KUALA LUMPUR: Small and medium industries (SMIs) and enterprises (SMEs) are the backbone of the country's economy and the Government will do its best to encourage and promote them.
Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi said besides helping the country to develop, SMIs and SMEs were the source of employment for the people.
We want to enhance our dynamism and resilience as an economy, and the role of SMEs and SMIs are absolutely vital in this regard, he said when opening the fourth annual SMI One-Stop Solution exhibition at Putra World Trade Centre yesterday.
Abdullah said a substantial portion of the recently announced stimulus package by the Government was aimed at SMIs and SMEs.
He said the industries and enterprises should take full advantage of the incentives given.
For example, industrialists and entrepreneurs should consider setting up or expanding their business because of the waiver on collateral requirement loans, he said.
However, Abdullah said industrialists and entrepreneurs should not be spoon-fed.
They should upgrade all parts of their business by investing in research and information and communication technology, he said.
He said the forces of globalisation, liberalisation and technological advancement required them to compete and excel.