The Asia-Pacific Economic Corporation (APEC) Small and Medium Enterprise (SME) Ministers and its representatives must work together to promote and encourage the transition of Micro, Small and Medium Enterprises (MSMEs) into the emerging digital economy, said The Minister of Entrepreneur Development and Cooperatives, Datuk Seri Dr. Wan Junaidi Tuanku Jaafar during the 26th APEC SME Ministerial Meeting today.
He said that going digital is not an option but a necessity for survival as many economies are providing tax relief, wage subsidies, interest rate reductions, soft loans, refinancing facilities as well as subsidies to help sustain businesses through the Covid-19 crisis.
“In the new normal, MSMEs are inevitably pushed into an accelerated state of digitalisation.
“Businesses can no longer rely on brick-and-mortar stores but instead must start leveraging on e-commerce platforms.
“Businesses must pivot to adapt to digitalisation, innovation and technology to remain resilient,” said Wan Junaidi in his opening remarks.
Under the theme, ‘Navigating the New Normal: Restarting and Reviving MSMEs through Digitalisation, Innovation and Technology’, the participating economies in 26th APEC SMEMM discussed and shared their best practices in mitigating the impact of the pandemic Covid-19 among MSMEs and initiatives on digitalizing MSMEs for an inclusive and sustainable new normal.