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‘ Going digital is necessary for small businesses to survive ’: Minister
Member economies of the Asia-Pacific Economic Corporation ( APEC ) must work together to promote and encourage the transition of the region ’ s micro , small and medium enterprises ( MSMEs ) to the emerging digital economy .
That was the message from Malaysia ’ s Minister of Entrepreneur Development and Cooperatives , Dato Sri Dr Haji Wan Junaidi Bin Tuanku Jaafar , who said that ‘ going digital is not an option , it has to be done . It is a necessity to survive ’ in his opening remarks of the APEC 26th Small and Medium Enterprises Ministerial Meeting , held virtually .
APEC ministers in charge of small and medium enterprise policy exchanged views to address the severe economic impact of the pandemic to MSMEs and detailed steps to build a more resilient , inclusive and sustainable environment for the sector .
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IN THE NEW
NORMAL , BUSINESSES MUST PIVOT THEIR STRATEGIES AND BUSINESS MODELS TO ADAPT TO THE DIGITAL ECONOMY AND INCORPORATE INNOVATION AND TECHNOLOGY IN ORDER TO REMAIN RESILIENT .
MSMEs play a significant role in the region ’ s economic growth , contributing around 40 to 60 % to the growth domestic products of most APEC economies . As a response to the pandemic , APEC members have been providing support measures for the sector ranging from tax reliefs , wage subsidies , interest rates reduction , soft loans and refinancing , so that business owners and managers can sustain their operations and continue to contribute to the global economy .
“ In the new normal , businesses must pivot their strategies and business models to adapt to the digital economy and incorporate innovation and technology in order to remain resilient ,” he added . “ Besides all the fiscal stimulus , it is equally imperative to support MSMEs to go digital while helping them to adjust and overcome the challenges .”
He cautioned members of the multi-faceted challenges and concerns of going digital , including data privacy , cybersecurity , digital fraud and the digital divide . He highlighted the importance of strengthening cooperation and collaboration within APEC member economies ‘ during and beyond this pandemic ’.
We asked industry experts for their take on how SMEs can develop their Digital Transformation strategies . Find out what they had to say over the following pages .
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Every month , we pose industry experts a question pertinent to the issues of the day . This month . . . .
HOW SHOULD SMES DEVELOP THEIR DIGITAL TRANSFORMATION STRATEGIES
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