SELANGOR will step up protection for local businesses, particularly small and medium-sized enterprises (SMEs), as more foreign brands enter the market.
State investment, trade and mobility committee chairman Ng Sze Han said Selangor was exploring raising the required paid-up capital for foreign companies operating in Selangor.
“Many local business owners are concerned that foreign businesses will intensify competition in their industries. But the entry of foreign brands is inevitable in a globalised world,” he said.
“It only becomes a problem when these businesses fail to comply with our laws.
“Local entrepreneurs must also upgrade their businesses to meet the current needs.”
Ng said this during the Malaysia Entrepreneurs’ Development Association (PUMM) KL and Selangor State Liaison Committee’s Chinese New Year celebration dinner at ICC Pudu, Kuala Lumpur.
He said 2026 would be a “year of gains” for Malaysia, crediting the country’s stable government and consistent good governance in recent years.
“Total investments recorded in Selangor have exceeded RM51bil as of last September.
“Both our stock market and the ringgit are also getting stronger. This has allowed local enterprises to manage their costs better,” he said.
Meanwhile, PUMM national president Datuk Dr Teh Tai Yong praised the state’s efforts in strengthening the economy to help local SMEs be more resilient.
He said this included initiatives that attracted foreign investments, advanced digital transformation and helped local businesses expand.
“PUMM also supports the RM100mil financing facilities for Malaysian Chinese micro, small and medium-sized enterprises (MSME), channelled through SME Bank and Bank Kerjasama Rakyat Malaysia Bhd.
“This is a good initiative to help MSMEs expand and they should make full use of it.”
The festive dinner brought together members of PUMM – a non-profit organisation founded in 1993 – dedicated to nurturing and empowering entrepreneurs nationwide.
PUMM Kuala Lumpur and Selangor state liaison committee chairman Eddie Ho said, “In PUMM, we not only manage our own companies, but also build an ecosystem where businesses can support and learn from each other.”
Some 12 new PUMM corporate members and 43 new life members were also inducted during the event.
Also present were event organising chairman Edmund Tham and Star Media Group’s Radio Business senior general manager Woo Bee Ay.
