PENAMPANG: SME Corp. Malaysia Chairman Tan Sri Bernard Dompok has underscored the immense potential of small and medium enterprises (SMEs) in Sabah and Sarawak, highlighting the strategic importance of the region’s natural resources, industries and government initiatives in bolstering economic growth.
He described these as “very interesting times” for SMEs in Sabah and Sarawak, particularly under the leadership of Federal Entrepreneur Development and Cooperatives (Kuskop) Minister Datuk Ewon Benedick.
He noted that the Federal Government is adopting a more integrated approach to development, uniting all parts of Malaysia to achieve a shared vision of prosperity.
“Sabah and Sarawak have vast land areas and untapped potential, but sadly, they have not yet reached their full capacity,” he said as the guest of honour at the Kadazandusun Chamber of Commerce and Industry’s (KCCI) Christmas Dinner & Dance 2024 at the Putera Ballroom here last Friday,
Bernard, who is former Sabah Chief Minister, also stressed the importance of SMEs in maintaining momentum and improving performance, positioning them as key drivers of regional economic growth.
He identified tourism as a cornerstone of Sabah’s sustainable economic development, calling it “one of the biggest industries” in the State.
“Though it is a service industry, it plays a vital role in sustaining the economy. While oil and gas are important, tourism is a renewable resource that can drive long-term growth,” he said.
Bernard also lauded Sabah’s focus on the Blue Economy, which leverages the State’s vast coastline for sustainable development.
“The Blue Economy has immense potential for industries such as fisheries and maritime businesses, aligning with global trends toward greener, more sustainable practices,” he said.
Beyond local initiatives, Bernard emphasised the importance of regional collaboration through frameworks such as the BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area).
He urged greater attention to cross-border trade opportunities with neighbouring countries, including Indonesia and the Philippines.
“There is a lot of focus on Borneo’s potential, and Indonesia’s plans to develop its assets in the region present significant opportunities for Sabah and Sarawak SMEs to integrate into the wider Southeast Asian economy,” he noted.
Bernard acknowledged the challenges faced by SMEs in Sabah and Sarawak, particularly in aligning their growth strategies with national and regional development goals.
He encouraged entrepreneurs to leverage advancements in education and innovation to create a more dynamic business environment.
“We must ensure SMEs in Sabah and Sarawak are not just contributors to the local economy but also competitive players in Southeast Asia,” he said.
As the year progresses, Bernard expressed optimism about the trajectory of SME development, with steady progress and new opportunities on the horizon.
He called on all stakeholders to focus on unlocking the region’s full economic potential.
During the event, Bernard also joined KCCI President Datuk Ladislaus Maluda, along with past presidents and current office bearers, in cutting KCCI’s 28th anniversary cake and launching the logo for the Annual Borneo Country Music Festival & Food Fest (BCMFFF) that the chamber plans to organise here in May next year, in conjunction with the Sabah Fest 2025.
The evening, themed “Santa Goes Country,” celebrated the chamber’s milestone with lively festivities.
