SHAH ALAM, May 21 — Small and medium enterprises (SMEs) must pursue technology adoption, innovation, and research and development (R&D) efforts to remain competitive amid growing global uncertainties, said Invest Selangor Bhd chief executive officer Dato’ Hasan Azhari Idris.
He added that SMEs must keep abreast of current developments and improve their capabilities to face intensifying challenges both locally and internationally.
“They need to be prepared, stay alert (for) current developments, improve their level of technology and innovation, and continuously strengthen their R&D.
“R&D should not only focus on product development, but also cover business operations and processes to help companies improve efficiency and competitiveness,” he told Media Selangor when met at the “Invest Selangor Update Series: Insights into the Latest Opportunities for SMEs & MTCs” event here yesterday.
Hasan said the initiative aims to help SMEs scale their businesses while raising awareness on various assistance and development programmes offered by the government.
“Many SMEs are still unaware of the support available to help them strengthen their business capabilities, including initiatives involving skills development, knowledge enhancement, market access and productivity improvement.
“Programmes such as the Invest Selangor Update Series expose entrepreneurs to current economic and business challenges while helping them identify solutions through support from relevant government agencies,” he said.
He also encouraged SMEs to focus on improving their business knowledge and skills, expanding their market access, increasing their productivity, and enhancing their product quality.
Meanwhile, Hasan said the upcoming Second Selangor Plan (RS-2) aims to ensure economic benefits are enjoyed by all, from large corporations and SMEs to ordinary citizens, including through the creation of more jobs.
“Job creation remains the key driver of inclusive economic growth, as increased investments and business activities would create wider economic spillover effects across multiple sectors.
“When there are more business activities and investments, demand for products, housing and various services will also increase,” he explained.
Hasan also encouraged SMEs to keep up to date with official announcements by Invest Selangor and other government agencies, as well as participate in development programmes and explore new markets and technologies, to strengthen their long-term growth potential.
