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Focus on automation, digitalisation would help support the recovery post pandemic — SAMENTA

Focus on automation, digitalisation would help support the recovery post pandemic — SAMENTA

12 Oct 2022

The overall liquidity to be injected as well as the focus on automation and digitalisation announced in Budget 2023 would help support the recovery post pandemic, Small & Medium Enterprises Association (SAMENTA) said.

However, its chairman Datuk William Ng said it would have been more effective to allow double deduction for investments into research and development (R&D), digitalisation, automation and environmental, social and corporate governance (ESG) compliance on top of financing facilities.

“Most small and medium enterprises (SMEs) are reluctant to invest substantially in plant and process upgrades due to the current political and economic uncertainty. As such, targeted financing facilities such as those announced will not make as much difference as a more complete package of budgetary intervention,” he said in a statement today.

Malaysian Institute of Accountants (MIA) president Datuk Bazlan Osman believes that it is critical to build the resilience and agility of SMEs to take advantage of the growth opportunities.

“The budget initiatives for micro, small and medium enterprises (MSMEs) will further stimulate their growth and create opportunities for our profession such as providing assurance and advisory services,” he said in a separate statement.

On women-oriented initiatives, its chief executive officer Dr Wan Ahmad Rudirman Wan Razak said it will help to address the talent shortage among professional accountants in public practice and in business.

“This budget provides several attractive incentives for attracting and retaining women talents, including professional women accountants,” he said.

In addition, MIA encourages companies and member firms to customise their workplace flexibility to better suit the needs of female professionals with family commitments and facilitate policies to encourage female employees to return to the workforce.

Source: Bernama