The Malaysian Investment Development Authority discussed at a forum the need to adopt a sustainability revolution mindset 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.
In his keynote address, 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.
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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