KUALA LUMPUR – A stronger private and public sector collaboration is needed to boost economic activities impacted by the COVID-19 pandemic, said Deputy Minister of the International Trade and Industry Ministry (MITI) Datuk Lim Ban Hong, as reported on Bernama.
He stressed the private sector’s important role in supporting the Government’s agenda in sustaining trade, strengthening intra-regional supply chains, instil investment confidence – both domestic and abroad – as well as promoting business opportunities within this region.
“I encourage investors and businesses from within this region to come and visit Malaysia and start choosing Malaysia as their preferred investment and business destination.
“No one is spared from the ravaging effects of this pandemic,” he said in his speech at the inaugural virtual Indo ASEAN Oceanic Business Summit & Expo, which was organised by the Confederation of Indian Industry (CII) held yesterday.
The COVID-19 pandemic according to him, has adversely impacted the well-being of the people and global socioeconomic growth causing disruptions on the economy and trade, such as travel and tourism, manufacturing, retail and other services sectors, as well as the supply chains and the financial markets.
It is a major wakeup call for everyone to rethink and reshape the global supply chain model, to foster greater economic resilience and sustainability in the long-run, especially within this region.
Lim also highlighted the importance to capitalise on the emerging trends, resulted from the new normal in doing business, some of which include digital trade and e-commerce transactions.
“Countries within this region should venture in ICT and new technologies such as automation and leverage on the Fourth Industrial Revolution,” he added.