Bolkiah (second right) handing over a certificate to a participant of TRUS 2014
KOTA KINABALU: The government has approved a RM300,000 allocation to carry out Sabah Entrepreneur Transformation Programme (TRUS) next year.
Disclosing this at the closing ceremony of TRUS 2014 at Hyatt Regency Kinabalu Hotel, here yesterday, Industrial Development Assistant Minister Datuk Bolkiah Ismail urged Sabah-based Small-Medium Enterprises (SMEs), especially owners of Bumiputera properties to be fully focused in their business in order for them to remain in business in the long run.
Bolkiah said many successful businesses had been losing their customers because they had been moving their business from one location to another to avoid the increase in rental.
“Buying a property is a huge commitment financially, but it is the best investment for business to grow bigger.
“We need to learn from many businesses operated by Bumiputeras where they started with a huge profit and having repeat customers but ended up with failure because of the increasing rental.
“Many Bumiputra SMEs are still renting their premises, and often faced with the problem of having to pay increasing rental. It is time to move forward by calculating how much space do you need now and in the long run,” he said at the closing ceremony of Sabah Entrepreneur Transformation Programme (TRUS) 2014 at Hyatt Regency Kinabalu Hotel, yesterday.
Bolkiah added that Perkasa Realty Sdn Bhd (PRSB) and Sabah Economic Development Corporation (Sedco) are developers under the state government that could help with the purchase of premises in various locations in the state.
In other development, Bolkiah also said with the implementation of the Goods and Services Tax (GST) in April 2015, there would be a slight increase in prices of goods, but it must be looked from the positive side where the government would have more money to boost the economy.
“The government expects to reap RM22 billion per year when GST is implemented. It shows that if the money is wisely spent I am sure the living standards in the rural areas will further increase because of the improved infrastructure.
“As for the business operators, they will benefit from it because their spending power will also increase,” he said.
Bolkiah added the people might need about three to four years to adjust themselves with the GST and slowly the economic cycle would follow.
He said the more money gained by the government through the implementation of GST, there would be more financial programmes introduced to the SMEs not only to business start-up but to improve their existing businesses.
During the event yesterday, 20 participants completed their programme, focusing on improving premises and packaging.
Bolkiah also announced that the ministry would continue the programme next year by choosing another 20 entrepreneurs to participate.
He said a total of RM300,000 would be allocated for 2015 TRUS Programme next year.