The Budget continues to empower our SMEs and for the first time ever, they receive a big boost of RM23.7 billion in terms of government allocation, grants, soft loans and guarantees. These initiatives are vital in building the capabilities of our SMEs to ensure they remain competitive in meeting the economic challenges of today and tomorrow, said Minister of International Trade and Industry Datuk Seri Mustapa Mohamed.
“In addition to these said allocations, the RM1 billion provided by major institutional investors and the tax incentive for investment in venture capital will stimulate entrepreneurship and promote the growth of start-ups and innovation in our economy.”
The Malaysian Institute of Accountants (MIA) welcomes the numerous programmes and incentives focused on the development of micro entrepreneurs, at the recent announcement of the Budget 2018.
The programmes include an allocation of RM500 million to Tabung Ekonomi Kumpulan Usahawan Niaga (TEKUN) and RM80 million to the Skim Pembiayaan Ekonomi Desa (SPED).
Lazada Malaysia applauds the government’s continuous efforts in improving Malaysia’s eCommerce industry, especially with the allocation of RM 83.5 million ringgit for the first phase of the Digital Free Trade Zone (DFTZ) at KLIA. This is expected to further spur the growth of local Small and Medium Enterprises (SMEs) and attract investments worth up to RM 700 million.
Instructure welcomed the Government’s view that this year’s budget is “the Mother of all Budgets” that complements the nation’s 11th Malaysia Plan with TN50 (Transformasi Nasional 2050) to become one of the top global 20 nations in economic development, social advancement and innovation.
“The 2018 National Budget sets the stage for Malaysia to continue its aspirations of a knowledge-based, high-income nation by 2020, to one of the world’s top 20 performing nations by 2050. We laud the government’s practical allocation especially in the areas of advancing education standards through Science, Technology, Engineering, and Mathematics (STEM), spurred by its TN50 aspirations. We look forward to a vibrant and dynamic education ecosystem, with technology as its catalyst,” said Troy Martin, Vice President, APAC for Canvas, Instructure.
Malaysia, like the rest of the world, is on the brink of the fourth industrial revolution and digital economy era.
“With the announcements made in the Malaysia Budget 2018, we see an increased emphasis on preparing the nation to become a fully-developed digital economy through targeted initiatives such as the Malaysian Digital Policy,” said Tervinderjit (TJ) Singh, Research Vice President at Gartner.
Standing at RM280.25billion and being the final one to be tabled before the next general election, Budget 2018 is predictably a rakyat-friendly one.
“We are pleased to see the latest budget demonstrated the Government’s desire to improve the standard of living and well-being of the people, but remain focused on exercising fiscal discipline to accelerate the nation’s economic direction and providing positive implications to the capital market,” said Hanifah Hashim, Chief Executive Officer of Franklin Templeton GSC Malaysia.
Malaysia’s Budget 2018 introduced a series of exciting initiatives that will definitely bring further growth to Malaysia’s economy.
“We are encouraged by the RM83.5 million allocated in the budget for the first phase of the Digital Free Trade Zone (DFTZ) that is expected to further boost the growth of local small and medium enterprises (SMEs). This serves as a great opportunity for SMEs to expand abroad and tap into regional markets in addition to creating strategic partnerships with key organisations such as international trade facilitators,“ said Christopher Ong, Managing Director, DHL Express Malaysia & Brunei.
Malaysia’s Budget 2018 is a step in the right direction for the nation’s digital journey thanks to the great emphasis on efforts to digitise the manufacturing sector. This marks the country’s pivotal shift from a labour-driven economy to a more knowledge-driven society. The rise of the fourth Industrial revolution (Industry 4.0) is definitely upon us.
“With the measures under Budget 2018, Cisco believes that Malaysian manufacturers will be better positioned to capitalise on the upcoming opportunities brought upon by digitisation. In its nascent stage, the combination of tax reliefs and grant allocation Smart Manufacturing facilities will incentivise more manufacturers to adopt new technologies such as automation, Big Data Analytics and robotics,” Albert Chai, Managing Director, Cisco Malaysia.
Budget 2018 reflects the Government’s sensitivity towards the Rakyat, through caring yet practical policies, particularly for the B40 and M40.
Tengku Datuk Seri Zafrul Aziz, Group Chief Executive, CIMB Group notes that focus on bread-and-butter issues, like reducing income tax for the lower income group, increasing assistance for basic food and transportation items and providing more allocation for affordable homes will go a long way towards ensuring the Rakyat’s short- and long-term interests.
Malaysia's 2018 budget reflects the Government's focus on innovation, digitization, smart manufacturing and propelling the nation towards becoming a key player in The Fourth Industrial Revolution, said Nick Lim, Vice President, ASEAN and Greater China, CA Technologies.
“We are excited about the proposed measures that translate to greater opportunities for Malaysian businesses and organizations to help evolve and navigate the digital economy.”