PETALING JAYA: Malaysia is committed to Asia Pacific Economic Cooperation (Apec) goals of mitigating climate change and attracting sustainable investments to the region, says the International Trade and Industry Ministry.
In a statement on Sunday (Nov 20), the Ministry stated that Chief Secretary to the government of Malaysia Tan Sri Mohd Zuki Ali, who attended the Apec Economic Leaders’ Meeting (AELM) which recently concluded in Bangkok on Nov 19, stated Malaysia would foster ethical business practices to ensure better economic development.
"Mohd Zuki reiterated Malaysia’s commitments towards mitigating climate change, noting that it is one of the key priorities under the Twelfth Malaysia Plan.
"He also expressed confidence that the BCG 1 Economy Model will complement ongoing efforts to further integrate Environmental, Social and Governance (ESG) elements into economic activities, hence fostering ethical business practices and attracting sustainable investments into the region," said the statement.
The Ministry also stated that the 2022 Leaders’ Declaration pledged to intensify efforts towards inclusive economic recovery, post-pandemic.
"The Declaration also reaffirms Apec’s commitment to collectively work towards improving the health and well-being of the people in the Asia Pacific region, while elevating their standard of living.
"Building upon the Putrajaya Vision 2040 and the Aotearoa Plan of Action, Leaders also underscored the importance of advancing Apec’s sustainability objectives in a bold, responsive and comprehensive manner," said the statement.
The AELM was chaired by His Excellency General Prayut Chan-o-cha, the Prime Minister of Thailand.
"Malaysia highlighted the need to further cement the position of Apec as an incubator of ideas which will serve to facilitate global economic recovery.
"This is particularly true as Apec is strategically positioned to not only complement the ongoing work undertaken at the WTO, but also explore and develop pointed initiatives that extend specific support for Micro, Small and Medium Enterprises (MSMEs)," said Tan Sri Mohd Zuki Ali.
"He also highlighted that structural reform and digitalisation are key drivers that propel inclusive economic growth and improve the livelihoods of the people in the region.
"The Leaders also convened the annual dialogue with the Apec Business Advisory Council (ABAC), wherein Malaysia took the opportunity to reiterate the importance of advancing digital literacy and capabilities of MSMEs, as well as the need for greater collaboration between the public and private sectors in this space," said the statement.
Taking over the chairmanship from Thailand, the United States of America will be the chair and host for Apec 2023.