SMALL and medium-sized enterprises (SMEs) must look for ways to increase their competitiveness in the face of mounting foreign challenges brought about by globalisation, said Transport Minister Datuk Chan Kong Choy.
If local SMEs want to remain relevant in this highly competitive age and period, they must adapt and rise to the challenges, Chan said at the presentation ceremony of the first Nanyang Siang Pau Golden Bull Award 2003 - Malaysia 100 Outstanding SMEs in Kuala Lumpur last Friday.
Chan said that SMEs should aim to build themselves up into large companies and compete against foreign companies and SMEs in the local and overseas markets.
Nanyang Siang Pau director Lee Peck Hoo said the award would serve to promote a culture of continuous benchmarking among the business community and spur other enterprises to strive harder to keep pace with the best achievers.
The award drew entries from 227 SMEs. It also attracted 18 entries from SMEs with substantial bumiputra equity holding.
The winners were selected based on product innovativeness, market presence, use of technology, productivity, profit growth, turnover, corporate and human resource management and other criteria.
The top 10 winners were Unified Communications Sdn Bhd, LY Furniture Sdn Bhd, NST Logistics Sdn Bhd, Fetta Auto Part Industries (M) Sdn Bhd, NEP Holdings (M) Sdn Bhd, Pentamaster Engineering (M) Sdn Bhd, Emas Kiara Sdn Bhd, Plascable Polymer Sdn Bhd, Tomei Gold & Jewellery Manufacturing Sdn Bhd and Healthy World Lifestyle Sdn Bhd.
The award was organised by Nanyang Siang Pau and co-organised by The Asia Pacific Centre for SME and Nanyang Online. It was sponsored by Alliance Bank (M) Bhd, co-sponsored by Osim (M) Sdn Bhd and Global Business Network Sdn Bhd and managed by Artibiz (M) Sdn Bhd.