Global expansion critical for SMEs

Di Lieto: Malaysia’s fast-growing economy has reduced the urgency of SMEs to look abroad. — Photo: Exponasia Growth Partners

IT is often said that small and medium enterprises (SMEs) represent the backbone of a country’s economy. According to the Department of Statistics, micro, small and medium businesses accounted for 97% of all businesses in 2023, and 48.5% of the nation’s workforce.

Despite this, Malaysian SMEs have generally been slow to venture into international markets, especially in comparison with counterparts in neighbouring countries including Singapore.