Innovation, sustainability principles crucial for MSMEs


THE government has outlined two main focus areas to catalyse the recovery of the micro, small and medium enterprises (MSMEs) includes innovation, digitalisation and use of technology as well as inculcate sustainability principles comprising environment, social and governance (ESG) over the long term.

Prime Minister Datuk Seri Ismail Sabri Yaakob said various activities via e-commerce, including digital payments, distance learning, video conferencing and logistics services, have become common in today’s economy due to the increasing necessity and opportunities.

“These are among the efforts that allow MSMEs to get accustomed to the competition in the Industrial Revolution 4.0 era. MSMEs’ online presence has doubled from 35.3% in 2019 (pre-Covid) to 75.8% in 2021 (post-Covid).

“MSMEs should focus on cost reduction and increased productivity through energy efficiency, principles of circular economy, practice good workforce payroll as well as strong company’s governance structure to meet sustainability goals sustainability,” he said during the launch of the Small and Medium Industries Development Expo (SMIDEX) 2021 today.

SMIDEX 2021, organised by SME Corporation Malaysia is aimed at providing strong support to entrepreneurs and SMEs across the country to bounce back in restarting and continuing their businesses post-Covid-19.