KUALA LUMPUR, Oct 9 — The initiatives under Budget 2024 should focus on strengthening the competitiveness of the manufacturing industry, especially for small and medium...
Soh said he hopes that the government will announce several market support initiatives in Budget 2024, including incentivising domestic SME firms to go global with continued support in terms of grants.
Without access to the global market, Soh said there is no chance for economies of scale and no hope for labour wage acceleration and extensive research and development , commercialisation and innovation.
“SMEs, in particular, need more assistance, and we call on the government to continue supporting SMEs by setting up an environmental, social and governance fund with an initial allocation of RM2 billion to assist them to kickstart their ESG journey,” he said. “The expanded R&D budget will be used especially to support the creation of new industries to catch up with the New Industrial Master Plan 2030.
“There should be double tax deductions for implementation of Lean management system, which is designed to assist companies to improve productivity, lower costs, enhance technical skills and improve the efficiency of work processes in readiness to bring industries to the next level of industrialisation,” he said.
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