KUSKOP Channels RM5 Bln Financing, Benefiting 185,000 Entrepreneurs - Sim

GEORGE TOWN, June 18 (Bernama) --  The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has approved RM5 billion in financing as of May 31, benefiting 185,000 entrepreneurs nationwide, said its minister, Steven Sim Chee Keong.

Of the total amount, RM540 million in financing was channelled to entrepreneurs in Penang, involving 4,400 companies, according to the minister.

“For this year, through the PowerUp10K programme, KUSKOP aims to disburse RM15 billion in financing to micro, small and medium enterprises (MSMEs) across the country,” he told reporters here today.

Sim said the initiative is part of the government’s efforts to help MSMEs not only survive but also grow and seize opportunities arising from current geopolitical developments.

He said Penang must transform through the Penang 3.0 agenda to ensure its economic sustainability and growth over the next 50 years. He noted that the state has a strong economic foundation, having started as a free port before evolving into a free trade zone, and is now moving towards the development of an international financial sector.

He said continuous evolution is necessary due to intensifying global competition, increasingly protectionist policies among Western nations, and the rapid pace of technological change.

“We need to move from the ‘Made in Penang’ model, which relies on low costs and competitive pricing, to a ‘Made by Penang’ model, which focuses on higher-value business activities,” he added. “This transformation must focus on talent, technology, products and services, while also developing trademarks, patents and local brands.” 

Sim also proposed that the programme be organised annually on a larger scale as a platform for the public, investors and regional stakeholders to engage with Penang, which is one of the nation’s key economic growth engines.

-- BERNAMA