KUALA LUMPUR, December 3 – The Malaysian Investment Development Authority (MIDA) recently organized its first forum titled “Accelerating Malaysia’s Industry Commitment Towards Sustainability Goals.” Held at the Connexion Conference & Event Centre, Bangsar South, in collaboration with the National SDG Centre and the United Nations Global Compact Malaysia and Brunei (UNGCMYB), the forum aimed to catalyze a sustainability revolution, particularly among Small and Medium-sized Enterprises (SMEs) and Mid-Tier Companies (MTCs).
The focus was on promoting technology adoption and embracing Environmental, Social, and Governance (ESG) practices. The forum provided crucial insights into industry challenges, including financial constraints, talent shortages, and a lack of technical expertise. It highlighted the Malaysian government’s commitment to achieving the Sustainable Development Goals 2030 (Agenda 2030) and transitioning to the Net Zero 2050 aspiration. Keynote speakers, including Mr. Faroze Nadar, Executive Director at UNGCMYB, Prof. Dr. Ong Kian Ming, Director of Philosophy, Politics & Economics Programme at Taylor’s University, and Mr. Asfaazam Kasbani, Director at National SDG Centre, shared valuable perspectives alongside technology experts.
Noteworthy representatives from PETRONAS and EPF also contributed insights. YB Liew Chin Tong, Deputy Minister of Investment, Trade, and Industry (MITI), underscored the government’s commitment through the New Industrial Master Plan 2030 (NIMP 2030). The plan outlines goals such as increasing economic complexity, creating high-value job opportunities, and enhancing ESG practices. Emphasizing a ‘whole-of-government’ and ‘whole-of-nation’ approach, he highlighted the recently launched National Industry Environmental, Social, and Governance (ESG) Framework (i-ESG) by MITI.
This framework aims to support SMEs and MTCs in building sustainability capabilities, aligning with the MADANI Economy Framework and contributing to inclusive and sustainable industrial growth. Technology and innovation were also stressed as integral components of Malaysia’s dedication to sustainability, with initiatives like the RM2 billion National Energy Transition Facility fund and a potential RM1 billion biodiversity sukuk for carbon credits featured in Budget 2024.
