SMEs poorly funded in Budget 2020, says Wee

  • Nation
  • Tuesday, 19 Nov 2019


DATUK Seri Dr Wee Ka Siong (BN-Ayer Hitam) wants the government to provide more allocations to help improve small and medium businesses (SMEs).

The MCA president said Budget 2020 did not provide significant allocations for SME Corp and SME Bank.

“Why did the Entrepreneur and Cooperative Development Ministry not ask for more funding from the Finance Ministry?” he asked during the debate on the winding-up of Budget 2020 for the ministry at the committee stage.

Dr Wee also urged the government to state what steps were being taken and financial allocations given to boost the economy.

“This is because our SMEs are the economic drivers of the country.

“If our SMEs cannot survive, our economic growth will also be stunted. We hope that more allocations can be given to them, ” he added.

In his reply, minister Datuk Seri Mohd Redzuan Yusof said such initiatives as suggested by Dr Wee were already in place, but will be fine-tuned.

“From next year onwards, when we begin efforts to implement the Shared Prosperity Vision 2030, the National Entrepreneurship Policy 2030 (DKN2030) will guide us to achieve this target (to help the SMEs), ” he said.

Mohd Redzuan said at the moment, funds to help SMEs are also parked at other ministries.

A Cabinet committee will monitor the performance of the SMEs involved, he added.

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