The Small and Medium Enterprises Association of Malaysia (SAMENTA) recently hosted the much-anticipated SME CEO Forum 2024, a premier annual gathering for Malaysia’s leading business figures, entrepreneurs, and industry experts.
This year’s theme, Industrial Renaissance – Empowering Innovation, Deepening Complexity, focused on the transformative potential of industrial innovation and strategies to navigate today’s increasingly complex landscape.
The forum, officiated by the guest of honour, SME Corp chairman Tan Sri Bernard Dompok, comes at a crucial time as Malaysia aims to sharpen its competitive edge in the global market by embracing technology, sustainability, and human-centred innovation.
It attracted close to 1,000 participants who engaged in insightful sessions exploring how SMEs can thrive amid rapid technological advancements and heightened regulatory demands.
A Call to Embrace Innovation
The forum commenced with a keynote address by SAMENTA’s national president, Datuk William Ng, who underscored the importance of innovation as the lifeline for SMEs facing economic uncertainty and increased global competition.
Ng highlighted that while SMEs form the backbone of Malaysia’s economy—contributing nearly 40% of the country’s gross domestic product (GDP)—they need to prioritise technological adoption to remain competitive. He encouraged SMEs to view the industrial renaissance as an opportunity to rethink processes, deepen skill sets, and harness emerging technologies.
“Malaysia’s SMEs must embrace this renaissance not as a threat, but as a significant opportunity to reimagine their role in the regional economy,” said Ng. He elaborated that the journey to embracing innovation requires resilience, adaptability, and the willingness to tackle complex challenges.
Panel Discussion: New Industrial Plan – How Can SMEs Capture These Opportunities?
The first panel with the topic of New Industrial Master Plan (NIMP) – Industrial Transformation for SMEs, featured Yeoh Seng Hooi, SAMENTA Secretary General; Rizal Nainy, SME Corp CEO; Datuk Hanafi Sakri, Ministry of International Trade and Industry (MITI) deputy secretary general (Industry); and Malaysia Productivity Corporation deputy director general, Dr Norjayadi Tamam.
The session addressed the immense potential of the recently introduced Industrial Plan to reshape Malaysia’s industrial landscape and provide opportunities for SMEs to play a central role in that plan.
Yeoh emphasised that Malaysia’s SMEs must be proactive in aligning their business models with the new plan, which focuses on sectors such as advanced manufacturing, green technology, and digitalisation.
He highlighted that the plan represents a framework to help SMEs expand their operational capabilities, adopt cleaner production methods, and contribute to sustainable development.
At the same time, Rizal elaborated on SME Corp’s initiatives to support these goals, including targeted grants, digitalisation incentives, and capacity-building programmes aimed at empowering SMEs to adopt transformative technologies.
Additionally, Hanafi highlighted the role of government in creating a conducive environment for SMEs, focusing on policy frameworks that promote innovation, ease regulatory burdens, and encourage foreign investment.
Meanwhile, Dr Norjayadi Tamam spoke on productivity-driven growth, emphasising that SMEs should adopt continuous improvement practices and seek greater efficiencies in their operations.
He encouraged business leaders to invest in workforce training and productivity-enhancing tools to compete effectively on a global scale.
Panel Discussions: From Zero to IPO – Get Listed Successfully
For the second session entitled From Zero to IPO – Get Listed Successfully, the panelists were Datuk Lock Peng Kuan, managing partner, Baker Tilly Malaysia, Leong See Meng, director, originating and listing, Bursa Malaysia, and Khoo Kay Peng, corporate development director, Audience Analytics Ltd, Wong Kee Wai, managing director Safetywear Group Bhd, and Davis Chong, executive director and group CEO, Solarvest Bhd.
In this session, panelists explored their journey to taking their SMEs public. They also gave insights into IPO preparation, valuation techniques, investor relations, and regulatory compliance to uncover the benefits and challenges of this transformative step for an SME.
Panel Discussions: No Holds Barred
The SME CEO Forum 2024 also had an open and unrestricted debate between policymakers and SMEs in this special session titled No Holds Barred – Policymakers vs SMEs. The panel members were Member of Parliament (MP) for Machang, Kelantan, Wan Ahmad Fayshal Wan Ahmad Kamal, Wong Shu Qi, MP for Kluang and Talentcorp chairman, and Williams Business Consultancy Sdn Bhd economist, founder and director, Prof Dr Geoffrey Williams.
In this dicussion, panelists dived deep into the challenges and conflicts that arise when government regulations, policies, and initiatives are confronted by the needs, concerns, and perspectives of SMEs.
They delved into how these interactions shape the business environment, influence decision-making, and impact the growth and sustainability of SMEs in a competitive market.
The forum also featured the latest advancements in AI designed for SMEs. Exhibitors displayed cutting-edge solutions tailored to help SMEs modernise their operations and improve productivity.
Among the most talked-about innovations showcased to the participants were Jabra’s cutting-edge solutions feature innovative AI-powered experiences, including the new Intelligent Meeting Space feature, underscoring the transformative impact of adopting new technologies to enhance Malaysia’s industrial capabilities.
The Path Forward
The SME CEO Forum 2024 concluded with a call to action for all attendees. As Malaysia continues its journey through the industrial renaissance, SMEs must play an active role in embracing innovation and managing the complexities that come with it.
For many Malaysian SMEs, the message from this year’s forum was clear: innovation and complexity should not deter them, but drive them forward. The success stories and strategies shared served as both inspiration and a roadmap for those ready to embark on their own journey of transformation.
By equipping themselves with the tools, skills, and partnerships needed to succeed, Malaysia’s SMEs are well-positioned to redefine their potential and contribute significantly to the nation’s economic growth.
Through similar forums, SAMENTA continues to be a catalyst for progress, offering Malaysian SMEs the support and knowledge they need to thrive. -- SME Magazine
Sources: https://sme.asia/sme-ceo-forum-2024-empowering-innovation-in-malaysias-industrial-renaissance/
