Miti proposes higher allocation for SMEs under Budget 2018

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KUALA LUMPUR: The Ministry of International Trade and Industry (Miti) has put in a proposal to the Finance Ministry (MoF), seeking an increase in allocation for small and medium and enterprises (SME) in the upcoming Budget 2018, in order to boost the adoption of Industry 4.0 among these small and mid capital organisations.

Speaking to reporters at a press conference held after a dialogue session organised by SME Corp, Deputy Minister of Miti Datuk Ahmad Maslan said with some 907,000 SMEs in the country the adoption of Industry 4.0 among them is still at mediocre levels.

He however declined to reveal the amount the ministry has sought for the purpose.

Under Budget 2017, the government had allocated RM5.87 billion for the development of SMEs.

Last year, SMEs contributed to about 36.6% to the country’s gross domestic product (GDP), which is expected to hit 41% by 2020.


Read the original story on: TheSunDaily.My