YB Datuk Ewon Benedick, Minister of Entrepreneur and Cooperatives Development (MECD), today launched the 2023 edition of the Platinum Business Awards (PBA 2023), hosted by the SME Association of Malaysia to bring recognition to deserving entrepreneurs that have worked hard to bring pride to our country.
Themed “Innovation, Transformation, and Internationalisation”, Datuk Ada Poon, National Vice President of SME Malaysia cum Organising Chairlady of PBA 2023 said that the awards will put its focus on highlighting the capabilities of companies to creatively adapt their businesses to difficult situations, transform themselves in the face of new challenges, and collaborate with foreign partners to stimulate economic growth for the country.
This year, aside from local SMEs, SME Malaysia is opening up its awards beyond national borders to foster better economic relations with other countries.
Having organized the awards for more than 20 years, the SME Association of Malaysia is dedicated to not only spotlighting outstanding businesses but also being a leader to address the problems faced in the industry as a whole.
National President of SME Malaysia Ding Hong Sing mentioned in his speech that SMEs in Malaysia lack funding for automation and digitalization to increase output and exports.
He claimed that “Automated production lines and machinery are expensive and funding grants are still not enough, given the number of SMEs in Malaysia.”
In this regard, the National President has asked the government to consider increasing the funding to RM2 billion to help SMEs upgrade their facilities.
Apart from that, he brought to light the complexity of loan application procedures and urges local banks to simplify their protocols to allow for a quicker process of disbursing loans.
Ding also said SME Malaysia is working with government ministries and stakeholders to produce SME-focused ESG guidelines, frameworks for local SMEs, and practical timelines for ESG adoption.
Nominations are open from now until 15 August 2023, visit https://smemalaysia.org/pba for more information.