Lo, flanked by awards organising committee chairman Chin Chee Seong (fifth left) and SME Association of Sarawak president Jordan Ong, in a group photo with the representatives of the sponsors of Platinum Business Awards 2022.
KUCHING (July 27): Local small and medium enterprises (SMEs) must boldly grab the opportunities offered by Sarawak Corridor of Renewable Energy (SCORE).
In making this call, Batu Kitang assemblyman Lo Khere Chiang says the initiatives undertaken by SCORE are leveraged on the state’s abundant clean renewable energy such as hydroelectricity, as well as other natural resources to spur the growth of energy-intensive industries.
“With the local SMEs set to ultimately benefit from the corridor’s growth, the state government agencies would step up efforts to ensure a vibrant inflow of investments into SCORE,” said Lo, who is also Padawan Municipal Council (MPP) chairman, in officiating at the ‘Platinum Business Awards 2022 Sarawak Roadshow’ at a hotel here yesterday.
He said the state government aimed to create more downstream opportunities for local SMEs across a wide range of sectors such as logistics, support services and food catering.
He added that interested SMEs could always reach out to Regional Corridor Development Authority (Recoda) to know more about the investment prospects available.
He also said the business community could always be assured of the political stability in the state, and Sarawak would remain ‘the kingmaker’ in ensuring stability.
Adding to this point, he said the state government remained committed to supporting all efforts towards recovery from the adverse economic impact brought about by the Covid-19 pandemic.
“As announced in August last year, Sarawak is the only state in the country that provides interest subsidy for three financing facilities under Bank Negara Malaysia to alleviate the short-term cash flow problems faced by Sarawak SMEs across all economic sectors.”
Lo said the total budget for the interest subsidy for the Special Relief Facility, Targeted Relief and Recovery Facility, and Penjana Tourism Financing schemes amounted to RM80.7 million, adding that these subsidies would continue to be provided for three and a half years.
“The state government has also set aside RM100 million for the Sarawak Micro Credit Scheme to assist the Bottom 40 Per Cent (B40) income group, as well as the micro and small businesses, with maximum loan facility of RM50,000.”
He said all successful applicants would enjoy a moratorium and interest subsidy for three and a half years under the Sarawakku Sayang Special Assistance (BKSS) 1.0 to 7.0 as a way to alleviate the financial burden of Sarawakians and also to assist the business community.
“I call upon the SMEs to avail themselves of these financing and relief facilities if they have not done so yet, as these facilities are always snapped up quickly.”
Lo said based on statistics from the Ministry of Industrial Development, SMEs remained the backbone of Sarawak’s economy, representing 98 per cent of all registered businesses in the state.
“In 2020, there were almost 70,000 micro-SMEs and SMEs operating in Sarawak, providing jobs and business opportunities to Sarawakians.”
Nonetheless, Lo also expressed hope that the local SMEs would nominate themselves for the Platinum Business Awards 2022, set to be presented this November, as past winners had benefited from increased visibility and interests from various business investors.