by NURUL NAJMIN ABU BAKAR
THE Investment, Trade and Industry Ministry (MITI) is committed to strengthening the resilience and security of Malaysia’s industrial supply chain to ensure economic competitiveness.
Its minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz stressed the role of the global supply chain as a lifeline for the interconnected world economy.
Speaking at the sixth National Investment Council (NIC) meeting, he focused on the theme of “Building Economic Security Through a Resilient Supply Chain”, highlighting the need for Malaysia to address the impacts of global geopolitical tensions and natural disasters on supply chains.
“Ensuring supply chain security facilitates the smooth flow of goods, services and inputs across borders and drives economic growth and global prosperity.
“The Covid-19 pandemic served as a wake-up call, exposing vulnerabilities and stressing the importance of a resilient and efficient industrial supply chain,” he said.
Tengku Zafrul added that a multifaceted approach is crucial for enhancing global supply chain resilience while collaborating among governments, businesses, and international organisations for effective information sharing, response coordination, and standard development.
He said that the key strategies for this involve leveraging technology, diversifying sources, and improving flexibility to manage disruptions effectively.
Additionally, he said digitalisation is also essential for increasing supply chain resilience, driving innovation and maintaining a competitive edge.
“By adopting digital technology, Malaysia can better manage disruptions, enforce robust security measures, and enhance efficiency and agility through digital systems and virtual centres of excellence,” he added.
Tengku Zafrul said based on MITI’s consultations with industry and its engagement in bilateral and multilateral collaborations, there is a need for preventive measures to manage potential disruptions, respond effectively, ensure availability and recover from disruptions.
“Therefore, MITI will develop a platform that enhances traceability, provides centralised access to guidelines, offers funding opportunities and supports programmes which enhance knowledge sharing among industry players to foster innovation and collaboration to build a resilient supply chain,” he said.
