MSMEs to get more focus in Budget 2024, says Deptuy Finance Minister II

KUALA LUMPUR: The Finance Ministry will focus more on micro, small and medium enterprises (MSMEs) in Budget 2024 to empower the sector, so that it can compete in the new economy to drive the country’s economic growth.

Deputy Finance Minister II Steven Sim Chee Keong said Budget 2024, which will be tabled on Oct 13, will be based on the Madani framework, by focusing on the value of development and employment from the MSME sector.

"This is because MSMEs are one of the main drivers of the economy, with its growth rate and job opportunities. Apart from that, the sector is the most affected, especially during the Covid-19 pandemic.

"Therefore, we need to revive MSMEs, secondly, we also want to help the sector improve the value chain... raise the ceiling so that our MSME can compete, not only in Malaysia, but globally in the new economy, digital, artificial intelligence (AI) and green economy,” he said.

He said this when met by reporters, at the documentary screening and announcement of the beneficiaries of the archaeotourism network for the northern region, here Wednesday (Sept 27).

In the meantime, Sim said that the budget planning process this time received the most responses, involving a total of 8,000 face-to-face responses and 11,000 through the ministry’s portal.

"What we want is that this Budget 2024 can reflect the aspirations of all levels of society in Malaysia, regardless of race, religion, gender and state, and we did a tour to all states to get views from all parties,” he said. - Bernama