Malaysia Businesses Must Shift To Premium, Safe Destination Model - Sim
KUALA LUMPUR, April 21 (Bernama) -- Malaysian businesses must move away from competing on low prices and instead position themselves as a premium and safe destination in the global market.
Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong said Malaysia’s economic narrative has evolved significantly, with safety and stability emerging as key competitive advantages for the country.
“Overnight, Malaysia has been transformed from a cheap destination to a safe destination. A safe destination is a premium. You cannot put a price on safety,” he said at the launch of the ASEAN Circular Economy Certification (CEC) for SMEs here today.
He added that Malaysia is now seen as a safe location for data centres, trade, technology services and storage, allowing the country to move beyond cost-based competitiveness.
Sim said this shift also enables Malaysian businesses to compete on higher standards, particularly in environmental, social and governance (ESG) compliance and green business practices.
He noted that efforts to reposition Malaysia’s business ecosystem have been ongoing since his tenure at the Human Resources Ministry, stressing that price can no longer be the country’s main selling point.
Sim also commended Small and Medium Enterprises Association of Malaysia’s (SAMENTA) initiative in introducing the Circular Economy Certification (CEC) for SMEs, describing it as an important step in preparing businesses for stricter global requirements.
He said such certification programmes help improve efficiency, auditing processes and overall business practices, while also serving as a mark of credibility in the global market and added that Malaysian businesses are now in a position to command a premium if they are able to meet global expectations.
To support the initiative, Sim said the ministry is ready to collaborate with SAMENTA to strengthen SME development and ESG adoption.
He said SME Corp Malaysia has been instructed to work closely with SAMENTA, including exploring integration or a possible dual-badging framework for ESG certification alongside the CEC.
-- BERNAMA