Conclusion
Apart from the infrastructure development projects, there are still many potential benefits and opportunities spill-over from the B&R initiative. Hence, businesses should strategize their business planning accordingly, and take on the first mover benefits. While the market is getting bigger now, businesses may have to forge alliances or look at collaboration between companies as ways to fill the gaps in their capabilities.
Nevertheless, businesses shall study the market by approaching the local business community, so that they are not targeting on the wrong market. It is undoubtedly that B&R initiative has created a lot of the business opportunities; however, over-confidence and over-optimistic may lead to a failure if the risks and challenges are not assessed in a holistic manner.
Government and Trade Associations
Governments and the trade associations have respective roles to assist the businesses in exploring the new markets by conducting more exhibitions in different countries, and facilitate the trading network and information dissemination, particularly for the SMEs which have the limited resource and knowledge to go global. For example, MATRADE which is under the Ministry of International Trade and Industry (MITI) should reinforce their role in assisting the Malaysian businesses to tap with the B&R initiative. In relation to this, trade associations like ACCCIM with its vast business network can play a supplementary role as additional reference point. The banking institutions also need to be prepared in providing financing on the anticipated numerous projects under the B&R initiative.
Small and Medium Enterprises (SMEs)
SME competency such as level of innovation and technology shall be raised in order to prepare themselves to expand their business overseas, or to strengthen their competitiveness. SMEs should capitalize government initiative such as the trading grant and acquire talent in expanding their businesses. Last but not least, SMEs should build the global mindset, explore the business opportunity and improve their product standard for a wider market outreach through B&R initiative.
