Sim said his strategy encompassed “accelerated productivity, reduced bureaucracy, capital accessibility and developing market access”, and would guide all policies, programmes and legislation at the ministry.

“We will have detailed action plans. No flowery language.

“We will go straight to pinpointing the real challenges in today’s business environment, which include productivity, bureaucracy, capital and market access,” he said after clocking in for his first day in his new role.

Sim also dismissed critics who said his new portfolio was a downgrade from the human resources ministry, saying he wants to hit the ground running in his latest role.

“For me, this is not about promotion or demotion,” said Sim, the DAP deputy secretary-general.

Financing allocations for Bumiputeras, Indians and Chinese

Sim announced three key decisions today, including a six-month interest-free moratorium for SMEs affected by floods for their repayments to the Cooperative Commission of Malaysia, SME Corp, Tekun Nasional, Bank Rakyat, SME Bank, Pernas and Amanah Ikhtiar Malaysia.

He also announced that financing allocations under these agencies would be increased across ethnic communities.

“Bumiputera financing under Tekun will be increased from RM300 million this year to RM500 million next year.

“Financing under the Indian entrepreneur financing scheme will be increased from RM30 million to RM50 million next year, and a new RM50 million financing scheme for Chinese SMEs will be launched in January,” he said.

Sim has also ordered the ministry’s senior management to review all procedures, costs and processing times to ensure service efficiency and business friendliness.

He said further announcements on slashing bureaucratic practices would be made in January

“This is feedback we hear all the time, that these are the main problems faced by businesses in Malaysia,” he said.

“We want to address the problems at the root.”