KUALA LUMPUR, Oct 14 (Bernama) -- Small and medium enterprises (SMEs) have been urged to take advantage of the benefits provided by the increase in regional integration, globalisation and market liberalisation that result from free trade agreements and other trade initiatives.

Deputy Minister of International Trade and Industry (MITI), Datuk Mukhriz Mahathir, said the capacity and capabilities of SMEs needed to be upgraded in terms of financial capability, dynamic marketing tools, sound infrastructure and regulatory compliance.

"Furthermore, core competitiveness of SMEs must be enhanced to ensure that they employ effective strategies to gain market accessibility," he said in his keynote address at the signing of the memorandum of understanding between SME Corp and Export-Import Bank of Malaysia Bhd (Exim Bank) here today.

Mukhriz said for this purpose, MITI, through SME Corp, hoped to facilitate by way of various capacity-building programmes like the SME Competitiveness Rating for Enhancement and 1-Innovation Certification for Enterprise Rating and Transformation.

"The SME Corp also provides market access programmes that include branding initiatives to increase the visibility of Malaysian SME products and services," he said.

Meanwhile, Mukhriz said, Exim Bank, with its mandate in promoting cross-border trade among Malaysian businesses, would offer SMEs financial and non-financial products and services to enable them to gain entry into new market.

"The bank offers innovative products, such as Multi-Currency Trade Financing Scheme and Exim Overseas Guarantee Facility, that are specifically tailored to cater to the needs of SME exporters.

"I believe they are more than capable of supporting our SMEs to compete at the international marketplace," he said.

-- BERNAMA