Malaysia's economic model must be readjusted, says HR minister in ESG awards gala

The Star

Malaysia must re-evaluate its economic model to withstand rising geopolitical and economic pressures, says Steven Sim Chee Keong, calling for long-term investments in local talent and innovation to ensure national resilience.   Speaking at the ESG Positive Impact Awards 2024 gala night held in Petaling Jaya on July 15 night, the Human Resources Minister highlighted the urgent need for Malaysia to chart its own path amid a polarised global environment.   The event saw 62 awards being presented to 36 winning companies, covering a range of sectors and business scales.   Read more at https://tinyurl.com/y2a3x32e   WATCH MORE: https://thestartv.com/c/news  SUBSCRIBE: https://cutt.ly/TheStar  LIKE: https://fb.com/TheStarOnline

Transcript

00:00Above Creative Events Malaysia, Sendirian Perlman!

00:11Give it up, ladies and gentlemen, a big round of applause!

00:14What started perhaps a few years ago as dispute over trade deficits and intellectual property

00:20has now become a full-blown battle over technological supremacy and economic system.

00:27Tarif has been slapped, exports banned declared, supply chains rerouted.

00:34But history has taught us, or rather has warned us,

00:37when a country chooses economic isolation in the name of security,

00:43it often ends up with neither.

00:46Strategic over-control, like the Ming's hygiene, often bagpires.

00:51But what about us? All of us here in Malaysia, what about you?

00:55I know it is tempting, in a time such as this, to justify cost-cutting,

01:02to protect our own interests, our most immediate interests,

01:06and to close our doors to others.

01:08In fact, our experience showed that the more we have invested in long-term good practices and values,

01:17the more resilient our society is against the pandemic,

01:21the better we can survive the disease, and the faster we bounce back.

01:25I think, my dear friends, it is the same with ESG, especially in time of crisis.

01:31Companies like yourself know very well that risk management is not a luxury.

01:37And hence, ESG should not be seen merely as an expense, but rather as an insurance.

01:46As we deal with geopolitical and geoeconomic pressures from all sides, literally.

01:51Companies which have a more purposeful, sustainable, and long-term plan,

01:58will likely emerge as champions.

02:01These are the sorts of companies which will gain market confidence, trust, and reputation.

02:09The economy model for the last 50 years have benefited our country and all of us.

02:14We get investments to come in, build their factories, manufacture their products.

02:19It was a low cost, low price model, like to say.

02:23But the question before all of us now is,

02:26can this model be sustainable in the next 50 years?

02:30I think Malaysia must rethink our economy model

02:34if we are to survive that binary geopolitical and geoeconomic challenges of direct global competition on one hand,

02:44and superpower protectionism on the other hand.

02:47We need to invest in our homegrown, what I call 4T, talents, technology, things,

02:55basically products and services, and trademarks, our brand and our patronage.

02:59Fundamentally, we need to invest in long-term strategy

03:03to enhance the value of our economy towards people and environment.

03:08Finally, allow me to thank and commend your organizer,

03:12Star Media Group, and your sponsor, or CBC Bank.

03:16Let us give them a round of applause

03:18for taking this very active and proactive role

03:22in driving the national conversation forward in terms of ESG.

03:28Your efforts in amplifying awareness, encouraging corporate accountability,

03:33and celebrating excellences in ESG are nothing short of commendable.

03:38Once again, let us give them a well-reserved round of applause.

03:43Thank you. That's it.

03:46Thank you very much.

03:47Thank you for being on stage as we present to you our ESG Positive Impact Awards winners for 2024.

03:58Ontario REC we are 24!

04:00Correct!

04:02local party support

04:03We are 24!

04:0525!

04:06LALI CHAVE cần

04:08Here you pay his children

04:10Channel Mayors

04:11Episode 18

04:13Fox

04:15Career

04:16方面

04:18How do you think yourself?

04:19What about you?

04:20No!

04:21Where are you?

04:22Niding

04:23They put everybody

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