Kuala lumpur: 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 emphasized that Malaysia's economic narrative has evolved significantly, with safety and stability emerging as key competitive advantages for the country.

According to BERNAMA News Agency, Sim stated, "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," during the launch of the ASEAN Circular Economy Certification (CEC) for SMEs. 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 highlighted that this shift enables Malaysian businesses to compete on higher standards, particularly in environmental, social, and governance (ESG) compliance and green business practices. Efforts to reposition Malaysia's business ecosystem have been ongoing since his tenure at the Human Resources Ministry, with the minister stressing that price can no longer be the country's main selling point.

Furthermore, Sim praised the Small and Medium Enterprises Association of Malaysia's (SAMENTA) initiative in introducing the Circular Economy Certification (CEC) for SMEs. He described it as an important step in preparing businesses for stricter global requirements, noting that such certification programmes help improve efficiency, auditing processes, and overall business practices, while also serving as a mark of credibility in the global market. He 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 mentioned that the ministry is ready to collaborate with SAMENTA to strengthen SME development and ESG adoption. He stated that 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.