Day: June 28, 2024

KUALA LUMPUR: The RM50 million allocation provided under the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) aimed at micro, small, and medium enterprises (MSMEs) is expected to be fully utilised by August or September, said Deputy Entrepreneur Development and Cooperatives Minister Datuk R.Ramanan.

He said this is because 10 per cent of the fund had already been disbursed to eligible entrepreneurs since it was launched on June 5.

“…I would say maybe by August or September we would finish this RM50 million because, in a span of 15 days, we’ve already hit the 10 per cent amount,” he told reporters after handing over the mock cheques for the financing programme to the recipients at Menara Berkembar Bank Rakyat, today.

Ramanan said the ministry, in collaboration with Bank Rakyat, has approved 43 applications for financing totalling RM3.8 million, while another 135 applications are being processed involving a financing amount of RM5.7 million.

“The cooperation between the government and financial institu
tions such as Bank Rakyat is significant in assisting Indian entrepreneurs to achieve their business goals,” he said.

On complaints that the lack of halal certification will complicate the application process, Ramanan said Indian entrepreneurs involved in the food and beverage sector without the certification would be referred to the Tabung Ekonomi Kumpulan Usaha Niaga (Tekun).

BRIEF-i is designed to help Indian entrepreneurs involved in MSMEs with their working capital and allow them to expand their businesses.

Kasturi Enterprise curry factory owner J.Jayanderan, 47, said the application procedure for the financing was straightforward, adding that his application was approved within two days.

“I brought my documents, including the halal certification to the Bank Rakyat branch in Kota Bharu, Kelantan. I obtained financing of RM600,000 and this fund will help me to expand my business,” he said.

A textile wholesaler K.Valliamma, 49, who received RM220,000 through the financing programme, said she plans to
set up a branch, adding that it only took three days to get approval.

Source: BERNAMA News Agency

SME Bank of Cambodia and the General Department of SMEs and Handicrafts of the Ministry of Industry, Science, Technology and Innovation (MISTI) reached on June 27 a Memorandum of Understanding (MoU), aiming to enhance access to finance for SMEs and support this sector in Cambodia, contributing to the country’s economic growth and development.

The MoU was signed during the First National Day of Micro, Small and Medium Enterprises (MSME Day 2024), under the theme ‘Better MSME Ecosystem for Better Growth,’ held here on Thursday.

The signing ceremony was witnessed by H.E. Hem Vanndy, Minister of MISTI, H.E. Dr. Phan Phalla, Secretary of State at the Ministry of Economy and Finance and Chairman of the Board of Directors of SME Bank of Cambodia, and other esteemed officials.

Through this MoU, an important step has been taken toward promoting the sustainability, resilience, and inclusiveness of SMEs within Cambodia’s economic and social fabric. Both parties will collaborate to raise awareness about financing and
compliance procedures for SMEs.

The SMEs have played an important role in boosting economic growth in Cambodia, generating jobs for people, and contributing to poverty reduction.

The government considers the SME sector as the backbone of the economy, creating stimulus programmes to help the sector.

The number of SMEs registered at MISTI rose to 44,515 as of 2023, generating jobs for over 460,000 local people.

Source: Agence Kampuchea Presse

JOHOR BAHRU, The Johor Causeway, celebrating its centenary this year, is hailed as a historic monument that has borne witness to the enduring diplomatic relations between the governments of Malaysia and Singapore, especially in Johor.

Johor Royal Court Council advisor, Datuk Prof Dr Kassim Thukiman stated that the Johor Causeway, officially opened on June 28, 1924, has played a significant role in both the nations’ continuous economic development.

He noted that historically, the Johor Causeway has encouraged traders in Singapore to invest in Johor and utilise the causeway to export goods.

“For example, since 1910, a Japanese plantation company dominated the rubber sector in much of eastern Johor and used the Johor Causeway to export goods. And in other areas, Japanese companies engaged in iron ore and bauxite mining,” he explained.

“In my opinion, the existence of the Johor Causeway has spurred progress in both Johor and Singapore, as both countries share mutual interests in advancing their economies,” h
e told Bernama.

The National Archives of Malaysia board member noted that the Johor Causeway continues to be one of the busiest land crossings in the world, with over 300,000 vehicles crossing the Tebrau Strait daily.

This has led both countries to constantly seek solutions to address the congestion, resulting in the implementation of numerous development projects, he added.

“The Malaysian government built the Linkedua (Second Malaysia-Singapore Link) under the North-South Expressway project to connect Tuas, Singapore, and Gelang Patah, Johor, which has helped to alleviate congestion at the Johor Causeway,” he said.

He noted that Keretapi Tanah Melayu Bhd also established a commuter service in Johor Bahru and Woodlands to provide an alternative mode of transportation.

Looking back at the history of the Johor Causeway’s construction, he described it as a solution to the congestion in the Tebrau Strait, which was crowded with barges and ferries at the time, transporting goods from Tanjung Puteri to Kranji,
for onward shipment to Tanjong Pagar via Singapore’s Keppel Port.

He elaborated that as a result, the late Sultan Sir Ibrahim Ibni Almarhum Sultan Abu Bakar agreed to lay the foundation stone for the construction of the Johor Causeway on April 24, 1920, and it was officially opened four years later.

The Johor Heritage Foundation board member emphasised that the present generation should recognise that the 1,056-metre causeway carries considerable significance in terms of its impact on economic development, in strengthening familial bonds among the people, and in fostering friendship and diplomatic relations between the two countries.

Singapore President Tharman Shanmugaratnam recently highlighted that the 100-year-old Johor Causeway serves as a poignant reminder that this bustling land crossing represents more than just a physical link between the two nations – it stands as a symbol of enduring bonds.

The Johor Causeway was closed for two years when the national borders were shut on March 18, 2020, due to
the COVID-19 pandemic.

Source: BERNAMA News Agency

Singapore is best prepared for artificial intelligence (AI) among the 15 members of the Regional Comprehensive Economic Partnership (RCEP), the International Monetary Fund (IMF) says. New Zealand is second-best and Australia, Japan and South Korea are equal third.

The IMF’s new AI Preparedness Index released this week tracks 174 economies based on digital infrastructure, human capital and labour policies, innovation and integration, and regulation and ethics.

Singapore scored 0.80 points followed by New Zealand at 0.75 points and Australia, Japan and South Korea at 0.73 points.

China came next at 0.64 points followed by Malaysia at 0.63 points – almost as high as the advanced economy average of 0.68 points.

Thailand scored 0.54 points followed by Indonesia at 0.52 points, Brunei and the Philippines at 0.50 points, Vietnam at 0.48 points – all above the emerging market average of 0.46 points.

Among the remaining RCEP economies, Cambodia scored 0.37 points followed by Laos and Myanmar at 0.33 points.

AI
SEEN THREATENING 24 PERCENT OF EMERGING ECONOMY JOBS

‘Our research has already shown how AI is poised to reshape the global economy,’ says Giovanni Melina, an economist at the IMF’s research department in Washington.

‘It could endanger 33 percent of jobs in advanced economies, 24 percent in emerging economies, and 18 percent in low-income countries,’ he says.

“But, on the brighter side, it also brings enormous potential to enhance the productivity of existing jobs for which AI can be a complementary tool and to create new jobs and even new industries.’

Melina notes that poorer countries are likely to be less affected and face fewer immediate disruptions from AI as they rely less on high-skilled jobs than rich countries.

NEED FOR POORER NATIONS TO BOOST DIGITAL INVESTMENT

At the same time, however, AI could worsen inequality for poorer nations as many lack the infrastructure or skilled workforces needed to harness its benefits.

‘Under most scenarios, AI will likely worsen overall inequality, a troubling
trend that policymakers can work to prevent,’ Melina says.

‘The policy priority for emerging market and developing economies should be to lay a strong foundation by investing in digital infrastructure and digital training for workers.’

Source: Agence Kampuchea Presse

PUTRAJAYA: The Ministry of Health (MOH) has launched phase one of the National Health Demand and Supply in collaboration with the World Bank Group to map the healthcare landscape in Malaysia for the next two decades.

The study focuses on conducting comprehensive analyses of the healthcare situation nationwide, encompassing healthcare facilities, equipment, and human resources.

MOH said in a statement today that the study aims to address the imbalance in the distribution of healthcare resources in hospitals and clinics across the country, including specialised services and equipment with advanced technology.

‘By setting a national standard for crucial healthcare assets, MOH is striving to enhance a more balanced, sustainable, and efficient healthcare system.

‘This study will project the country’s healthcare needs until 2045, ensuring Malaysia is prepared to meet the evolving needs of the people while aiding the country’s transition towards becoming a high-income nation,’ read the statement.

Therefore, the
ministry urged public and private healthcare sectors to participate in the online survey before July 15 to shape a better future for healthcare in Malaysia and ensure that Malaysians have access to the best healthcare.

According to MOH, data obtained from the study is confidential and will not be shared with parties outside of the research team.

Source: BERNAMA News Agency