KUSKOP launches RM15 billion initiative to support 10,000 MSMEs

The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has launched the ‘PowerUp 10k’ initiative, allocating up to RM15 billion in financing to assist 10,000 micro, small, and medium enterprises (MSMEs) in scaling their businesses. Minister Steven Sim Chee Keong stated that increasing the scale of MSMEs is a priority to strengthen local competitiveness.

Under Budget 2027, the government is providing comprehensive support totaling RM67.9 billion. This includes RM32 billion in financing guarantees through the Credit Guarantee Corporation Malaysia (CGC) and Syarikat Jaminan Pembiayaan Perniagaan (SJPP), RM1.06 billion for international market expansion, RM3.3 billion for skills upgrading, and RM223 million for digital technology and artificial intelligence (AI) adoption.

To facilitate global market entry, KUSKOP is implementing a ‘3P strategy’ focusing on platforms, permits, and promotion. The ministry is engaging in discussions with international e-commerce platforms, such as Alibaba, to build a bilateral cross-border e-commerce ecosystem. This approach aims to ensure Malaysian products remain competitive on global platforms rather than being lost in high-volume competition. MSME exports grew by more than 10 percent last year, contributing approximately 15 percent to the nation's total exports.