The government has taken various proactive measures since last year to boost the micro, small and medium enterprise (MSME) sector and revitalise the domestic market, in line with efforts to strengthen the business digitalisation agenda.
Former premier Tan Sri Muhyiddin Yassin said various forms of assistance have been channelled to MSMEs via economic stimulus packages, including the Prihatin Special Grant, SME Financing Scheme and special micro-credit loans to help entrepreneurs remain competitive in embracing digital transformation.
He noted that the onslaught of the Covid-19 pandemic since last year had a massive impact on the nation’s economy, particularly in terms of business sustainability.
At the same time, it had also encouraged local merchants and entrepreneurs to be more creative and make changes by switching to online business platforms to boost their sales of products or services.
“I understand that within a month after the Movement Control Order (MCO) came into force on March 18 last year, online business activities had increased by 28.9%.
“Bank Negara Malaysia’s report revealed that e-wallet transactions in 2020 surged by 131% to 600 million transactions,” he said when officiating the Business Digitisation Seminar on Sunday (Oct 31).
In his speech, Muhyiddin highlighted that on Feb 19 this year, the government had also launched MyDigital, encompassing the Malaysian Digital Economy Blueprint, a roadmap for digital transformation that could enable the business sector to compete on the global stage.
“Under the MyDigital initiative, the government has set a target to empower every Malaysian by increasing their digital literacy level, which will improve their lives in every aspect.
“This includes creating high-income employment opportunities in the digital economy, facilitating cashless banking and finance, as well as providing access to virtual education and medical facilities even in remote towns,” he said.
In an effort to boost innovation and create an effective digital ecosystem, Muhyiddin, who is also the Chairman of the National Rehabilitation Council, said the government, in collaboration with the private sector, would set up four important digital infrastructures to strengthen connectivity, which is crucial for digital economy.
At the same time, entrepreneurs are also urged to always be aware of and to seize opportunities emerging from new technologies and business models that now dominate the world economy, including in Malaysia, he added.
- The Edge Markets