Smidec re-designated as SME Corporation Malaysia

KUALA LUMPUR: The Small and Medium Industries Development Corporation (Smidec) has been re-designated the Small and Medium Enterprises Central Coordinating Agency.

Prime Minister Datuk Seri Abdullah Ahmad Badawi said the National SME Development Council, which he chairs, approved the change and agreed that the entity be named SME Corporation Malaysia or SME Corp.

To be fully operational on Jan 2, SME Corp would formulate policies and strategies as well as coordinate SME programmes across all sectors, covering 18 ministries and 60 agencies.

He said SME Corp would also establish state-level branches for more effective delivery of services.

“While SME Corp will report directly to me as chairman of the National SME Development Council, administratively it will be under the International Trade and Industry Ministry,” Abdullah said at the opening ceremony of Smidex 2008 and the East Asia SME Convention at the KL Convention Centre yesterday.

However, he said this did not mean that SME Corp would take over the functions of ministries and agencies engaged in SME-related development initiatives.

“In the light of Smidec’s proven SME development record, I am confident SME Corp will rise to the challenge of ensuring the effective coordination and implementation of SME development programmes as well as financial assistance schemes across various ministries and agencies.”

Smidec was established in May 1996 to promote and coordinate the development of Malaysian SMEs.

Abdullah also said that Malaysia welcomed the East Asia Business Council’s proposal to host the permanent secretariat in Malaysia.

Source: http://thestar.com.my/news/story.asp?file=/2008/6/5/nation/21460625&sec=nation