Steven Sim says Malaysia’s diversity is key strength in attracting global investors

PETALING JAYA, May 27 — Malaysia’s multicultural society and cultural understanding became key economic advantages in attracting global investors and expanding international business ties, said Entrepreneur and Cooperatives Development Minister Steven Sim.

Sim said therefore, the country’s diversity should be viewed as a national strength rather than a weakness, particularly in an increasingly competitive global economy.

“Our diversity is not a problem, but our diversity is our strength. Many investors tell me they want to come to Malaysia because our society, our human factor is not only language fluency, but there’s also cultural proficiency,” he said in his speech at the SME Association of Malaysia’s (SME Malaysia) 30th Anniversary Gala Dinner here tonight

Sim noted that Malaysians’ exposure to various races, religions, and cultural practices enabled them to engage comfortably with international clients and business partners.

He said that this multicultural advantage complemented the country’s political stability and strategic geographical position amid growing global economic uncertainty.

“Malaysia not only has good diplomatic relationships but we have established trade and cultural relationships with the three major economic regions in the world. So geographically, we are there,” he said.

He expressed confidence that Malaysia possessed the necessary strengths to compete globally if the government, businesses, and society worked together collectively.

Meanwhile, Sim said the government intensified efforts to strengthen cash flow and liquidity for small and medium enterprises (SMEs) amid growing global economic uncertainty.

He said the government had approved RM4 billion in financing within four months this year, benefitting about 150,000 companies, mostly through low-cost financing facilities.

At the same time, the minister said the ministry had also launched the “PowerUp 10K” initiative, with a target of channelling at least RM15 billion into the SME sector this year.

Besides that, he also said the SME sector allocation had also been increased from RM50 billion to RM60 billion within the past four months with the support of Prime Minister Datuk Seri Anwar Ibrahim and the Finance Ministry.

“We are living in a time of multiple crises. (Therefore) I want to ensure that there is enough liquidity, money and cash flow in the SME market. I don’t want the Malaysian SME market to be starving for capital and cash flow,” he added. — Bernama