THE government’s focus in Budget 2021 is centred on safeguarding the rakyat’s well-being while investing in key pillars to stimulate economic activity, create and save existing jobs, and care for underserved communities.
Alignment with Sustainable Development Goals is reflected in a holistic approach that is underscored by three thrusts: rakyat’s prosperity, business continuity and economic resilience.
As Malaysia embarks on the recovery of its economy, the government has set the right tone from the top, which will create new economic and revenue streams, jobs, and opportunities for the people.
On the business front, the government’s efforts to drive investments, encourage innovation, strengthen strategic sectors and facilitate business growth are a positive sign for Malaysian companies.
With Covid-19 greatly impacting companies across all sectors, initiatives such as those to do with taxes, development schemes, and grants and loans for businesses will support companies as they restrategise and pivot their businesses through digitalisation or other means.
In that respect, Malaysian firms should take a leaf out of the government’s book. Now, more than ever, it is critical for companies to balance their financial and social obligations to ensure the sustainability of their businesses.
From adopting technology, building resilient supply chains, transitioning or adapting to hybrid business models, and having a greater focus on e-commerce to implementing people-centric policies that focus on the well-being of human capital assets, such as hiring across a broader segment of the population, including retirees, we hope to see a future with stronger, more resilient and socially conscious companies that are driven by creating a positive impact. – The Vibes, November 7, 2020
Institute of Corporate Directors Malaysia is spearheaded by the Securities Commission Malaysia, and supported by Bank Negara Malaysia, Bursa Malaysia and the Capital Market Development Fund
