The post Covid-19 recovery plan would be implemented in two phases; May to December 2020 (Phase 1) and January to May 2021 (Phase 2)
The Entrepreneur Development and Cooperatives Ministry (MEDAC) has introduced a post-Covid-19 recovery plan to ensure sustainability and recovery of entrepreneurs and businesses.
About RM372.847 million has been allocated for the recovery plan which would be implemented in two phases; May to December 2020 (Phase 1) and January to May 2021 (Phase 2).
Its minister, YB Datuk Seri Wan Junaidi Tuanku Jaafar said that Malaysia had nearly 907,000 micro, small and medium enterprises (MSMEs), and they must brace themselves for a different business scenario, especially following the end of the Movement Control Order (MCO) period.
Under the recovery plan, six strategies comprising 30 initiatives had been drafted for various identified target groups.
These strategies include raising the people’s confidence (targeted at entrepreneurs and the public), strengthening capabilities and capacities (aimed at micro enterprises, cooperatives, and startups by graduates and youths), boosting financing access and assistance (for MSMEs, informal sector and cooperatives), and increasing usage of technology (for MSMEs and cooperatives).
Other strategies are market opening and expansion, and effective service delivery (both targeted at MSMEs, informal sector and startups).
