KUALA LUMPUR – Malaysia is witnessing the acceleration of economic transformation among the local business community, particularly in moving towards the UN’s Sustainable Development Goals amid the Covid-19 pandemic.
Deputy International Trade and Industry Minister Datuk Lim Ban Hong said the pandemic has shed light on the importance of adopting sustainability practices, namely the environment, society and governance (ESGs) criteria among local industry players.
The criteria brought about various opportunities for environmentally-friendly products to succeed in local and global markets, he said, adding that the adoption of ESGs could contribute greatly to the country’s economic progress post-pandemic.
In order to future-proof local industries, he said adopting a sustainable business model is encouraged, one of which includes using alternatives to source their products.
“I would like to urge more small and medium enterprises to actively sign up for government programmes, especially by Miti (the International Trade and Industry Ministry) and its 13 agencies to enhance their readiness to compete globally and succeed beyond the local market,” he said in a statement today. – Bernama, March 12, 2021
