PETALING JAYA: The mid-term review of the 12th Malaysia Plan is well-timed as it is beneficial for small and medium enterprises (SMEs), according to the Small and Medium Enterprises Association of Malaysia (Samenta).
“Samenta welcomes the enhancements to the 12MP as the government recognizes the highly disrupted global economy and provides a ‘course correction’ for our economy and industries,” said Samenta’s national president Datuk William Ng.
“While we should continue to focus on foreign investments, we should also seek domestic investments and promote greater value addition within the country through productivity,” Ng stated in a press release on Wednesday (Sept 13).
Samenta, Ng added, has been working closely with the Malaysia Productivity Corporation (MPC) over the past three years to drive automation and digital adoption among SMEs. This is to change the mindset of SMEs and encourage them to prioritize labor productivity, profitability, and competitiveness, in line with the economy and the revised 12MP.
Ng also highlighted the government’s focus on high growth, high value industries, which will benefit SMEs by being part of an expanded supply chain.
“The government should also promote venture funds, and government-linked companies (GLCs) should be encouraged to co-finance SMEs in merger and acquisition activities to enhance supply chain integration and create more competitive SMEs that can compete regionally and globally,” he suggested.
“Samenta also praises the plan to concentrate on the creative industry and design-led SMEs and urges the government to consider a matching grant for packaging design and branding, to assist our SMEs in transitioning from being mere original equipment manufacturers to becoming brand owners,” Ng added.
Credit: The Star : News Feed
