Business boost for SME sector

Source from (The Sun Daily): http://www.thesundaily.my/news/505626

Published: October 03, 2012
Aaron Ngui
newsdesk@thesundaily.com

GEORGE TOWN (Oct 2, 2012): Small and medium entrepreneurs in Penang have welcomed the RM1 billion allocation under Budget 2013 tabled last week.

Penang Malay Chamber of Commerce (PMCC) president Rizal Faris Mohideen told theSun today the allocation was important as many of the chambers' members were in the SME sector.
He hoped the monies would be disbursed to applicants as soon as possible.
He also said the RM350 million allocated to the Business Venture Group Economic Fund (Tekun) was a shot in the arm for small businesses which required micro credit in view of slow economic growth.

He suggested that Tekun funds be distributed through the states' chambers of commerce as well as the various traders associations to ensure the funds reached the right target group.
Rizal Faris also welcomed the RM6 billion allocated for upgrading and maintaining schools, clinics, sports facilities and public housing under the Private Finance Initiative scheme.
He said these projects should be given to as many contractors as possible so that they may reap the economic benefits.

"The chamber hopes a large portion of the development funds can be channeled to Penang making it the country's second best economic generator," he said.
The state's Indian Chamber of Commerce and Industry (PICCI) president N. Vasantharajan, meanwhile, said the RM50 million allocated for training programmes would allow entrepreneurs to upgrade their skills, knowledge and technical know-how to make them more competitive in the industry.

He also said the RM3.7 billion allocated for vocational schools was timely as the country needed to produce skilled workers instead of relying on foreign labour.
"This will reduce our dependency on foreign labour and at the same time make our skilled workers more competitive," he said.