Newly launched SEMy2030 puts forth a new path for Malaysia’s social entrepreneurship development

Malaysia – According to Prime Minister Datuk Seri Ismail Sabri Yaakob, the newly established Social Entrepreneurship Action Framework 2030 (SEMy2030) presents a new national direction for the rise of social entrepreneurship in Malaysia.

He claims that it focuses on the establishment of an effective regulatory and governance structure to guarantee that social businesses are being operated with responsibility and accountability, as well as developing public and private sector confidence.

SEMy2030, as noted by the prime minister, provides five goals that align with the objectives, strategies, and actions outlined in the Shared Prosperity Vision 2030, National Entrepreneurship Policy 2030, and 12th Malaysia Plan.

“SEMy2030 has developed five strategic thrusts, 20 strategies, and 45 initiatives to ensure the achievement of its objectives and policy targets,” he said.

He also added that SEMy2030 has set new descriptions for more inclusive enterprises in line with the characteristics of social enterprises at the global level.

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He announced this today during the launching of SEMy2030, which was also attended by Tan Sri Noh Omar, Minister of Entrepreneur Development and Cooperatives.

The framework, designed by the Ministry of Entrepreneur Development and Cooperatives (KUSKOP), lays the groundwork for creating a complete and hospitable environment to help the country’s social entrepreneurs thrive.

“In addition, this strategy describes activities to increase awareness, reach, and instill a competitive and effective social entrepreneurship idea to better society’s life.”

The Prime Minister also noted that SEMy2030 offers focused measures for strengthening the skill and competency of social businesses.

Providing more organized training on technology adaptation and digitalisation, expanding access to funding and financial assistance, and facilitating access to local and foreign markets, he added, are all part of this.

Ismail Sabri stated that the government, through KUSKOP, will also evaluate and modernize the system for registering and accrediting existing social companies in order to provide them with more help and growth chances.