THE Government’s implementation of several measures and stimulus packages will ensure the sustainability of micro, small and medium enterprises (SMEs) in Malaysia, as well as the survival of budding entrepreneurs.
As part of the initiative to stay afloat during the COVID-19 crisis, the Government is allocating a RM10 bil supplementary package that intensifies focus on mitigating the impact of the pandemic on micro-SMEs.
An enhanced wage subsidy programme, financial assistance through grants and micro-credit schemes, as well as conditional tax deductions, are some of measures in the pipeline.
Prime Minister Tan Sri Muhyiddin Yassin said with the right policy tools, targeted intervention measures and novel public-private partnership ideas, Malaysia could successfully combat the pandemic and weather the resulting economic crisis.
“As the prime minister, I wish to take this opportunity to offer my assurance that Malaysia will always be a country that is pro-business, pro-trade and pro-investment,” he said at the virtual World Chinese Economic Summit today.
Additionally, the Government has also allocated RM1.2 bil in micro-credit financing, to be made available through a number of financial institutions under the recently announced Budget 2021.
Elaborating, Muhyiddin said the amount includes an additional RM110 mil in the allocation for the Micro-Enterprises Facility under Bank Negara Malaysia, which seeks to encourage entrepreneurship activities among gig workers and the self-employed.
Meanwhile, Muhyiddin noted that the COVID-19 crisis has become an unlikely ally for innovation, digitalisation and technology adoption.
“There is a rising demand in e-market, as well as the flurry of activities in e-banking, e-wallets and end-to-end logistics services.
“Indeed, these are all reflective of the sweeping changes within the very core of our businesses,” he said, adding that traditional formats are evolving, and Governments must respond to these changes. – Dec 21, 2020
