Kota Kinabalu: KOTA KINABALU: Reforming Sabah’s entrepreneurial ecosystem is an uphill battle that cannot be realised without experience and new blood.
Minister of Industrial Development & Entrepreneurship Sabah (Mide), Phoong Jin Zhe, said Sabah must break its domestic chains or brain drain will remain the issue.
“More than 60,000 of Sabah’s young talents have sought greener pastures elsewhere, setting us in for an industrial setback.
Phoong was speaking at the Malaysian International Chamber Of Commerce and Industry (MICCI) CEO Masterclass held at a hotel, here, Thursday.
He announced that his Ministry will be allocating a budget towards the continuation of the series which is seen to inspire young entrepreneurs, giving them an avenue to connect with seasoned capitalists.
“About 98 per cent of Sabah’s market is domestic and sadly it’s the lowest in Malaysia. Even Sarawak has 30 percent for export to the world.
“We cannot grow because of this small market size. When a trade deficit gets serious, when we rely too much on import, local businesses will struggle. A 30 per cent higher cost of doing business here is already enough.
Meanwhile, he said Mide will be coming up with a one stop centre some time this year – with the help of MICCI – to disseminate information to the public pertaining government loan schemes.
Meanwhile, CEO Masterclass Organising Chairman, Ar. James Wong, said the night had a turnout of 130 people with many others expressing their interests in participating.
Phoong with MICCI Sabah Chairman Datuk Lee Swi Heng and others.
Ar. James Wong mentioned that the journey of an Entrepreneur and Business owner can be an incredibly lonely and challenging one.
“As business owners we are often always giving out, motivating others, and outputting into our employees’ lives.
“But like the recent challenges during the pandemic and rise in business costs, where employers faced great difficulty paying salaries and keeping businesses and the economy alive - there is very rarely any input into us, or support community available, and it can be a very lonely and challenging journey’.”
James shared that this ‘CEO Masterclass – Up Close & Personal Sharing Series’ serves to build a powerful network of likeminded entrepreneurs who are hungry to learn, open hearted to share, and willing to support each other through the challenging journey of entrepreneurship in Sabah.
“It’s a night of learning where we can build a powerful network and pair young entrepreneurs with titans of industries to become mentors.
“The young are passionate to learn business ideas and challenges we have been through. These are the values we want to instil in today’s culture.
“Many (youths) are yet to understand the journey and struggles… the road could get long and lonely and this is the community for us to support each other during the tough times and celebrate success,” he said in his speech.
A 28-year-old participant, Syahrul Safwan Najwan Faisyal, who is an executive for Sabah Ports, said he was moved by Datuk CK Tan who shared about his lowest point in life as an entrepreneur to an extent of almost losing his entire family.
Syahrul said the session gave him a fresh perspective of an ideal work-life balance, leading him on a solid career path.
