PETALING JAYA: Maybank group president and CEO Datuk Abdul Farid Alias lauded the government’s efforts to maintain fiscal discipline in Budget 2020.
“It is important to do this during the times when we can do so, so in the times when we do not have much choice we will still have other tools at our disposal,” he said in a statement.
He noted that the enhancements and additions to funding schemes by the government and development financial institutions to complement banking industry financing for SMEs and entrepreneurs are positive and will further enhance the growth of these sectors.
“We believe the SME sector is underrepresented in our economy and this initiative can help the sector to expand further.”
Abdul Farid said there is an array of customised incentives targeted to stimulate investments and develop enabling infrastructure for 5G technology and Industry 4.0, which shows the government’s commitment in accelerating economic growth to be supported by the growth in digital economy.
“There is also an initiative to encourage the SME sector to digitise their operations. Perhaps what we can add in this area is an effort to re-skill the work force, and to curate an environment where an evolution towards digital immersion will not just be allowed but encouraged.”
Speaking of the spirit of shared prosperity, he said the immediate needs of the B40 segments need to be supplemented, while the medium-term initiatives are being executed.
“These range from immediate measures to address income and cost of living issues for the B40 and vulnerable groups, to longer term initiatives such as improvement in social safety nets, job creation as well as investment for human capital development, particularly to address high youth unemployment and low female participation in the labour force.”