Timber in the phase of ‘slowbalisation’

Lee Heng Guie said Malaysia’s economy was moving towards the early stages of the recovery phase after having stabilised from the initial “demand and supply shocks” on the onset of the pandemic,

KUALA LUMPUR: Economies around the world are no longer operating in a benign environment where global trade was somewhat predictable.

Since the Covid-19 pandemic, business-related uncertainties have been hurting profit margins as globalisation gives way to “slowbalisation.”

The Malaysian timber industry, which benefited immensely from globalisation over three decades, needs to transform its business operations to one that centres on digitalisation, technology, innovation, and branding, if it is to maintain its stake in the nation’s economic pie, said Malaysian Timber Council (MTC) deputy CEO Wong Kah Cane.