By Adrian Lim
KUCHING, April 3: The Companies Commission of Malaysia (SSM), an agency under the Ministry of Domestic Trade and Consumer Affairs will be undergoing a revamp to allow businesses to obtain more credit facilities.
Domestic Trade and Consumer Affairs Minister Dato Sri Alexander Nanta Linggi said the agency will incorporate new ideas and governance to promote ease of doing business for the business community.
“We will have new ideas and new governance because we want to promote ease of doing business as well as provide a conducive business environment.
“Many developed countries have good governance to facilitate businesses.
“For instance one countries which we are looking at is New Zealand, a country which allows moveable assets to be charged as collateral for credit.
“So there is ease of getting credit and credit is important for businesses,” he said during a press conference after a dialogue with the business community on Malaysia’s Prihatin Programme at the Federation of Chinese Associations Sarawak (FCAS) headquarters here today.
Citing an example of a farmer who rears sheep, Nanta said the value of those sheep can be calculated using a mechanism to raise money for the businesses.
He added SSM is looking at the mechanism to value moveable assets for businesses in Malaysia.
Nanta said SSM is also looking to review and amend some of the outdated laws to facilitate business processes.
He pointed out that the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) is geared towards promoting ease of doing business and lowering the cost of doing business.
On another note, Nanta disclosed that the number of online business registration increased during the Movement Control Order (MCO) period.
He added his ministry also launched the ‘Buy Malaysian Product’s campaign’ to facilitate local businesses to grow their sales amid sluggish economic situation during the Covid-19 pandemic.
On another note, FCAS president Datuk Richard Wee hoped that the federal government can extend the wage subsidy programme for employers as the initiative was helpful to businesses in sustaining their operations.
He pointed out that the wage subsidy programme has benefited some companies and business communities in Sarawak.
In the meantime, the dialogue was the second round of such events organised by FCAS in collaboration with KPDNHEP to brief stakeholders and the business community on the economic stimulus programme, Malaysia Prihatin implemented by the federal government.
Nanta said feedback from the stakeholders were taken into consideration in the first round of the dialogue last year to formulate initiatives and incentives to assist businesses which were affected by the Covid-19 pandemic.
He added KPDNHEP and SSM will continue to improve and provide better services to the business community.
Among those present at the second round of the dialogue session were KPDNHEP Sarawak director Datuk Stanley Tan, SSM Sarawak director Ramle Leen and representatives from the business community. — DayakDaily
