The economy-boosting programme for the two Borneo states has been kick-started in Sarawak, according to the Sarawak Public Communications Unit.
KUCHING: The Federal Government has scaled up assistance to help micro, small and medium-scale business owners and budding entrepreneurs in Sarawak and Sabah survive the current tough economic conditions.
The initiative, known as the Bumiputera Sabah-Sarawak Scale-Up Fund, is administered under the federal Economy Ministry’s Bumiputera Agenda Steering Unit (Teraju).
The economy-boosting programme for the two Borneo states has been kick-started in Sarawak, according to the Sarawak Public Communications Unit.
Teraju Chief Executive Officer Junady Nawawi and his team from the federal headquarters recently met the Sarawak Premier Tan Sri Abang Johari Tun Openg in the state capital of Kuching to brief him on the latest scale-up initiatives.
According to a statement from the communications unit, the initiative is designed to strengthen the socio-economic status and financial capabilities of the local Bumiputera business community.
“Teraju’s latest scale-up initiative is the Government’s effort to sustain and boost the economic participation of Bumiputera entrepreneurs in Sarawak and Sabah. It offers more structured finance schemes to strengthen the socio-economic status of the Bumiputera business communities,” the statement read.
The support measures include, enhanced access to structured financial support schemes, close monitoring of the development and progress of Bumiputera enterprises and strategic collaboration with relevant Sarawak state ministries and local agencies to ensure effective implementation.
Teraju is also conducting a thorough review of the progress of Sarawak’s Bumiputera entrepreneurs over the past decade.
This assessment will help federal and state agencies formulate more effective strategies to boost business performance.
The scale-up project arrives during a period of economic pressure, with local enterprises affected by escalating logistics costs driven by shipping fuel price hikes linked to the ongoing Middle East conflicts.