MIDA organised the forum “Accelerating Malaysia’s Industry Commitment Towards Sustainability Goals” on November 28, 2023, at Connexion Conference & Event Centre (CCEC)@The Vertical Bangsar South. The event aimed to enhance awareness and understanding of the 2030 Agenda and Environmental, Social, and Governance (ESG) matters, with a particular focus on engaging SMEs and MTCs.

The forum featured an opening remarks by MIDA Chairman YBhg. Tan Sri Dato’ Seri Dr. Sulaiman Mahbob, followed by a keynote address by YB Liew Chin Tong, Deputy Minister of Investment, Trade and Industry (MITI), emphasised the Government’s steadfast commitment to “Advancing Sustainability” in line with one of the missions of the Twelfth Malaysia Plan (12MP), resonating with the New Energy Transition Roadmap (NETR), Hydrogen Economy & Technology Roadmap (HETR), New Industrial Master Plan (NIMP) 2030, and MITI’s i-ESG Framework.

The first session unfolded as a captivating fireside chat on ‘Understanding the Dimension of Sustainability Development’ with Mr. Faroze Nadar, Executive Director of UN Global Compact Network Malaysia & Brunei; Mr. Asfaazam Kasbani, Director National SDG Centre, Ministry of Economy; and, notably, Prof. Dr. Ong Kian Ming,  Director of Philosophy, Politics & Economics Programme, Taylor’s University, offering their valuable insights and perspectives.

The second session delved into ‘Why ESG Matters More Now Than Ever for Your Business,’ emphasising the growing trend of integrating ESG reporting. The panel presentation explored the benefits of adopting ESG principles, such as improved capital access, reduced borrowing costs, and enhanced reputational capital.

The third session, ‘Sustainability Journey through Technology Adoption and Capacity Building,’ highlighted the pivotal role of technology in renewable energy, hydrogen, AI, robotics, electric vehicles, and carbon capture. Highlighting the necessity for robust cybersecurity strategies, the panel discussed the adoption of IoT devices, smart sensors, and environmental monitoring systems for sustainable practices. Technology innovation and digitalisation emerged as crucial elements in implementing sustainable projects and ESG principles.

The forum concluded with a panel presentation on ‘Government Initiatives & Facilitation for Sustainable Investment Projects and ESG Adoption’. This highlighted Malaysia’s alignment with international ESG reporting standards aiming to prepare domestic industries for foreign investments in sustainable projects, promoting R&D, identifying technology trends, and facilitating collaborations for cost-effective mechanisms in green growth sectors.

In its entirety, the forum provided a crucial platform for SMEs and MTCs to navigate the complexities of sustainability and ESG. The insights shared illuminate a path to a resilient and sustainable future for Malaysian industries. With ongoing initiatives, Malaysia stands to become a global hub for sustainable innovation, attracting investments and ushering in an era of economic prosperity and environmental responsibility.