KUALA LUMPUR: Newly appointed Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong has outlined his ABCD pillars to strengthen the competitiveness of local businesses.
"ABCD stands for Accelerating Productivity, Bureaucracy Reduction, Capital Accessibility, and Developing Market Access," he said during a Concorde Club event in Kuala Lumpur on Tuesday (Jan 20).
Sim said Pillar A would be on increasing business productivity, especially for micro, small, and medium enterprises (MSMEs), by improving worker skills, addressing labour needs, and using technology like automation and digitalisation.
Pillar B is to simplify procedures, speed up approvals, and promote online systems to reduce bureaucratic barriers to business growth, he said.
C is to ensure that local businesses can access capital to seize investment opportunities and meet international demand, especially in challenging global economic conditions, Sim explained.
D is to ensure that improved productivity, reduced bureaucracy, and financial support lead to real growth, allowing businesses and local products to benefit from the country's economic progress, he said.
"I'm confident that the consistent implementation of the ABCD strategy would drive significant changes in the country's business landscape," he said.
The Concorde Club is an informal group of editors and senior journalists who meet with politicians and key policy makers.
Previous guests of the Concorde Club, led by Bernama chairman Datuk Seri Wong Chun Wai, include Prime Minister Datuk Seri Anwar Ibrahim, Penang Chief Minister Chow Kon Yeow, Opposition leader Datuk Seri Hamzah Zainudin, Datuk Seri Najib Razak, Datuk Seri Mohamad Hasan, Anthony Loke and Nurul Izzah Anwar.
