KUSKOP Engages Stakeholders On West Asia Conflict Impact

KEPALA BATAS, April 26 (Bernama) -- The Ministry of Entrepreneur and Cooperative Development (KUSKOP) is actively conducting engagement sessions with stakeholders, including micro, small and medium enterprise (MSME) associations, hawkers and cooperatives, to identify the impact of the West Asia conflict on the domestic economy.

Minister Steven Sim said the move is important to assess the pressures faced by industry players for the government to formulate appropriate solutions.

He said global conflicts, including economic tensions, tariff and trade disputes, as well as armed conflicts, are contributing to global economic uncertainty, affecting supply chains and in turn impacting the national economy.

“We are engaging with stakeholders to obtain feedback. We want to know what is affecting them and then how we can provide the ‘remedy’ (assistance). We need to first understand where the ‘pain’ is before we apply the ‘treatment’ through various approaches and strategies,” he said.

He told reporters this after launching the MADANI Cooperative and Entrepreneur Sales Programme in Permatang Sintok here, which was also attended by Bertam state assemblyman Datuk Seri Reezal Merican Naina Merican.

Sim, who is also the Member of Parliament for Bukit Mertajam, said to mitigate the impact on MSMEs, the government has implemented several targeted measures, including the “PowerUp 10K” initiative, which will channel at least RM15 billion to the MSME and cooperative sectors this year to boost liquidity and ensure they remain competitive.

In addition, he said RM100 million has been allocated for capacity-building programmes expected to benefit 100,000 entrepreneurs nationwide.

“We have also met with the top management of 16 local banks to urge stronger financial support for MSMEs by enhancing dedicated financial products, easing access to financing and providing flexibility to businesses facing cash flow issues,” he said.

Sim said the banks involved have agreed to consider assistance on a case-by-case basis, including refinancing, rescheduling, restructuring or moratoriums where necessary.

He added that KUSKOP has also engaged with institutions such as Permodalan Nasional Berhad and other stakeholders to strengthen support for the sector.

-- BERNAMA