PETALING JAYA: There needs to be policies that support young entrepreneurs and startups to help them find breakthroughs in a competitive market, says Datuk IR Lawrence Low.
With Budget 2025 on the horizon, the MCA vice-president and economic and SMEs affairs committee chairman urged the government to address the concerns of domestic small and medium enterprises (SMEs).
“There is a lack of long-term policy stability that has forced SMEs to navigate frequent changes, increasing operational costs and complexity,” he stated.
Low made these remarks after officiating the launch of the Disruptive Entrepreneurship Strategy Open Course. The event was organised by the Top Entrepreneurs Alliance in collaboration with the MCA Economic and SMEs Committee, Central Global Group, EcoFirst Consolidated Bhd, and Qcue Sdn Bhd.
In this context, Low proposed several measures to create a more stable and supportive business climate, including ensuring policy stability and continuity.
Frequent policy changes make it difficult for businesses to plan long-term, undermining their confidence in investing and expanding, he noted.
He added that the government should establish a stable and predictable policy framework to provide consistent support and reduce administrative costs and uncertainties.
Regarding taxes, Low suggested implementing tax relief and incentives to ease financial burdens on SMEs and encourage innovation, especially for young entrepreneurs.
Additionally, he recommended simplifying tax and financing procedures, as SMEs often face complex processes and high costs in securing financing and managing taxes.
“The government should reduce bureaucratic hurdles by making it easier for businesses to access low-interest loans and financing options.
"This would help them address short-term cash flow issues and create favourable conditions for long-term growth," he said.
Among other proposals, Low suggested establishing a digital transformation fund to assist SMEs in upgrading their technologies, enhancing cybersecurity, and adopting advanced equipment.
This would help strengthen support for digital transformation and improve SMEs' competitiveness in the global digital economy, he added.
Low also mentioned that businesses undergoing digital transformation should receive tax concessions to accelerate progress.
He reaffirmed the committee's support for SME growth, helping them seize new opportunities both domestically and internationally, as part of contributing to the nation’s economic development.
