Malaysia, Regional Comprehensive Economic Partnership, Small And Medium Enterprises, 15 Member Countries, International Trade And Industry Ministry (Miti), Mohamed Azmin Ali

Malaysia, Regional Comprehensive Economic Partnership

Azmin: Malaysia’s RCEP participation will help SMEs expand in global market

Azmin: Malaysia's RCEP participation will help SMEs expand in global market

27/7/2021 7:02:00 AM

Azmin: Malaysia 's RCEP participation will help SMEs expand in global market

PETALING JAYA: Malaysia ’s participation in the Regional Comprehensive Economic Partnership (RCEP) will increase the reach of small and medium enterprises (SMEs) to up to 2.2 billion people worldwide through its 15 member countries , says the International Trade and Industry Ministry (Miti).

He added that the recovery can be made through market opening, increased investment, increased trade facilitation and integration of SME industries into the regional value chain.“Along with the advancement of technology, many SMEs are starting to switch to digital platforms or better known as e-commerce," said Azmin.

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“More so with the volatile global economic environment following the pandemic. This situation is forcing entrepreneurs, especially micro SMEs, to do their businesses online," he added.Azmin said that such a transformation clearly proves that SMEs are able to expand business markets around the world.

He also said that due to Malaysia’s smaller market compared globally, the participation in the partnership will open more potential for SMEs to expand, even after the pandemic ends.“I am confident and believe that our local SMEs have already taken advantage of this technological facility," said Azmin.

“I also see many people promoting their businesses using Shopee, Lazada and various other digital platforms,” the minister said, adding that Miti and its agencies will continue to facilitate the SME sector," he addedRCEP is a comprehensive partnership to further increase trade and investment between 10 Asean countries and five other global economies: Australia, China, Japan, South Korea and New Zealand.

Read more: The Star »

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A bunch of BULLSHIT. When you've lost your CREDIBILITY completely as a MITI Minister what makes you think people will trust you. You must exercise your EXIT PLAN now. Let others to do the job. First expedite and solve Malaysia's Rising COVID Emergency Problems (RCEP). That will solve half the SMEs problem domestically.

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