MCA hopes Budget Review will give priority to SME sector

PONTIAN: MCA President Datuk Seri Dr Wee Ka Siong is hoping that the 2023 Budget Review will give priority to Small and Medium Enterprises (SME) to assist the sector and entrepreneurs involved in the sector, to restore their economic status.

The former Transport Minister said the SME sector was important because the SMEs contribute tremendously to the job market, providing for almost 65 percent of the work force in the country but there are businesses that have yet to recover fully after the Covid19 Pandemic. The SME sector contributes 38.3 per cent to GDP and provides employment for over seven million people.

He hoped the government can look at ways to assist the SME sector in line with the country’s efforts to revive the economy after the Pandemic.

The nationwide Movement Control Order (MCO) to curb the spread of the pandemic resulted in a decline of all Malaysia’s economic sectors,”

“The business sector, including SMEs face a severe challenge due to the new policies and amendments to the Employment Act. The sector is also facing a shortage of workers and it is one area that need quick remedial action so that SMEs can continue to survive.

“The MCA has also prepared a memorandum to be handed to the government next week and that includes proposals for the revival of the SME sector,” he told reporters after attending a Chinese New Year Open House organised by the Tanjung Piai Parliamentary Constituency at Dewan Tunku Ibrahim Ismail, Pekan Nanas, here. Wee added that business owners and entrepreneurs are eagerly waiting for the government’s reaction and assistance towards the business sector’s revival after the 15th General Election and these sector will welcome any form of assistance and support from the government.

Apart from the business sector, Wee said the memorandum also contained proposals concerning the welfare of the people.

It is hoped that many issues would be discussed in detail during the Parliament session which starts on Feb 13, he added.

“I also the government will also look at the shortage of eggs and overcome the problem since the fasting month is around the corner and followed by Hari Raya Aidilfitri,” he said.