28 Mar Stimulus Package 2.0 Lack Stimulus for Economic Recovery
The Malaysian Association of Convention and Exhibition Organisers and Suppliers (MACEOS) is very concerned with the Economic Stimulus Package 2.0, as announced by the Prime Minister YAB Tan Sri Muhyiddin Yassin this afternoon.
As the Stimulus Package 1.0 did not address much of the concerns raised by the private industries, in particular the business events sector, MACEOS expects that a follow-up package would have mitigated some of the major needs expressed officially to the government through the association.
The priority should focus on assisting the businesses, in particular, the Small and Medium Enterprises (SMES) in order to sustain the country’s economy. When businesses, especially the SMEs, have to wind up tomorrow, many employees would be forced to be retrenched.
Currently, all business owners are cash strapped as there are nothing but overheads to be covered during this uncertain period. As at March 15, the business events industry has accumulated a total loss of no less than RM1.5 billion. A total of 53 business events have been cancelled, while another 57 events have been postponed indefinitely.
Currently, with the COVID-19 outbreak, it is expected companies will face difficulties or will even wind up soon. At the moment, members of MACEOS are already embracing for the worst to come in 2020 and beyond.
While we laud the government’s continued efforts, we appeal again for the government to seriously consider the predicaments faced by the business events industry players and give more attention to its efforts to revitalise the business and industry which, in return, becomes the engine of growth for the country.
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