Introduction to Business Ethics and Values Assignment, LUC, Malaysia The role of Small and Medium Enterprises (‘SMEs’) in the Malaysian economy is undoubtedly important

University Lincoln University College (LUC)
Subject Introduction to Business Ethics and Values

The role of Small and Medium Enterprises (‘SMEs’) in the Malaysian economy is undoubtedly important. It assumes a significant role in the country’s industrialization program as it represents the largest percentage of establishments at 99.2%.

In terms of their economic contribution, SMEs contribute 32% to the Gross Domestic Product, 56.4% to the total workforce, and 19% to total exports. Based on the Census on Establishments and Enterprises 2005, there are a total of 552,849 companies in operation. Out of this, a total of 548,307, or 99.2% were defined as SMEs.

Referring to the statistics published by SMIDEC, the leading fraction of Malaysian SMEs is in the services sector (86.6%), followed by the manufacturing sector (7.2%), and final but not least the agriculture sector (6.2%). In the services sector, the majority of SMEs were in retail, (46.4%), followed by restaurants (14.2%), wholesale (9.1%), transport and communications (6.5%), and financial intermediaries (4.1%).

Whilst in the manufacturing sector, textile and apparel represent the largest sub-sector (23.4%), followed by food and beverage (15%), metal and metal products (13%), and paper and recorded media (7.2%). For the agriculture sector, the primary activities are mainly in planting, market plantation, and horticulture (65.6%), followed by fisheries (20.8%) and poultry farming (7%).

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