As a bloc, Tengku Zafrul noted that Asean is the fifth-largest economy in the world, with a middle class of roughly 350 million, representing US$300 billion of disposable income. — File picture by Miera ZulyanaKUALA LUMPUR, Oct 3 — Supporting Malaysia’s small and medium enterprises is vital as the global supply chains are shifting to Asean countries.
As a bloc, Tengku Zafrul noted that Asean is the fifth-largest economy in the world, with a middle class of roughly 350 million, representing US$300 billion of disposable income. “In short, our own SMEs’ survival in local supply chains could help them to capitalise on not only Asean’s growing middle class but also shifting supply chains to and FDI flowing into this region.
“Sudden shifts in market conditions, unforeseen disruptions, or internal struggles can push promising companies to the brink of failure and have far-reaching consequences for a production’s entire supply chain, encompassing suppliers, customers, employees and possibly the surrounding communities,” he said.
He said the scheme provides struggling SMEs with an opportunity to secure equity and debt financing, especially in cases where they encounter challenges obtaining funding from traditional banks or other financial institutions.
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