KUSKOP Takes Steps To Help MSMEs Tackle Rising Business Costs

BUKIT MERTAJAM, Aug 22 (Bernama) -- The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) is implementing measures to help Micro, Small and Medium Enterprises (MSMEs) manage business costs amid global economic and geopolitical challenges.

Its Minister Steven Sim Chee Keong said these steps are essential as the world faces multiple challenges, including energy supply crises, supply chain disruptions, conflicts, and fierce market competition.

"We want to ensure that entrepreneurs, particularly MSMEs, can operate with lower business costs and access greater financial resources. How we help MSMEs reduce operational costs is my main focus right now," he said.

He told reporters this after launching the MADANI Entrepreneur Inclusive Reference Centre (PRIME) 2026 and the National Entrepreneurship Institute's (INSKEN), Buku Aspirasi Membangun Usahawan MADANI: 20 Tahun INSKEN at the Machang Bubok NADI Centre here today.

Sim, who is also the Bukit Mertajam MP, said one measure is extending the validity period for renewing certain business licences and permits to reduce bureaucratic red tape.

He said the government, through a special committee chaired by Chief Secretary to the Government (KSN) Tan Sri Shamsul Azri Abu Bakar, has identified about 55 business licences and permits that previously required annual renewal,  and will be granted longer renewal periods.

"Although it may seem small, for business owners, especially small traders, it has a significant impact by streamlining processes and reducing bureaucracy. Renewal can now be done for three or five years at a time instead of every year," he said.

Meanwhile, Sim said KUSKOP will also assist sectors in genuine need of foreign manpower to ensure orderly recruitment processes, stressing that controls must remain stringent to prevent leakages and issues such as human trafficking.

He added that while reducing the MSME sector's dependence on foreign labour to 10 per cent by 2030 is a target under the 13th Malaysia Plan (13MP), his immediate priority is to resolve the pressing challenges entrepreneurs face this year.

-- BERNAMA