PETALING JAYA: Putrajaya needs to have policies that are supportive of young entrepreneurs and startups, which will enable them to find breakthroughs in a highly competitive market, says MCA vice-president Datuk Lawrence Low (pic).
He said the lack of long-term “stability” in the implementation of policies has forced small and medium enterprises (SMEs) to navigate the frequent policy changes, thus increasing operational costs.
“This is because the frequent policy changes have made it difficult for businesses to make long-term plans, undermining their confidence in investing and expansion,” he said.
In order to promote a more stable and supportive business climate, Low, who also serves as chairman of MCA’s economic and SMEs affairs committee, suggested several measures for Budget 2025.
The government, he said, should establish a stable and predictable policy framework through Budget 2025 to provide consistent support and reduce administrative costs and uncertainties.
In terms of taxation, he suggested implementing tax breaks and incentives to reduce the financial burden on SMEs and promote innovation, particularly among young entrepreneurs.
Simplifying tax and financing procedures is necessary, he added, because SMEs frequently face complex procedures and high costs when securing financing and managing taxes.
“The government should reduce bureaucratic hurdles by making it easier for businesses to access low-interest loans and financing options.
“This would help them address short-term cash flow issues and create favourable conditions for long-term growth,” he said.
Among others, Low also proposed the creation of a digital transformation fund to assist SMEs in upgrading their technologies, enhancing cybersecurity, and adopting advanced equipment.
This will help strengthen support for digital transformation while improving SMEs’ competitiveness in the global digital economy, he added.
Businesses undergoing digital transformation should also receive tax concessions to accelerate their progress, he said.
Low also reaffirmed the committee’s support for SME growth by helping them seize new opportunities both domestically and internationally as part of the contribution to the nation’s economic development.
Earlier, Low launched the Disruptive Entrepreneurship Strategy Open Course, organised by the Top Entrepreneurs Alliance in collaboration with MCA economic and SMEs affairs committee, Central Global Group, EcoFirst Consolidated Bhd, and Qcue Sdn Bhd.
