Viable businesses will get government backing with minimal red tape - Steven Sim

Entrepreneur and Cooperatives Development Minister Steven Sim Chee Keong expressed confidence in supporting viable businesses seeking expansion funding. The Federal Government has allocated RM15 billion this year to assist the country's one million small and medium-sized enterprises (SMEs). As of July, Sim's ministry had provided RM9 billion to 200,050 eligible SMEs and entrepreneurs, helping them expand their businesses.

Sim highlighted a nasi lemak seller who increased his daily output from 200 packets to 15,000 after adopting automation and expanding his network. With more capital flowing into the market, SMEs would better maintain healthy cash flows and contribute to broader economic growth. Sim encouraged applicants to not give up on funding, even if their initial proposals were unsuccessful, as they could refine their applications and resubmit them for consideration.

The Minister emphasized the benefits of Malaysia's multicultural and multilingual society, asserting that it is a key asset in attracting international investors. He urged traders not to engage in price wars but to focus on creating value-added, affordable products with quality to compete in the global marketplace. Sim also stressed the importance of projecting political and economic stability to solidify Malaysia's position as an attractive investment destination.