PETALING JAYA: Pivot your exports and imports to the Asean market and refine your business strategies to cope with congestion at the ports, the Federation of Malaysian Manufacturers (FMM) has urged local manufacturers and shippers.
Citing the region’s diverse economic development levels and industry specialisations as a robust alternative given current geopolitical uncertainties, FMM said it is important to leverage agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which several Asean countries are signatories.
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Malaysian companies should also explore multimodal transportation options and encourage manufacturers to integrate sea, air, rail and road transport to minimise delays and costs, it said in a statement.
“While air freight may not accommodate large cargo volumes, it can significantly reduce transit times for urgent high-value shipments.
“With the Red Sea crisis potentially exacerbating global supply chain disruptions that could be intensified by extreme weather events or geopolitical tensions, the FMM has called on the Malaysian government to closely monitor the situation to prevent further burdens on businesses and the economy.
“Malaysian manufacturers must stay alert and proactively plan for resilience amidst ongoing supply chain turbulence,” it added.
