adminKUALA LUMPUR: Businesses in Malaysia must stop competing on low prices and instead position themselves as a premium and safe destination in the global market.
Minister of Entrepreneur and Cooperative Development Steven Sim Chee Keong said Malaysia’s economic narrative has evolved significantly, with security and stability emerging as a key competitive advantage for the country.
“Overnight, Malaysia has transformed from a cheap destination to a safe destination.
“A safe destination is a form of premium. You cannot put a price on safety,” he said at the launch of the ASEAN Circular Economy Certification (CEC) for small and medium enterprises (SMEs) here today.
He added that Malaysia is now seen as a safe location for data centres, trade, technology services and storage, thus enabling the country to move beyond cost-based competitiveness.
Sim said these changes allow businesses in Malaysia to compete at higher standards, especially in environmental, social and governance (ESG) compliance and green business practices.
He stated that efforts to change the position of the Malaysian business ecosystem have been ongoing since his tenure at the Ministry of Human Resources, while emphasizing that price is no longer the country’s main selling point.
Sim also praised the move by the Malaysian Association of Small and Medium Enterprises (SAMENTA) in introducing CEC to SMEs, describing it as an important step in preparing businesses to meet more stringent global requirements.
He said such certification programs help improve efficiency, auditing processes and overall business practices.
At the same time, he said, it serves as a marker of credibility in the global market, and proves that Malaysian businesses are now in a position to achieve premium levels if they can meet global expectations.
Therefore, to support the initiative, Sim said the ministry was ready to work with SAMENTA to strengthen SME development and the application of ESG.
He said SME Corp Malaysia has been instructed to work closely with SAMENTA, including exploring integration or the possibility of a dual-certification framework, namely for ESG certification together with CEC.
— BERNAMA
