The government must help remove trade barriers between Asean countries to boost the growth of small and medium enterprises (SME) throughout the region, Youth and Sports Minister Khairy Jamaluddin said. 

His call comes as some local businesses voice concern over stiff regional competition with the inception of the Asean Economic Community.

"Policymakers need to get out of the way and tear down barriers to facilitate the growth of SMEs in Asean," Khairy said at the Asean SME conference in KL Convention Centre today. 

Young entrepreneurs are often dogged by problems like differing regulations in different countries when they try to expand their business overseas, Khairy said.

 

The government can support these businesses by cutting down on such regulations. 

 

"For businesses to expand globally, entrepreneurs need support from the government in terms of compliance and funding," Khairy said.

 

Funding is another problem young entrepreneur often face, he noted. 

 

No excuse to not have start-up capital

 

However, he said the real problem is that young entrepreneurs often lack information about the loans and grants that the government offers to their businesses.

 

"These agencies (that offers loans and grants) need to market themselves more so that young entrepreneurs who need it know about them," the minister said.

 

He said funds set aside by the government for these purposes are often not used up because not many apply for the loans.

"And yet, I've received so many complaints from young entrepreneurs that they don't have enough start-up capital or help from the government.

 

There actually should be no excuse for them to not have enough start-up capital for their businesses," Khairy insisted.