KUALA LUMPUR: Micro-, small- and medium-scale enterprises (MSMEs) must adapt to the current market trends while shifting into digital transformation, says Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick.
He said this would allow MSMEs to stay ahead of competitors and improve Malaysia's position in the global value chain, which will lead to the long-term economic growth of the country.
He said efforts to digitalise SMSEs would expedite the adaptation of the latest technologies and encourage more use of digital platforms.
These efforts, Ewon said, were evident through various initiatives and programmes to improve digital competency among MSMEs.
"In the 2024 Budget, SME Corp Malaysia received an allocation of RM55 million for the SME Capacity and Capability Development programme.
"RM30 million was allocated for the Bumiputera Enterprise Enhancement Programme.
"These programmes aim to increase the capacity of MSMEs, including through technology advancement and digitisation," he said before launching the Enterprise 50 (E50) 2024 Award programme organised by SME Corp.
Present were his deputy Datuk R. Ramanan, the ministry's secretary-general Datuk Seri Suriani Ahmad, deputy secretary-general (policy and monitoring) Noor Afifah Abdul Razak, SME Corp chairman Tan Sri Bernard Dompok and chief executive officer Rizal Nainy.
The E50 Award, established in 1970 has attracted 2,225 participants and witnessed a winners' fraternity of 763 companies.
Bernard said that from the past E50 winners, a67 companies have been listed in the capital market, adding to the prestige of the award.
"The award has been successful in promoting and showcasing the most competitive and resilient MSMEs," he said during his opening remarks.
This year, companies need to submit their nominations online through the Sistem Bersepadu Penarafan dan Insentif (MyBPI) before the closing date of June 30.