Technology Adoption and ESG Practices Are Key Enablers Towards Sustainability Goals
Kuala Lumpur, 28 November 2023 – The Malaysian Investment Development Authority (MIDA) has successfully organised its inaugural forum on “Accelerating Malaysia’s Industry Commitment Towards Sustainability Goals”, held at the Connexion Conference & Event Centre, Bangsar South. In partnership with the National SDG Centre and United Nations Global Compact Malaysia and Brunei (UNGCMYB), the forum aimed to ignite a sustainability revolution, particularly among Small and Medium-sized Enterprises (SMEs) and Mid-Tier Companies (MTCs) by promoting technology adoption and embracing ESG practices.
The forum provided crucial insights into pressing industry challenges, such as financial constraints, talent shortages, and a lack of technical expertise. Importantly, it shed light on the government’s steadfast commitment to achieving the Sustainable Development Goals 2030 (Agenda 2030) and transitioning to the Net Zero 2050 aspiration.
The participants gained valuable insights from eminent personalities in sustainability, including Mr. Faroze Nadar, Executive Director at UNGCMYB, Prof. Dr. Ong Kian Ming, Director of Philosophy, Politics & Economics Programme, Taylor’s University and Mr. Asfaazam Kasbani, Director at National SDG Centre, Ministry of Economy as well as technology experts. Representatives from PETRONAS and EPF also shared their perspectives.
In his keynote address, YB Liew Chin Tong, Deputy Minister of Investment, Trade and Industry (MITI), shared, “The Government’s New Industrial Master Plan 2030 (NIMP 2030) outlined six goals, namely to increase economic complexity, create high value job opportunities, extend domestic linkages, develop new and existing clusters, improve inclusivity and enhance ESG practices, which are aligned with the National Investment Inspirations. Corresponding to that, the NIMP 2030 also sets 12 outcome-based targets to measure the transformation of the Malaysian manufacturing industry and economy:
1. Sophisticated exports with high value added
2. Regional innovation hub
3. High-skilled jobs
4. Fair income
5. Internationally competitive SMEs
6. Deepen local supply chain integration
7. Strategic positioning of high value tech manufacturing
8. Develop new clusters in managing growth markets (eg 4IR and digital)
9. Catalysing sectoral and regional development within Malaysia
10. High manufacturing value added participation by least developed states
11. Derisking economy against ESG factors
12. Drive towards Net Zero aspirations
Our plans for sustainable development need a ‘whole-of-government’ and ‘whole-of-nation’ approach to thrive. In Malaysia, we need clearly defined and concrete targets across sectors, including manufacturing, energy, transport, and infrastructure.” the Deputy Minister of MITI informed.
He further added, “MITI has recently launched the National Industry Environmental, Social, and Governance (ESG) Framework (i-ESG) to provide support for SMEs and Mid-Tier Companies (MTCs), helping them build their capabilities in sustainability and capture opportunities in the green economy. i-ESG aligns with the principles of the MADANI Economy Framework, reinforcing our vision for inclusive and sustainable industrial growth”.
Highlighting the significance of technology and innovation, the Deputy Minister of MITI stated, “The Budget 2024 reflects our dedication to sustainability, featuring initiatives such as the RM2 billion National Energy Transition Facility fund and a potential RM1 billion biodiversity sukuk for carbon credits. This concerted effort aims not only to uplift SMEs and MTCs but also to stimulate a more sustainable and resilient economic landscape.”
MIDA’s Chairman, YBhg. Tan Sri Dato’ Seri Dr. Sulaiman Mahbob, enlightened the participants on MIDA’s role as the national economic front liner in pursuing investment promotion in sustainable investment projects such as e-Mobility, Renewable Energy and Circular Bio-economy.
“In recognising the undeniable importance of sustainable practices, MIDA has taken a proactive stance. Last year’s record is a testament to its success in fostering a robust investment environment. Building on this momentum, MIDA established its Sustainability Division on 1 August, 2023”.
He also added, “In this evolving landscape, sustainable practices are no longer optional; Malaysia must catch and ride the green wave. It’s a global commitment that no individual or country can afford to overlook. At MIDA, we have been engaging our partners from the people, private and public sectors to make the Green Plan a reality.” Tan Sri Dato’ Seri Dr. Sulaiman Mahbob emphasised the investor-friendly approach with the setup of the Invest Malaysia Facilitation Centre (IMFC) at MIDA HQ, streamlining investment-related matters and reducing bureaucracy in public service delivery at federal and state levels.
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About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channels.
For more information, please contact:
MIDA
Mr. Syed Kamal Muzaffa bin Syed Hassan Sagaff
Director, Sustainability Division, MIDA
Email: [email protected] |DL: +603- 2267 3636
