Yesterday, Prime Minister Najib Razak presented his plans for Malaysia’s 2015 budget, among which were a slew of measures pertaining to entrepreneurship. According to Digital News Asia, he identified human capital development and entrepreneurship as one of seven core strategies to drive the country’s progress.
The most notable initiative aimed at encouraging local entrepreneurship is the funds of up to MYR500 million (US$153 million) earmarked by governmental agency TEKUN for entrepreneurship, of which MYR350 million (US$107 million) will go to the local Bumiputera – those of the Malay race – entrepreneurs. The rest will be split evenly among other entrepreneurship programs and schemes.
Attracting foreign talent seems to be another key area of focus, with a series of policies aiming at that. Eligible expatriate entrepreneurs will be given a year-long work pass, and the paid-up capital for startups has been set at MYR75,000 (US$23,000) to encourage foreign entrepreneurs to set up shop locally.
There are other perks for entrepreneurs in Malaysia, and thanks to iMoney, you can now peruse them in the infographic below:
See: On Malaysia’s National Day, 3 wishes for the local startup ecosystem
Malaysia’s 2015 budget brings good tidings for local entrepreneurship (INFOGRAPHIC)
