Ahead of the presentation of Budget 2025 approaching, the Association of Malaysian Small and Medium Enterprises (SAMENTA) voiced their concern over rising costs and increasingly fierce competition among traders.
Although Malaysia's economy is seen to continue to grow, many traders from small and medium enterprises (SMEs) still face challenges that prevent them from reaping better profits.
Among the challenges faced by traders include such as production costs, high wages and rents, as well as labor shortages.
On 8 October last, Malaysian SMEs Association President Chin Chee Seong, called on the government to maintain fuel subsidies and increase digitization grants to help traders adapt to new technology.
He also suggested an increase in market development grants from the Malaysian Foreign Trade Development Corporation (Matrade) to help these small traders expand into the global market.
Meanwhile, SAMENTA's President, William Ng, stressed that the need for compliance with electronic invoicing and sustainability standards (ESG), is increasingly burdening traders.
He urged the government not to introduce new taxes and to give more support to the application of AI technology, innovation, in efforts to expand abroad.
Ng also proposed low-interest loans as well as increased funding for industrial training programs, to help traders remain competitive.
Both associations hope that Budget 2025 will provide the necessary assistance to ensure that SMEs remain sustainable and competitive in an increasingly challenging market.
