The Importance of MSMEs in Malaysia and the Role of the SME World Forum
Speaking at the SME World Forum in Kuala Lumpur, the President of ICSB, Dr. Ayman ElTarabishy, highlighted the pivotal role that Micro, Small, and Medium Enterprises (MSMEs) play in Malaysia’s economy and beyond. “MSMEs are the backbone of our global economy, and in Malaysia, they represent not just businesses but a way of life,” he said. “They are the innovators, the job creators, and the heart of communities. This Forum is a vital platform to bring together stakeholders to understand and amplify their strengths for broader societal impact.”
The President emphasized that MSMEs are fundamentally different from large corporations. “MSMEs are not just smaller versions of big corporations. They lack the layers of structure, expansive departments, and sophisticated systems typical of large enterprises,” he explained. “Instead, they operate on flat structures where everyone wears multiple hats, bringing an unmatched agility and creativity to their work.” This inherent flexibility allows MSMEs to adapt quickly to market changes and address the needs of their communities with innovative solutions.
Agencies and larger organizations must recognize these unique strengths and adapt their approach to truly support MSMEs. “It is crucial for regulators to declutter rules and regulations that unnecessarily burden MSMEs,” the President urged. The focus should be on enabling them to do what they do best: produce goods, serve their communities, and create meaningful jobs. By removing bureaucratic hurdles, we empower these businesses to flourish and contribute to sustainable economic growth.”
The SME World Forum provides an essential space to discuss these issues, bringing together policymakers, business leaders, and academics to reimagine how MSMEs can be supported. “This Forum is not just a conference; it’s a movement,” the President said. “It’s about understanding the essence of MSMEs and harnessing their potential for global impact. By fostering collaboration and supporting policies that empower rather than constrain or regulate, we ensure that MSMEs can continue to drive innovation, create opportunities, and build a more inclusive future.”
