MSMEs need continuous support to drive ecenomy - MEDAC

KUALA LUMPUR: Micro, small and medium-sized enterprises (MSMEs) have the potential to intensify profits and drive the economy with steady and continuous support, said Deputy Entrepreneur Development and Cooperatives Minister (MEDAC) Datuk Mas Ermieyati Samsudin.

She said that assistance from other development players such as ministries and agencies, civil society organisations, academic institutions, think tanks, and the private sector could help MSMEs with business continuity during the COVID-19 pandemic.

"This is not the time to point fingers but rather a time to rise together to address the issue at hand," she said in her address during the "Building Back Better; Supporting MSMEs For A More Sustainable And Resilient Recovery" webinar today.

Mas Ermieyati said in the wake of the global pandemic, digitalisation is one of the avenues for MSMEs to survive in the tech-driven new normal.

"There is no doubt that digital adoption has been fast-forwarded amongst entrepreneurs as they tap into technology to safeguard business continuity.

"But behold, greater challenges emerge as inequality is reinforced by the digital divide," she said.

According to her, those without reliable internet access are very much disadvantaged when it comes to operating businesses from home, participating in online business and upskill classes, accessing online government services, coordinating work remotely, and many other setbacks.

"Those who have not embarked on the digital journey will take a longer time to recover from any economic setbacks," she said.

Meanwhile, SME Association of Malaysia president, Michael Kang Hua Keong said MSMEs should adopt digital transformation as all MEDAC's agencies such as the National Entrepreneur Group Economic Fund (TEKUN Nasional), SME Bank and Bank Rakyat have geared up to help them.

"The government has budget allocations for various initiatives such the National People's Well-Being and Economic Recovery Package (PEMULIH).

"These are aimed to enable MSMEs to embark into digital technology and push themselves to overcome challenges during the pandemic," he said.

-- BERNAMA