KUALA LUMPUR: The government’s focus for the 2021 Budget is centred on safeguarding the rakyat’s wellbeing, said Institute of Corporate Directors Malaysia president and chief executive officer Michele Kythe Lim.
This is is addition to investing in key pillars to stimulate economic activity, creating and safeguarding existing jobs, and caring for the underserved communities.
Kythe said alignment to the Sustainable Development Goals (SDGs) was reflected in the holistic approach which is underscored by three thrusts namely rakyat’s prosperity, business continuity and economic resilience.
“As Malaysia embarks on the recovery of its economy, the government has set the right tone from the top, which will simultaneously create new economic and revenue streams, generate jobs and create sustainable income avenues, and opportunities for the people.
“On the business front, the government’s efforts to drive investments, encourage innovation, strengthen strategic sectors and facilitate business growth are a positive sign for Malaysian businesses,” she said in a statement today.
Kythe said with Covid-19 greatly impacting companies across all sectors, initiatives such as tax incentives, development schemes, grants and loans for businesses would support companies as they re-strategise and pivot their businesses through digitalisation or other means.
In that respect, she said Malaysian companies should take a leaf from the government’s approach now.
More than ever, it is critical for companies to balance their financial and social obligations to ensure the sustainability of their business.
“From adoption of technology, building more resilient supply chains, transitioning or adapting hybrid business models, incorporating greater focus on e-commerce, to people policies which include focussing on the wellbeing of human capital assets such as hiring across a broader segment of the population, including the retirees, we hope to see a future with stronger, more resilient and socially conscious companies that are driven by creating positive impact,” she added.
This article was first published in New Straits Times on 6 November 2020.