The Government’s move to transform Malaysia into a knowledge-based and high-income economy is transpired in the 10th Malaysian Plan which among others, places strong emphasis on innovation and technology to drive the country’s growth.
As Malaysian Small Medium Enterprises (SMEs) have a significant presence and role in the Malaysia economy as there are more than half a million of them, recognizing critical function that technology breeds innovation is very crucial. At the recent United States-India Business council, Washington DC, it is agreed that innovation is an important tool for business to leapfrog into the overseas market. Through innovation the company is able to differentiate its products from competitors, enhance product quality which gives the company competitive advantage, reduce production and operation costs and at the same time increase earnings over the long term.
One of the discussions in MIS class, I learned that technology and innovation working in parallel. Thus, SMEs will be able to strategies their business plans to serve customers more efficiently and effectively. I believe, compared to other Asian countries, SMEs in Malaysia still lack in technology area and there is a need for improvement. Otherwise SME will not be able to expand and compete globally.
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