KUALA LUMPUR: Deputy Entrepreneur Development and Cooperatives Minister Datuk R. Ramanan hopes for increased allocation for entrepreneurs under the 2025 Budget.
He said the additional fund is necessary to support the growth and development of small and medium-sized enterprises (SMEs).
Describing SMEs as the country's backbone, Ramanan said his ministry would submit a proposal to the Finance Ministry soon.
"We will submit our proposals, also known as our wishlist, to the Finance Ministry and await their response.
"The allocation is most important to raise the status of SMEs in the country and provide them with opportunities to do business not only domestically but also internationally.
"We need to support not just the businesses, but also their workforce."
He said this after officiating the signing and exchange of memoranda of understanding (MoUs) in conjunction with the Anchor Collaboration Ceremony.
Ramanan added that the wishlist followed various dialogue sessions held between his ministry and stakeholders.
"As the deputy minister, alongside our Minister (Datuk Ewon Benedick) and other officials, we recently conducted a budget dialogue where we received substantial feedback from various stakeholders.
"A key demand was for grants, which are crucial for SME development in addition to tax breaks and incentives."
At today's event, Ramanan noted current collaborations between his ministry and SME Bank as well as other agencies had provided double deduction tax incentives and grants to support SMEs.
However, he said there must be more personal and targeted assistance to ensure the effectiveness of these measures.
"Both the minister and I believe that more allocation is needed to support SMEs. This would allow us to help SMEs on a more personal level."