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Jakarta Post

PM Najib: US$6.47 million for young Chinese entrepreneurs

  • Ashley Tang

    The Star/Asia News Network

Serdang, Malaysia   /   Sun, April 1, 2018   /   07:18 pm
PM Najib: US$6.47 million for young Chinese entrepreneurs Malaysian Prime Minister Najib Razak. (AFP/Mohd. Rasfan)

Young Chinese entrepreneurs will be given RM25 million (US$6.47 million) to help them ride the wave of digital transformation, says Datuk Seri Najib Tun Razak.

The Prime Minister said the funds will be channelled into the newly launched eCommerce Micro Credit Scheme, which will help Chinese entrepreneurs aged 18 to 45.

“I hope we will be able to achieve big results in at least three key areas through the  Micro Credit eCommerce initiative,” he said when launching the initiative at Wisma Huazong here on Sunday.

He added that the program was to offer an efficient and affordable financing facility to assist young Chinese entrepreneurs.

He said the program will also help traditional Chinese small and medium enterprises (SMEs) transform their businesses with digital technologies.

“We know this is crucial to our future. Advances in transportation and Internet technology are metaphorically 'shrinking' the geographic distance between even the most advanced cities and the most remote rural areas,” he said.

Najib added that there were three key focus areas in this programme - to nurture technopreneurship among young people, to improve living standards for youths in terms of income and quality of life, and to transform traditional SMEs so that they can remain competitive while enabling rural products to go global.

He said 41 Chinese-based associations and chambers of commerce nationwide have volunteered and committed to join the program as strategic partners, adding that digital transformation was important for all businesses.

“It has been reported that one-third of leading firms will be disrupted by new competitors within five years, and it will be a case of transform or perish. There really is no alternative. We must transform or be left behind,” Najib added.

Also present at the event were Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong, Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan and Malaysian Chinese Women Entrepreneurs Foundation founder Tan Sri SP Lim.

This article appeared on The Star newspaper website, which is a member of Asia News Network and a media partner of The Jakarta Post