Wan Junaidi: SMEs’ digital transformation will help cushion economic shocks
KUALA LUMPUR,. Small and medium enterprises’ (SMEs) digital transformation has been wisely and suitably accelerated in the midst of the COVID-19 pandemic, and the adoption of innovation and technology will help enhance SMEs’ resiliency against economic shocks.
Entrepreneur Development and Cooperatives Malaysia Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said digital transformation would bring positive correlation to SMEs’ productivity, inclusivity and sustainable business activities for this new normal.
“It will as well help find new customers beyond borders,” he said in his opening remarks at the virtual Asia-Pacific Economic Cooperation (APEC) SME Business Forum 2020 in Shenzhen, China, today.
Wan Junaidi also pointed out that the adoption of digitalisation had its own set of challenges.
“Digital-related issues, shortcomings and infrastructure gaps clearly need addressing by the APEC economies. These include security and privacy concerns, lack of expertise, talent and knowledge in digitalisation initiatives, limited budget, lack of access to connectivity and lack of coordinated digitalisation strategy,” he added.
Hence the importance of strengthening the APEC collaboration and cooperation to help SMEs overcome all the challenges during the COVID-19 crisis, he said.
“APEC economies and SMEs have to pivot, prioritise, and progress in order to navigate the region towards recovery along the path of strong, balanced, inclusive, sustainable, innovative and secure economic growth.
“The natural way forward is for APEC SMEs to accelerate the transformation of their business models and embrace digitalisation for the new normal,” he added.