Collaboration among nations vital for economic rejuvenation: WIEF

by NUR HANANI AZMAN / pic by BERNAMA

MORE collaborative efforts are needed between sectors, nations and individuals for economic rejuvenation and reform amid the Covid-19 pandemic.

World Islamic Economic Forum (WIEF) Foundation chairman Tan Sri Dr Syed Hamid Albar (picture) said collaboration and cooperation among nations in dealing with the pandemic and its consequences is highly necessary to yield positive outcomes, rather than to act independently.

He said reports from international organisations and media heavily criticised the critical imbalances between developed and developing countries when it comes to the availability, as well as supply of Covid-19 vaccines.

“This inefficiency, in a way, reflected a woeful failure in the existing multilateral system and speaks volume of the universal moral responsibility of the rich and powerful nations.

“During this pandemic, collaborations such as multilateral cooperation on vaccine development, its deployment, information sharing and travel policies could have helped reduce the force of the virus spread as well as number of deaths, contain panic and slowdown economic devastation,” he said in his address at the WIEF Roundtable 2021 today.

“Without a unified, coordinated and well supported global efforts and governance, containing Covid-19 will be difficult to achieve,” he added.

The two-day event, which began today with the theme “Revitalisation and Reform: Catalysing Growth”, is a platform for numerous business communities to discuss economic issues within a regional and global focus as well as to explore new opportunities and strategic collaborations.