Image credit: The Vibes
KOTA KINABALU: Sabah's businesses require assistance from the federal government to make significant progress, said state Industrial Development and Entrepreneurship minister Phoong Jin Zhe.
He said based on the World Bank Report, Sabah businesses lack the ability to export their products, which has hindered their growth to become one of the lowest export-to-production ratios in the country.
The Luyang assemblyman added that relying solely on the financial assistance provided by the Sabah government was insufficient for the development of Sabah businesses.
"I have conveyed to Datuk Ewon Benedick that for Sabah's businesses to make significant progress in the days ahead, the federal government must provide more assistance to Sabah and work together with the Sabah government to add value to Sabah businesses.
"This will give them the opportunity to connect with the Peninsular Malaysia and international markets, thereby boosting Sabah's exports," he said after receiving a courtesy visit by federal Entrepreneur and Cooperatives Development minister Datuk Ewon Benedick at Phoong's office.
The two discussed in-depth collaboration across departments to foster the development of Sabah businesses and hope to secure a bigger budget for Sabah's SMEs in the upcoming federal government budget.
Phoong added that the federal government under the leadership of Prime Minister Datuk Seri Anwar Ibrahim would focus on the development of Sabah's business sector in the upcoming budget, bringing good news for Sabah businesses.
"I have had numerous discussions with Datuk Ewon Benedick about the need for the federal government to increase funding for the development of Sabah businesses, and Datuk Ewon Benedick is highly supportive of this.
"We are now brainstorming together on how to secure more significant assistance for Sabah businesses in next year's budget so that more Sabah businesses can benefit from it.
"Recently, the Sabah government has agreed to establish the Sabah Entrepreneurship Development Coordination Committee (JPPKNS) to assist the Sabah government in coordinating current business development plans and address issues related to Sabah.
"This committee is one of the policies actively promoted by Datuk Ewon Benedick, and we are expected to hold our first meeting in October to start serving and assisting the Sabah government in coordinating Sabah business development matters."
Source: https://www.nst.com.my/news/nation/2023/09/955306/sabah-hopes-federal-govt-injects-more-funds-business-development