FMM proposes innovation voucher for SMEs
The Federation of Malaysian Manufacturers (FMM) has proposed to the government to come up with an innovation voucher of
RM50,000 for small and medium enterprises (SMEs) to start their projects.
Its president Tan Sri Yong Poh Kon, however, said the plan was still under discussions.
"We would like to offer the voucher to the SMEs to start their projects from blocking the production processes," he told reporters at the FMM Innovation Conference 2013.
However, the companies have to pay half of the amount, he added.
Yong said the federation has submitted proposals to the Treasury for various incentives to help local companies to innovate their businesses.
In order for the companies to stay relevant in the market, they need to change, he said.
"The only way you can do it is to innovate by using the latest technology, devicing ways and means to reduce your costs and come up with new products which are more engaging and attractive to your customers," he added.
Earlier, Science, Technology and Innovation Minister Datuk Dr Ewon Ebin, who opened the conference, said: "We are always looking at giving an extra grant for SMEs, but as for now I think the fund that we have is sufficient, which is half-a-billion-ringgit."
Themed "Identifying Opportunities, Accelerating Growth", the one-day conference showcased companies like Top Glove Corp, Malaysia Innovation Agency, Google Malaysia and Nestle Malaysia to share their thoughts and experiences with the participants.-- Bernama