On April 12, 2023, a delegation led by Lim Le Kern, Chairman of the Young Entrepreneur Committee of the Malaysia-China Chamber of Commerce (MCCC YEC), was invited for a meeting with Deputy Minister of Finance, YB Steven Sim, to discuss young entrepreneurship, regional trade, and investment.

During the meeting, MCCC YEC shared feedback on the 2023 budget and exchanged views on how to further cultivate a business ecosystem conducive to the vibrant development of small and medium-sized enterprises (SMEs). In response to the suggestions from YB, MCCC YEC prepared a briefing summarizing four key recommendations for consideration by the Ministry of Finance and relevant departments.

Enhance transparency and efficiency of subsidies and incentives for high-growth industries – We strongly urge the government to take measures to improve the transparency and execution efficiency of subsidies and incentives for high-growth industries already identified. Increased transparency will help businesses better plan and utilize these measures, thereby promoting sustainable economic growth.

Support SME participation in RCEP and regional supply chains – We call on the government to actively consider supporting SMEs in fully utilizing the Regional Comprehensive Economic Partnership (RCEP) and participating in broader regional supply chains. This will help expand market share and enhance international competitiveness.

Strengthen inter-ministerial coordination to improve service and policy formulation efficiency – To more effectively support identified growth industries, we suggest the government enhance coordination among various ministries. Improving the efficiency of service delivery and policy formulation can better facilitate the development of these industries, leading to coordinated economic growth.

Enact the “Public Procurement Act” to support local production and manufacturing – We urge the government to promptly enact the “Public Procurement Act” to ensure that certain economic sectors prioritize the procurement of locally produced and manufactured products. This will contribute to supporting local industries, promoting sustainable economic development, and creating more job opportunities.