KUALA LUMPUR, Aug 18: The success of small and medium enterprises (SMEs) is crucial for ASEAN to be truly integrated, says Deputy Minister of International Trade and Industry Datuk Lee Chee Leong.
Lee said resilient SMEs should start to have a global mind-set.
“They should explore opportunities from liberalisation under the ASEAN Economic Community and expand their trade and investments,” he said at the launch of I-Score credit risk management tool.
The I-Score is co-developed by Rating Agency Malaysia Credit Info Sdn Bhd (RAMCI) with global information services company, Experian plc.
The tool, designed for financial institutions, business corporations and consumers, provides a comprehensive credit report ranking consumers, business partners and potential investors for credit risk.
Lee said SMEs could now use the tool to assess the strategies for their businesses if they intended to expand them.
“This will help address the challenges faced by SMEs to obtain credit,” he said.
Meanwhile, RAMCI Director, Chen Yew Nah, said eventhough the country was currently facing economic challenges due to the external developments, companies should look at the situation as opportunities to plan forward for the better time.
“What we are going through today is part and parcel of a growing country but the good times will come.
“Businesses should stay alert and constantly understand more of the market while at the same time go forward to see what else they should do,” she said.