17th September 2021,
MICRO and informal enterprises had been severely impacted by the various series of Movement Control Orders (MCOs) as their products and services are considered non-essential and not having enough savings and strong cashflow, according to a survey conducted by the Entrepreneur Development and Cooperative Ministry.
Domestic Trade and Consumer Affairs (KPDNHEP) Minister Datuk Seri Alexander Nanta Linggi (picture) said despite the number of financial assistance from the government such as Perlindungan Rakyat and Pemulihan Ekonomi or Pemulih, which have been handed out to help individuals and businesses during the Covid-19 crisis, the pandemic has deeply wounded everyone economically and otherwise.
“Stores, factories and many other businesses had been forced to close by virtue of policy mandate, downward demand shifts, health concerns, or other factors.
“Many of these closures may be permanent because of the inability of business owners to pay ongoing expenses and survive the ongoing lockdown; this impact is even severe for small businesses,” he said yesterday at the launch of MyInspirasi for Keluarga Malaysia (MIKM) and Keluarga Malaysia Grand Networking by International Entrepreneur Network (IEN).
The aforementioned survey was conducted from Feb 15 to March 5, 2021 involving 3,855 entrepreneurs nationwide to study the impact of the MCO on business owners. He said the severe impact on micro and informal enterprises is alarming as they are the most common type of businesses in Malaysia.
“Hence, it is almost unimaginable how much these business owners have had to endure during difficult times like this.
“Therefore, to help them navigate through these challenges, IEN has taken the initiative to celebrate Malaysia Day with this MIKM programme where over 150 entrepreneurs are sharing their messages of aspirations and inspirations for our beloved country to bring our nation to greater heights,” he said.
The launch was a collaboration between IEN and Yayasan Wholistic Family Association (WFA), Asean Chambers of Commerce Industries, d’Tandoor Group of Cos, Messrs Esther Ong Tengku Saiful & Sree and Nerv Global.
Nanta Linggi was confident that the event could be beneficial to business owners by connecting them with fellow entrepreneurs and helping them to create business, opportunities and collaborations.
“One of KPDNHEP’s functions is to develop business opportunities and the socio-economic standing of Malaysians through the profiles of wholesalers and retailers, franchise, direct-selling, hawkers and petty traders as well as downstream sectors of petroleum.
“For that reason, I encourage Malaysian entrepreneurs to look beyond and expand as well as scale up their businesses by stepping out to start franchising locally and maybe even globally,” he said.
He added that the country has its own cuisines which carry huge potential for extension in the franchise industry.
“Whatever your products or services are, this is the time to benefit from the platforms and assistance provided, such as from IEN, to learn and equip yourself with knowledge and rise above all challenges and go beyond our shores, and conquer the world to make our Keluarga Malaysia proud.
“Not only that, I am certain that the initiatives taken by IEN and WFA will create a significant springboard for business collaborations and accelerate the recovery process for many businesses,” he said.
Source: The Malaysian Reserve
Full Article: https://themalaysianreserve.com/2021/09/17/micro-informal-enterprises-severely-affected-by-mcos-despite-assistance/