KUCHING: Malaysia risks wasting its economic potential without a coordinated push on reforms ranging from business efficiency to green transition.
In stating this, Sarawak Bumiputera Entrepreneurs Chamber (DUBS) president Datuk Abang Helmi Ikhwan pointed out that the nation already has many of the ingredients for a higher-value economy, including a strategic location, a relatively well-educated workforce, established manufacturing clusters and a growing digital ecosystem.
What is lacking, he stressed, is the consistent drive to turn potential into durable advantage.
“As Malaysia Day approaches, it is worth pausing to ask a simple but urgent question: what kind of Malaysia do we want to be in the coming decade?
“The answer matters not only to politicians and policymakers, but to every entrepreneur, worker and investor who will shape our nation’s future.
“If we are serious about prosperity that is both shared and sustainable, we must marry pragmatic economic reform with an inclusive, long-term vision,” he told Sarawak Tribune in his Malaysia Day message.
He said reforms should begin with cutting bureaucracy.
“Entrepreneurs still waste too much time navigating permits, approvals and overlapping regulations.
“A one-stop digital gateway for all business transactions that integrates licensing, tax registration and compliance would cut costs for firms large and small, and signal to investors that Malaysia values efficiency,” he said.
Tax policy, he added, must also be clearer and more consistent.
“The current patchwork of grants and exemptions often creates perverse incentives and administrative burden.
“We should aim for a simpler, innovation-friendly tax code that rewards outcomes such as jobs, exports and technology transfer,” he said.
As access to finance remains another barrier, Abang Helmi noted that many small and medium enterprises with viable business models still cannot obtain growth capital.
Expanding credit guarantee schemes, scaling blended finance and encouraging local venture capital would help promising firms to grow.
“The state should also use catalytic capital through sovereign or development funds to de-risk investments in strategic sectors such as green technology and advanced manufacturing,” he said.
Human capital, he stressed, lies at the heart of competitiveness.
“The education system must be realigned to meet industry needs, with stronger TVET, apprenticeships embedded with credible employers, and lifelong reskilling programmes. Industry-led curriculum reform should be the norm so graduates are job-ready and firms can find the skills they need domestically,” he said.
He also called for a clear roadmap on the green transition, with predictable renewables policy, incentives for low-carbon investment and financing tools such as green bonds.
“This is not just about emissions; it is about positioning Malaysian firms to win in the global low-carbon markets of tomorrow,” he said.
For reforms to succeed,he stressed that governance must improve.
Abang Helmi said transparent procurement, firm anti-corruption measures and higher corporate governance standards are essential to restore investor confidence.
He added that the private sector also has a responsibility to embed social impact into business models and support entrepreneurship, apprenticeships and supplier development.
Public-private partnerships, he said, should be transparent and outcome-driven, with attention given to closing regional gaps in Sabah, Sarawak and rural Peninsular Malaysia.
“As Malaysians reflect on our shared history this Malaysia Day, let us commit to practical policies that raise productivity, broaden opportunity and protect our environment.
“The task is not merely to grow GDP, but to grow a Malaysia where prosperity is durable, inclusive and resilient, one that our children will be proud to inherit,” he said.
