MCA hopes budget review will prioritise SME sector

 

MCA president Wee Ka Siong is hoping that the 2023 budget review will give priority to small and medium enterprises (SME) to assist the sector and the entrepreneurs involved, to restore their economic status.

The former transport minister said the SME sector was important because it contributes tremendously to the job market, providing for almost 65 percent of the workforce in the country, but there are businesses that have yet to recover from the Covid-19 pandemic.

The SME sector contributes 38.3 percent to Malaysia’s gross domestic product (GDP) and provides employment for over seven million people.

Wee (above) hoped the government can look at ways to assist the SME sector in line with the country’s efforts to revive the economy after the pandemic.

“The nationwide movement control order (MCO) to curb the spread of the pandemic resulted in a decline of all Malaysia’s economic sectors.

“The business sector, including SMEs, faces a severe challenge due to the new policies and amendments to the Employment Act. The sector is also facing a shortage of workers and it is one area that needs quick remedial action so that SMEs can continue to survive.

“MCA has also prepared a memorandum to be handed to the government next week and that includes proposals for the revival of the SME sector,” he told reporters after attending a Chinese New Year Open House organised by the Tanjung Piai Parliamentary Constituency at Dewan Tunku Ibrahim Ismail, Pekan Nanas.

Wee added that business owners and entrepreneurs are eagerly waiting for the government’s reaction and assistance towards the business sector’s revival after the 15th general election and these sectors will welcome any form of assistance and support from the government.

Apart from the business sector, Wee said the memorandum also contained proposals concerning the welfare of the people.

It is hoped that many issues would be discussed in detail during the Parliament session which starts on Feb 13, he added.

“I also urge the government to also look at the shortage of eggs and overcome the problem since the fasting month is around the corner, followed by Hari Raya Aidilfitri,” he said.

On Jan 24, Wee was reported as saying that a memorandum related the 2023 budget would be handed to the prime minister, with the main subject matters being the economy, SMEs, and education.

- Bernama