THE Malaysian International Chamber of Commerce and Industry (MICCI) will be focusing on driving the adoption of ESG practices within the business community in Malaysia in aligning with the New Industrial Master Plan 2030 (NIMP 2030).

This is to enhance productivity and competitiveness within the industry, and strive towards net-zero carbon by 2050, it said at its recent 51st Annual General Meeting (AGM).

Some of the ESG initiatives outlined by MICCI include enhancing waste management processes to convert waste into renewable energy, setting benchmarks for industries.

At the same time, MICCI has an ambition to strive towards net zero carbon by 2050, in which members are initiating ambitious projects to transition entire energy consumption to 100% renewable sources by 2030 and implementing carbon capture and storage (CCS) technologies to reduce greenhouse gas emissions from operations.

In her address, MICCI president Christina Tee underscored the chamber’s commitment to advancing Malaysia’s economic and industrial development, emphasising the importance of continued collaboration and innovation to support Malaysia’s growth and global competitiveness.

“We are at a pivotal moment where our dedication to innovation and sustainability will drive Malaysia’s future success,” she stated.

“This year, MICCI has been at the forefront of key initiatives, including the promotion of EV charging infrastructure and advocating for the diesel subsidy scheme to support renewable energy investments.

“We will also continue our efforts in strengthening international partnerships, such as our collaboration with MITI and MIDA to unlock grants for SMEs, and our involvement in the Prime Minister Hibiscus Award, reflect our commitment to fostering a sustainable and energy-secure future.”

The AGM was also graced by Deputy Investment, Trade, and Industry Minister Liew Chin Tong, who highlighted Malaysia’s renewed economic optimism and strategic initiatives aimed at enhancing the country’s global economic positioning.

He shared that Malaysia is being presented with a once-in-a-generation second chance to rise again.

The closer ties Prime Minister Datuk Seri Anwar Ibrahim is building with ASEAN neighbours, particularly the Johor-Singapore ties, China, countries in the Global South like Brazil, will certainly make Malaysia a more interesting and dynamic economy.

Liew further emphasised that the goal is to extend beyond merely manufacturing for exports as the country aspires to become an innovative nation that improves the living conditions for all Malaysians.

To achieve this, there is a need to develop local champions through more stringent localisation policies, especially for multinationals.

The National Semiconductor Strategy is a prime example of this approach. It aims to nurture at least 10 semiconductor-related companies with revenues between RM1 bil and RM4.7 bil, and 100 more with revenues nearing RM1 bil.

This strategy is designed to enhance high-quality manufacturing, drive innovation, and provide higher wages for Malaysian workers. - July 26, 2024

https://focusmalaysia.my/micci-to-advance-esg-agenda-among-businesses-ir4-0-in-manufacturing/