KUALA LUMPUR: Newly appointed Entrepreneur Development and Cooperatives Minister Steven Sim 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.
Sim said 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.
As for pillar C, he explained that this is to ensure local businesses can access capital to seize investment opportunities and meet international demand, especially in challenging global economic conditions.
D is to ensure improved productivity, reduced bureaucracy, and financial support lead to real growth, giving businesses and local products an opportunity 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 during a Concorde Club event here.
The Concorde Club is an informal group of editors and senior journalists who meet with politicians and key policy makers.
