As the year 2023 slowly winds down, SME CEO Forum 2023 concluded its final sessions with the tagline Empowering Small Business for Growth.
The forum brought together powerful and influential 19-person speakers and panellists to address strings of issues and challenges that Malaysian small and medium enterprises or SMEs are facing today.
The speakers and panellists took turns to address the pain points of SMEs and the challenges holding them back, including issues such as supply chain, technology and digitalisation, financing and sustainability.
SME Corp CEO, Rizal Nainy took the opportunity to officiate the opening ceremony of the SME CEO Forum 2023, alongside Datuk William Ng, managing director of Business Media International and national president of SAMENTA.
During his opening note, Rizal said, “One of the reasons our SMEs did not get far internationally is because in terms of exports is still relatively low in comparison to the multinational market. We can only manage about 10.5% in 2022.”
“So, there is a big gap for us to improve in terms of exports for SMEs. That is one of the gaps or challenges that SMEs are facing in the world. That’s why in Malaysia, it’s about how to internationalise our SMEs,” he added.
In his welcoming note, Ng remarked, “The biggest challenge of SMEs is to increase the margin and make everything better with our business.”
Later, Senator Saraswathy Kandasami, deputy minister of entrepreneurship and cooperatives development gave out MoUs and certificates to SAMENTA new committee members and strategic partners, as well as to existing SAMENTA general committee and regional exco members.
There were three sessions held throughout the day, but the highlight of the SME CEO Forum 2023 was the Leaders’ Dialogue. The session was moderated by Ng alongside a powerful panelist featuring Wan Ahmad Fayhsal Wan Ahmad Kamal who is the Member of Parliament of Machang, Dr Nungsari Ahmad Radhi who is the advisor to the finance minister and Prof Geoffrey Williams who is the Provost of Malaysia, University of Science and Technology.
The three-men panelist gave their insights on issues and challenges that the SMEs are facing in terms of execution, balanceship and compatibility, especially for the smaller or micro-SMEs and that the government need to explain more on both the delivery and execution of the policies.
One of the notable matters raised by Ahmad Fayhsal is that after the 2024 budget was announced the SMEs would be receiving the much-needed help and benefit. However, though the government has good intentions, they still need to listen more to the SMEs on what the SMEs want and not tell them what they are to do. It’s more on check and balance.”
Dr Nungsari gave his input on how SMEs have been suffering because though the policy has been consistent in terms of funding, the directions have not been not so clear. He also added that SMEs need to internationalise the market in order to grow even further. Currently, most SMEs only concentrate on local markets and nearby regions only.
The first forum topic concluded in the note that digitalisation is all about sales, and how to use it to improve business while going even further. The session also emphasised that digitalisation is a sharing journey, articulating how success should look like and what entrepreneurs want for their businesses.
The second topic focuses on “Are you ready for ESG.” Environmental, social, and governance or ESG investing refers to a set of standards for a company’s behaviour used by socially conscious investors to screen potential investments.
The panel members talk about implementing and embarking on ESG. They also agreed that though it would cost a lot of money, ESG is definitely important, essential and mandatory as it can prove to the international market that SMEs are compliant and capable of doing business.
The final session covers the topic “Road to IPO.” An initial public offering or IPO refers to the process of offering shares of a private corporation to the public in a new stock issuance for the first time. Here, the panellist spoke on the reason for going IPO, the challenge of IPO and what are the benefits of IPO.
One of the speakers said, “IPO is not easy but if we have the right people and advice while going through the challenges, we will definitely overcome. My company did. The whole journey itself is rewarding. Branding yourself is very important.”
The forum also have government bodies such as MATRADE, SME Corp, MPC, MYNIC and MIDA briefing the audience on the government assistance and programmes readily available for SMEs.
The SME CEO Forum 2022 is supported by Bakertilly Malaysia, Malaysia External Trade Development Corporation (Matrade), Malaysia Productivity Corporation (MPC), Second CRM, Trinity 42, Federation of Public Listed Companies (FPLC), Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry (KLSICCI), Malaysia Digital Chamber of Commerce (MDCC), Malaysia Budget Hotel Association (Mybha), Malaysian Interior Industry Partners Association (MiiP), Malaysian Institute of Management (MiM) and The Electrical and Electronics Association of Malaysia (TEEAM).
The event’s sponsors included Affin Bank, Siemens, MBSB Bank, Tokio Marine Insurance Group and Awantec.
Business Media International is a subsidiary of SGX-listed Audience Analytics Ltd, a regional leader in promoting growth for companies in Asia through data-driven brands and initiatives.
