PETALING JAYA: The Prime Minister’s announcement on relief measures to ease cost pressures faced by micro, small, and medium enterprises (MSMEs) following the global energy crisis is timely, says Steven Sim (pic).
“The initiatives announced, namely RM5bil financing guarantees through the Government Guarantee Schemes for Business Loan (SJPP), flexibility in e-invoicing and targeted tax exemptions, are timely in ensuring business continuity and safeguarding employment,” the Entrepreneur Development and Cooperatives Minister said in a statement yesterday.
In this challenging period, he said that his ministry is also implementing the PowerUp 10K initiative, with a commitment to channel up to RM15bil in financing into the market.
He added that this initiative is targeting the scaling up of 10,000 MSME companies in line with the Madani government’s aspiration to empower the people’s economy.
“This effort aims to help MSMEs not only remain resilient but also continue to grow and seize business opportunities amid global geopolitical uncertainties and rising operating costs.”
He said that his ministry will continue to strengthen these efforts through the ABCD approach, namely productivity shift, reduced bureaucracy, access to capital and market accessibility.
He added that the ministry will also continue to work closely with stakeholders, particularly industry players and financial institutions, to ensure that all support is delivered swiftly, effectively and with a direct impact on entrepreneurs on the ground.
