Sustainability a catalyst to future proofing businesses: MITI Deputy Minister
12 Mar 2021
Malaysia is witnessing the acceleration of economic transformation among the local business community, particularly in moving towards the Sustainable Development Goals (SDGs) advocated by the United Nations 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 (ESG) criteria among local industry players.
The criteria were brought about various opportunities for environmentally-friendly products to succeed in local and global markets, he said, adding that the adoption of ESG could contribute greatly to the country’s economic progress in post-pandemic.
In order to future-proof the local industries, he said industry players are encouraged to adopt sustainable business model, one of which includes using alternatives sources to produce their products.
“I would like to urge more small and medium enterprises to actively sign up for government programmes, especially by MITI (the Ministry of International Trade and Industry) and its 13 agencies to enhance their readiness to compete globally and succeed beyond the local market,” he said in a statement today.