Local small and medium enterprises (SMEs) will be able to contribute at least 37 per cent to the nation's gross domestic product (GDP) this year.
SME Association of Malaysia President, Datuk Kang Hua Keong, said this could be achieved if they capitalised on development projects, such as the China's Belt and Road (B&R) initiative and digital economy in the country.
He said local SMEs contributed 35.9 per cent of the country's GDP in 2015, and he was confident this would be higher for 2016.
Kang said the B&R had identified 65 nations to connect with China and the SMEs should grab the investment opportunities in the international market.
"Since the implementation of the B&R initiative in 2015, China has been seeing Malaysia as a gateway into Association of South-East Asian Nations and Middle Eastern markets," he told Bernama on the sidelines of the Malaysian Economic Outlook Forum 2017 recently.
He said the SMEs would also benefit from the spillover effects from the B&R innitiative, such as the East Coast Railway project.
"Since Prime Minister Datuk Seri Najib Tun Razak's official visit to China last year, China had agreed to source raw materials locally on the projects secured in Malaysia," he said.
Hence, he said, the move was one of the ways to enhance local consumption and boost SMEs' contributions to GDP growth.
He said the government's aspiration to boost digital economy in the country would certainly support the local businessmen.
"Founder/Executive Chairman of China's Alibaba Group, Jack Ma, is expected to arrive in Malaysia soon to launch the Digital Free-Trade Zone.
"There will be a lot of e-commerce-related business activities and the SMEs should embrace that and take it as a stepping stone to penetrate international market," he said.
Currently, he said, only 20 per cent of the SME Association's 10,000 members
were adopting e-commerce.
"With all the facilities and opportunities provided here, we hope to see more embrace online business platfrom jump to 30 per cent this year.
"This would help increase SMEs' export contribution to 18.5 per cent this year," he said.
The SMEs accounted for 98.5 per cent of the business entities in Malaysia and contributed 17.8 per cent of the nation's total exports worth RM779.95 billion in 2016.
On the Trans-Pacific Partnership Agreement (TPPA) following the US withdrawal, Kang said, the impact would be minimal as 85 per cent of the SMEs were involved in local businesses.
"Without the TPPA, they can still tap into other huge markets such as Asean, China and India," he said.
For example, he said, as Malaysia was renowned for the halal industry, local entrepreneurs could expand the halal business into India with its 280 million Muslim population.
On the impact of the US Federal Reserve's (Fed) interest rate that the investors had anticipated to be raised at least three times within this year, Kang said, it would be offset by the efforts made by the government.
"Global markets, including Malaysia, which is an export-oriented country, would be inevitably affected by the Fed rate decision.
"However, efforts made by the government, such as emphasising on digital economy, and implementing policies to require foreign investors to source local raw materials, would offset the negative impact from the US interest rate increase," he said.
-- BERNAMA
Bernama
Fri Mar 17 2017
The government's aspiration to boost digital economy in the country would certainly support the local businessmen.
WEF: Anwar jumpa 50 pemimpin industri & perniagaan, yakin pelabur bernilai tinggi pilih Malaysia
Datuk Seri Anwar Ibrahim menzahirkan keyakinan lebih banyak pelabur bernilai tinggi akan memilih Malaysia sebagai destinasi pelaburan mengikut jejak langkah syarikat-syarikat gergasi seperti Tesla, AWS, Infineon dan Nvidia.
AWANI Ringkas: Ikut jejak syarikat gergasi lain
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
Bursa Malaysia dibuka tinggi seiring prestasi Wall Street
Bursa Malaysia dibuka rendah pada Isnin, mengambil petunjuk pasaran serantau dan kenaikan di Wall Street pada hari Jumaat.
Kementerian Perpaduan kaji keperluan pelan tindakan pendidikan & penghargaan Rukun Negara
Kementerian Perpaduan Negara melalui Jabatan Perpaduan dan Integrasi Nasional akan mengkaji keperluan untuk melancarkan Pelan Tindakan Pendidikan & Penghargaan Rukun Negara sejajar dengan Dasar Perpaduan Negara 2021-2030.
Akta pekerjaan bagi lindungi pekerja OKU/Autistik diperlukan
Beatrice yang juga merupakan individu autistik berkata, bagi mengadakan akta atau menggubal dasar berkaitan, kerajaan perlu libatkan lebih banyak golongan autistik sebagai pemegang taruh utama.
Mesyuarat FOMC: The Fed dijangka kekalkan kadar faedah Mei 2024
Ketua Ekonomi Bank Muamalat Malaysia Bhd, Dr Mohd Afzanizam Abdul Rashid berkata, ia selepas unjuran awal beberapa pakar ekonomi melihat The Fed masih belum cukup yakin dengan usaha menurunkan kadar inflasi di negara itu.
Apple perkenal HomePod, HomePod Mini di Malaysia, harga bermula RM529
Kedua-duanya akan mula dijual 10 Mei 2024 untuk pasaran tempatan.
[TERKINI] Chegu Bard didakwa keluar kenyataan fitnah, menghasut
Ahli Jawatankuasa Penerangan Bersatu Badrul Hisham Shaharin atau dikenali ramai dengan nama panggilan Chegu Bard didakwa di Mahkamah Sesyen di sini hari ini atas dua pertuduhan menghasut dan mengeluarkan kenyataan fitnah yang akan merosakkan nama baik Yang di-Pertuan Agong Sultan Ibrahim.
WEF: TotalEnergies setuju tingkat pelaburan di Malaysia - PM
TotalEnergies menyatakan komitmen dan bersetuju untuk mempertingkatkan pelaburan dalam sektor huluan minyak dan gas serta terus meneroka peluang dalam bidang penyimpanan karbon di Malaysia.
Kanak-kanak Malaysia tidak cukup belajar di sekolah - Laporan Bank Dunia
Laporan baharu Bank Dunia bertajuk “Bending Bamboo Shoots: Strengthening Foundation Skills" memberi gambaran membimbangkan tentang sistem pendidikan Malaysia.
KDNK China meningkat 5.3 peratus pada suku pertama 2024
Ekonomi China berkembang lebih kukuh daripada jangkaan pada awal tahun ini, sebahagian besarnya disebabkan oleh aktiviti kilang yang teguh.
Rusia kembali tersenarai 10 ekonomi terbesar dunia
Rusia kembali tersenarai dalam sepuluh ekonomi terbesar dunia dengan menduduki tempat kelapan buat kali pertama sejak 2014.
Ekonomi Malaysia catat pertumbuhan KDNK 5 peratus suku pertama 2022
Pertumbuhan ini disokong terutamanya oleh permintaan dalam negeri yang bertambah baik.
Konflik Myanmar: PBB beri amaran 'perang saudara skala penuh' boleh tercetus
Pertempuran di antara tentera dan pasukan pertahanan tempatan yang berterusan akan menyebabkan rakyat dalam ketakutan dan menderita, serta tidak mempunyai kebebasan untuk bersuara.
Norma baharu warga Malaysia di Jepun
Penulis berkongsi kisah pahit manis mengharungi pandemik ketika berjauhan daripada ibu bapa, sanak saudara, sahabat dan rakan taulan di tanah air.
Perisian tidak sah: Gayatri seru kerajaan cari strategi kukuh bantu industri perfileman
Menurut Gayatri, pihaknya cukup terasa dengan impak cetak rompak kerana tidak banyak saluran di Malaysia yang boleh menjual produk mereka.
Pharmaniaga siap siaga edar vaksin COVID-19
Pharmaniaga Berhad (Pharmaniaga) telah menubuhkan pasukan petugas dan bersedia mengedarkan vaksin COVID-19 ke seluruh negara yang dijangka boleh didapati pada suku pertama tahun depan.
Pakej rangsangan pandemik dunia mampu pulihkan perubahan iklim
Dunia akan kembali ke landasan betul dalam hal memulihkan isu perubahan iklim dengan melaburkan satu per 10 daripada 12 trilion dolar pakej rangsangan untuk pandemik.
PKP: Sektor berasaskan penggunaan, jalinan ekonomi harus diberi keutamaan
Dua aspek tersebut meliputi sektor utama berasaskan penggunaan dan jalinan ekonomi.
Beware of the Fitch rating that can hurl Malaysia into a ditch
Credit rating agencies cannot be trusted, as the key navigator to steer the macro or micro economy of Malaysia, says Dr Rais.