PETALING JAYA: The mid-term review of the 12th Malaysia Plan is timely as it bodes well for small and medium enterprises (SMEs), said Small and Medium Enterprises Association of Malaysia (Samenta).
"Samenta welcomes the improvement to 12MP as the government is correct in noting the highly disrupted global economy and in providing 'course correction' for our economy and industries, said Samenta national president Datuk William Ng.
"While we must continue to focus on foreign investments, we must also look domestically for investments and encourage greater value-add domestically through productivity," said Ng in statement on Wednesday (Sept 13).
Samenta, said Ng has been working closely with Malaysia Productivity Corporation (MPC) over the past three years to drive greater automation and digital adoption among SMEs.
He said this was to transform the mindset of the SMEs to focus on labour productivity, profitability and competitiveness and help them move up the value chain as encapsulated by the economy and the revised 12MP.
Ng said among other factors, the government was right in focusing on high growth, high value industries which will have spill-over effects to the SMEs with being part of an enlarged supply chain.
"The government should also encourage venture funds and GLCs should also be encouraged to co-finance SMEs in merger and acquisition activities to better integrate their supply chain and create more SMEs with sufficient size to compete regionally and globally.
"Samenta also applauds the plan to focus on the creative industry and design-led SMEs and call on the government to consider a matching grant for packaging design and branding, to help our SMEs migrate from being mere original equipment manufacturers to brand owners," added Ng.
