SMEs see the Regional Comprehensive Economic Partnership as a bright spot as it addresses market access issues faced by the community, according to Small and Medium Enterprises Association , Central Region chairman Datuk William Ng.
When asked about heightened competition resulting from the free trade agreement, Ng stated that Malaysia’s SMEs are by and large ready to “take on the world”. As for the MyDigital and the Malaysia Digital Economy Blueprint , Ng commented that this is the first time in many years that the government has put a lot of emphasis on the SMEs’ service sector.
In respect of the RCEP and cybersecurity, Kaspersky’s Southeast Asia general manager, Yeo Siang Tiong, said a lot of the processes involved, such as trade financing and exchange of documents, could be done digitally. However, SMEs now understand that the government’s vaccine plan estimates at least 70-80% roll out by end-2021.
On the whole, the SMEs see sales and market access, cash flow and a higher operating cost as well as finding talent to be the key challenges in 2021.