Stronger private-public partnership could mitigate COVID-19 economic impact

By ANIS FARHANAH MALEK
anisfarhanah@dagangnews.com

KUALA LUMPUR 5 August - A stronger private and public sector collaboration is needed to boost economic activities impacted by the COVID-19 pandemic, Malaysia urged the Indo ASEAN Oceanic Business Summit and Expo yesterday.

Deputy Minister of International Trade and Industry (MITI), Datuk Lim Ban Hong told the summit, supports from the private sector towards the government's agenda are vital to sustain trade and development of countries.

“I underlined the importance of private sector’s role in supporting the government’s agenda in sustaining trade and development as well as strengthening intra-regional supply chains, instil investment confidence both domestic and abroad as well as promoting business opportunities within this region,” said him in a statement today.

Ban Hong was invited as the Guest of Honour for the virtual summit, organised by the Confederation of Indian Industry (CII).

The event was participated by representatives from both the government and private sector from the Indo ASEAN Oceanic region namely from Malaysia, India, Australia, Cambodia, Myanmar, Fiji, Papua New Guinea, the Philippines and Vietnam. 

It is the first of its kind trilateral business summit involving prominent countries from ASEAN and Oceanic Region.

Among other emphasis, Ban Hong welcomed and encouraged investors and businesses from within the region to visit Malaysia and start choosing the country as their preferred investment and business destination.

Ban Hong said, they should venture on information and communication technology (ICT) and new technologies such as automation and leverage on the Fourth Industrial Revolution (IR4). 

“I also took the opportunity to highlight the importance to capitalise on the emerging trends, resulting from the new normal in doing business, some of which include digital trade and e-commerce transactions.

“No one is spared from the ravaging effects of this pandemic. It has adversely impacted the well-being of the people and global socioeconomic growth, that has brought 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,” he added.

As per the urge, he commended the efforts by CII in materialising the summit and considered the initiative as timely in helping business community cope with living and trading while battling the COVID-19 outbreak. 

Malaysia, regarded as one of the best in managing the COVID-19 impact also shared the measures taken in strengthening the recovery of economy, minimising unemployment, protecting livelihoods of Malaysians and securing the economic sustainability of the nation. - DagangNews.com