provided a significant amount of jobs, especially for youths, so it was a wise move on the government’s part to help them revive their businesses that were affected by the COVID-19 pandemic and the current uncertain economic situation.

"MSMEs are in dire need of capital and financial support to grow their businesses, as well as security to run their businesses and ensure their survival.

"We hope that these funds will not be wasted and will be made available to MSMEs in the best possible way.

"We hope that MSMEs will take advantage of this opportunity and benefit from it because in the current situation, it will help them in short-term business planning,” Ahmad Muzakkir said.

Prime Minister Datuk Seri Anwar Ibrahim had announced that the government would set aside RM44 billion in loans and financing guarantees for the benefit of MSMEs under the Budget 2024.

Source: BERNAMA News Agency