Call for SMEs to explore options for higher productivity, lower costs
Posted on : 23 May 2018  Source of News: The Borneo Post

SIBU: Local small and medium enterprises (SMEs) were urged to explore options that will drive productivity and reduce their operational costs in orer to be competitive.

This was mentioned by Sarawak Minister of International Trade and eCommerce YB Dato Sri Wong Soon Koh who said SMEs are the backbone of the country’s economy, accounting for 97 per cent of businesses in Malaysia.

“The onus is on the SMEs to embrace digitisation and ecommerce. You can unlock more business opportunities through those assets in the digital world,” he said at the opening of the inaugural Malaysian Entrepreneurs Festival (TMEF) held in Sibu on May 22.

According to him, since 2000 when the Internet became widespread, people had become more connected via digital technology.

“Software usage has grown fast and today we have software as a service where one can use it for applications,” said YB Dato Sri Wong who is also Sarawak's Second Finance Minister.

“It is thus essential for the SMEs to digitise their businesses, embrace the IoT (Internet of Things), use social media to position their businesses, e-commerce to sell, online banking or system to deliver transactions," the minister said on digital technology which connects the world and affects the ways how businesses operate nowadays.

He added the digital economy and ecommerce are also the two main focus of Sarawak government to spearhead its economy and to provide opportunities for the people to improve their entrepreneurship and standard of living.

The minister pointed out the SME industries in Sarawak is also playing a significant role in the economic development that contributes significantly to the socio-economic development of the people through the creation of jobs.

“On top of that, Sarawak SMEs which comprise the highest percentage of business entrepreneurs and are at the top in terms of numbers, are important contributors in driving the state’s economic growth,” he added.