Over 30k SMEs have shuttered since the beginning of MCO, Parliament told


KUALA LUMPUR: A total of 32,469 small medium and enterprises (SMEs) have folded since March when the movement control order (MCO) was first implemented to stem Covid-19, says the Entrepreneurship Development and Cooperatives Ministry.

The Ministry, quoting statistics by the Companies Commission of Malaysia (SSM), said that 9,675 SMEs shut down operations during the first phase of the MCO from March 18 to June 9.

During the recovery MCO phase from June till September, 22,794 SMEs shut down.

August recorded the highest figure, with 17,800 SMEs folding during that month.

The Ministry gave the statistics in a Parliamentary written reply dated Nov 5 in response to June Leow (PH-Hulu Selangor), who asked the number of SMEs that have folded since the MCO was enforced.

Meanwhile, the Ministry said its survey found that micro entrepreneurs were the most affected by the Covid-19 economic fallout, as a majority of them still have yet to receive government assistance.

To address this issue, it has proposed the government increase the current special Covid-19 financial relief to entrepreneurs.

It also proposed expanding product development training and diversifying promotional programmes and marketing hubs to increase product demand and market access.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

81% readers found this article insightful

Next In Nation

Ismail Sabri: Mandatory screening required for all 1.7 million foreign workers in Malaysia
Ismail Sabri: Enhanced MCO to be enforced in two areas in Kulim and Tuaran on Friday (Nov 27)
QS Rankings: UM in Asia's top 10, other universities did well too
Penang govt still waiting for lab test results on oil spill incident at Paramount fishing area
Covid-19: Five new clusters, four new deaths
Covid-19: 970 new cases, four fatalities
Covid-19: Cases up by 970, bringing total to 59,817 (updated daily)
Teen rescued after jumping off bridge near KK
Human Resources Ministry: Employers entitled to Socso subsidies for foreign workers' Covid-19 tests
TI-M: Seven in 10 Malaysians see govt corruption as a 'big problem'

Stories You'll Enjoy