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Financial compensation for SMEs affected by postponements, cancellations of trade promotion events

The Malaysia External Trade Development Corporation (MATRADE) has offered financial compensation for small and medium enterprises (SMEs) affected by postponements or cancellations of trade promotion events due to the COVID-19 pandemic.

Chief executive officer Datuk Wan Latiff Wan Musa said the assistance is provided through the utilisation of Market Development Grant (MDG), which allows SMEs to claim for reimbursements of specific expenses incurred, such as non- refundable participation fees, airfares and accommodation, subject to the total of all three expense components did not exceed RM25,000 per event.

“The sudden cancellations or postponements of international trade events had caught many SMEs, mainly in the export sector in a financial quandary, after having paid in advance for their participation.”

“We hope that this temporary relief will help SMEs to help cushion the economic blow from the pandemic,” he said in a statement, today.

Wan Latiff said this compensation provided as a result of unforeseen disruption of trade promotion activities, will be for cancelled or postponed events from March 18, 2020 to Dec 31, 2020.

The reimbursements provided for this temporary relief will be funded via direct deductions from the total maximum MDG amount of RM300,000 allocated per company, he said.

He added that SMEs and present MDG recipients affected by COVID-19 disruption can start applying for this temporary relief from Aug 1, 2020.

— BERNAMA