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.
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