ENTREPRENEURS with viable businesses and strong growth prospects should not hesitate to seek Government support for expansion, with funding available and red tape being kept to a minimum, said Entrepreneur and Cooperatives Development Minister Steven Sim Chee Keong.
He said the Federal Government had allocated RM15 billion this year to support the country’s one million small and medium-sized enterprises (SMEs), although applicants must demonstrate that their ventures were viable and had strong prospects for generating returns on investment.
Sim said his ministry had, as of July, allocated RM9 billion to 200,050 eligible SMEs and entrepreneurs nationwide to help them expand their businesses.
He said the funding had already produced success stories, including that of a nasi lemak seller whose daily output increased from about 200 packets to 15,000 after adopting automation and expanding his business network.
With more capital flowing into the market, Sim said SMEs would be better positioned to maintain healthy cash flows while contributing to broader economic growth.
He was speaking to delegates at the Penang Muslim League convention.
Sim stressed, however, that not every entrepreneur would qualify for funding and urged those whose applications were unsuccessful not to give up.
He said applicants could continue improving their proposals and resubmit their applications for consideration.
For those involved in micro-enterprises such as food sales and distribution, Sim said financing could be obtained relatively easily through online applications to TEKUN Nasional, particularly as the Government continued efforts to reduce the cost of doing business.
Turning to Malaysia’s investment appeal, Sim rejected claims that the country’s racial, religious and cultural diversity was a weakness.
Instead, he said Malaysia’s multicultural and multilingual society was among its greatest advantages in attracting international investors.
"Malaysians can speak various languages, including French. We are multi-lingual and culturally diversified. It is our strongest trait to lure investors because we understand the global protocols in doing business," he said.
Sim said Malaysia’s diversity should therefore be embraced rather than portrayed as a weakness.
He also cautioned traders against relying on price wars as a means of competing in an increasingly challenging global marketplace.
"The world needs value-added products - affordable but with quality then we can compete. Instead of just lowering prices when the operational costs in high," he said.
Sim said Malaysia must also project political and economic stability to attract more investors and strengthen its position as an investment destination. - August 15, 2026
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