00:00Business groups are hoping Budget 2025 will deliver policies that help small and medium enterprises deal with rising business costs and an increasingly competitive marketplace.
00:14They said SMEs' profit margins have been impacted by the rising costs of production, wages and rent, as well as a significant labor shortage.
00:24SME Association of Malaysia Secretary-General Chin Chee Seong said businesses are hoping the government will raise the value of digitization grants on offer.
00:35Last year, the government provided a matching grant of 50% or up to RM5,000 for eligible micro, small and medium enterprises to help them adopt new technologies and improve business operations.
00:50Meanwhile, Small and Medium Enterprises Association President William Ng said many SME owners are unable to take risks, possibly due to a lack of high-value-added capabilities.
01:03Ng called for the government to help SMEs move up the value chain by offering more incentives for AI adoption and digitization in Budget 2025.
01:14He also proposed that SMEs planning to expand overseas be granted a double-tax deduction on expenditure of up to RM200,000 each.
