SHAH ALAM - Small and medium-sized enterprises (SMEs) will be a major focus of Budget 2024, according to Deputy Finance Minister II Steven Sim Chee Keong.
He said that the budget will be guided by the Madani framework, which aims to create a just, compassionate, and sustainable society for all Malaysians.
SMEs are essential to achieving this goal, as they are major drivers of economic growth and job creation.
"We want to see how to empower SMEs because they are one of the main drivers of the economy growth and employment rate in Malaysia," Sim told the media at a screening of Think City documentaries at Dadi Cinema, Pavilion Kuala Lumpur today.
Sim also noted that SMEs were among the hardest-hit industries during the Covid-19 pandemic.
He said that Budget 2024 will focus on rebuilding the SME sector and helping SMEs move up the value chain to compete globally.
"SMEs are most affected especially during the pandemic.
"So we have to rebuild our SME, we also have to help them to move up the value chain so that we can compete not only in Malaysia but globally," he added.
Budget 2024 is expected to be tabled in Parliament on Oct 13.
It is expected to focus on the welfare of the people, the extension and improvement of aid and assistance programmes, and the development of the country's infrastructure.