KUALA LUMPUR: The RM35 billion Short-Term Economic Recovery Plan (Penjana) reflects the government's all-out efforts to support small and medium enterprises (SMEs) as well as other vulnerable groups, industry executives said.
Lazada Group said the allocation of RM840 million in grants and loans would spur SMEs and micro-enterprises to shift their businesses online and speed up the digital transformation process.
"SMEs are the backbone of our society for job creation and economic contribution," said Lazada Malaysia chief executive officer Leo Chow.
"The Shop Malaysia Online initiative will be integral in supporting and enabling Malaysia's small businesses to not only cope but also to flourish in the new normal. We are committed to supporting this initiative, as well as to continue promoting the Buy Malaysia campaign," Chow added.
He said there had been a significant and accelerated shift to digital by the local SMEs over the last five months and a fundamental shake-up in the business landscape.
"Up to May, over 200 per cent new sellers came onboard our platform this year. Cameron farmers, who were unable to sell their produce when the pandemic hit, sold 1.5 tonnes of fresh produce daily upon going live on Lazada. Groceries also became one of the top three highest-growing categories on our platform up to last month," Chow added.
Malaysian International Chamber Of Commerce and Industry (Micci) executive director Shaun Edward Cheah said the association lauded the government for its rakyat-centric Penjana.
Micci, however, feels that the rakyat is still apprehensive about the future.
Cheah said what was missing was a liberalised investment environment to entice foreign investment into the country.
"Most foreign investors are already struggling (so) confidence in our economy is paramount in the success of Penjana. It takes two hands to clap," he added.
Micci said the RM50 million allocated to promote Malaysian exports was not enough to create competitiveness during theses trying times.
Cheah said export-led and tourism recovery was the way forward and the country could not depend on local spending for recovery.
The best way to attract foreign investments was liberalising the economy, supported by stable fact-based policies and "no knee-jerk flip-flop" policies, such as the ban on new liquor licences, which, he said, curbed confidence in the tourism-led recovery.
E-hailing firm Grab, meanwhile, said it was excited about and supportive of Penjana.
"As a homegrown tech enabler and proponent of the digital economy, we are honoured to be a part of the government's Shop Online Malaysia and cashless adoption campaign.
"We hope to continue to leverage our tech solutions to empower Malaysians, local SMEs and traditional businesses to adopt the digital economy."
It added that as the country moved towards the "new normal", the digitalisation of the economy was vital.