He said this would be done via continued support for digitalisation and automation, building on the foundation laid by the Prihatin Rakyat Economic Stimulus Package (PRIHATIN), PRIHATIN SME PLUS, National Economic Recovery Plan (PENJANA), and Prihatin Supplementary Initiative Package (KITA PRIHATIN) to encourage this transition, Malaysia’s Bernama News Agency reported.
The Malaysian government is committed to continue helping small and medium enterprises (SMEs) along their recovery path in the upcoming Budget 2021, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. (Photo: thesundaily)
The government will also facilitate the SMEs to accelerate the adoption of digitalisation under Budget 2021 that will be tabled the Parliament on November 6, he added.
“Records have shown that crucial technological and digital migration have yet to hit critical mass among SMEs” the news agency quoted the minister as saying.
He stressed the need to raise awareness that with digitalisation, SMEs can have a bigger market reach and go regional, and how financial institutions can support them in this process.
According to the minister, under Budget 2021, the government would also guide SMEs towards business resilience and sustainability, as most SMEs adopted high-growth strategies in making decisions, and this left little room for them to respond effectively to economic shocks.
He suggested businesses need to balance out their priorities to help themselves remain afloat regardless of the changing operating landscape, and said that the government is looking at how sustainability can be the foundational premise on which SME-centric measures are crafted./.