Machang bubok: 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.
According to BERNAMA News Agency, Sim emphasized the importance of supporting entrepreneurs, especially MSMEs, in reducing operational costs and accessing greater financial resources. He stated that addressing these issues is his main focus. Sim made these remarks while 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.
Sim, who is also the Bukit Mertajam MP, highlighted that one of the measures being implemented is extending the validity period for renewing certain business licences and permits to reduce bureaucratic red tape. 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 now benefit from longer renewal periods.
He noted that while this may seem like a minor change, for business owners, particularly small traders, it significantly impacts by streamlining processes and reducing bureaucracy. Business licence and permit renewals can now be done for three or five years at a time instead of annually.
Additionally, Sim mentioned that KUSKOP will assist sectors genuinely in need of foreign manpower to ensure orderly recruitment processes. He stressed that stringent controls are necessary to prevent issues such as human trafficking. 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 address the pressing challenges entrepreneurs face this year.