Kuala lumpur: The PowerUp 10K initiative is expected to be a key driver in helping micro, small, and medium enterprises (MSMEs) scale their businesses in the face of global geopolitical uncertainties and rising operational costs. Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong announced that up to RM15 billion in financing is committed to supporting the scaling up of 10,000 MSMEs, aligning with the government's efforts to empower the people's economy.

According to BERNAMA News Agency, the initiative aims to help MSMEs remain resilient while capitalizing on business opportunities despite global challenges. Sim stated that the effort is crucial for MSMEs to continue growing amidst rising operational costs and geopolitical uncertainties.

Sim noted that the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) welcomed three announcements by the Prime Minister intended to alleviate cost pressures on MSMEs resulting from the global energy crisis. These include an RM5 billion additional financing guarantee through the Business Financing Guarantee Corporation (SJPP), e-invoice flexibility, and targeted tax exemptions.

The minister emphasized that these measures are timely for ensuring business continuity and job protection. He expressed KUSKOP's commitment to strengthening efforts through the ABCD approach, which stands for Accelerating Productivity, Bureaucracy Reduction, Capital Accessibility, and Developing Market Access.

Sim also highlighted that the ministry will continue collaborating with stakeholders, including industry players and financial institutions, to ensure timely and effective support delivery, directly impacting entrepreneurs in the field.