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SMEs will get more attention in Budget 2024, says deputy minister

Deputy finance minister II Sim Chee Keong said the SME sector was greatly affected by the Covid-19 pandemic.

KUALA LUMPUR: The finance ministry (MoF) will focus more on micro, small, and medium-sized enterprises in Budget 2024 so that they can compete and drive the country’s economic growth, says deputy finance minister II Sim Chee Keong.

Bernama reported Sim as saying that Budget 2024, to be tabled on Oct 13, would focus on the sector’s development and employment.

“This is because the sector is one of the economy’s main drivers with its growth rate and job opportunities. Apart from that, the sector has been the most affected, especially by the Covid-19 pandemic.

“We also want to help the sector improve the value chain (and) raise the ceiling so that our enterprises can compete, not only in Malaysia, but globally,” he said.

Meanwhile, Sim said the budget’s planning process this time round received the most responses from the public, involving a total of 8,000 face-to-face responses and 11,000 through the ministry’s portal.

“We want Budget 2024 to reflect the aspirations of all levels of society in Malaysia, regardless of race, religion, gender and state,” he said.