Wan Junaidi Tuanku Jaafar

KUCHING: Micro, small and medium enterprises (MSMEs) are told to move towards digital economy in order to survive in the future.

In stressing this, Entrepreneur Development and Cooperatives Minister Datuk Seri Wan Junaidi Tuanku Jaafar urged the Asia-Pacific Economic Cooperation (Apec) to work together and encourage MSMEs in their transition.

“I am pleased to note that Apec has consistently acknowledged the importance of MSME digitalisation for the region as seen in the 2019 Apec SME Ministerial Statement and the Boracay Action Agenda to Globalize MSMEs.

“In the new normal, MSMEs are inevitably pushed into an accelerated state of digitalisation. Businesses can no longer rely on brick-and-mortar stores but must instead start leveraging on e-commerce platforms.

“Businesses must pivot their strategies and business models to adapt to digitalisation, innovation and technology in order to remain resilient,” he said during his address at the 26th Apec SME Ministerial Meeting yesterday (Oct 23).

The Santubong MP said however, it is also crucial to recognise that going digital has its own set of challenges.

“Data privacy, cyber security, digital fraud, digital divide, and infrastructure issues being matters that needs to be addressed.

“It is equally imperative in supporting the MSMEs to go digital while helping them to adjust and overcome the challenges of digitalisation.

“Thus, it is important that we continue to strengthen collaboration and the spirit of cooperation within the Apec member economies during and beyond the pandemic,” he said.