Miti unveils initiatives for stronger industrial supply chain
Published on: Wednesday, August 14, 2024
By: Bernama
Miti stressed the importance of digitisation in improving supply chain resilience and gaining a competitive edge in the global market.
Kuala Lumpur: The ministry of investment, trade and industry (Miti) will implement preventive measures to address potential supply chain disruptions, including the development of a platform to enhance traceability, ensuring the resilience of Malaysia’s industrial supply chain.
Miti also plans to establish initiatives that provide centralised access to guidelines, funding opportunities, and support programmes, while fostering knowledge sharing among industry players.
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These measures were decided at the Sixth National Investment Council meeting, which focused on Building Economic Security Through a Resilient Supply Chain, the ministry said in a statement.
Its minister, Tengku Zafrul Aziz emphasised the need for responsive strategies to manage and recover from supply chain disruptions, citing findings from its engagement sessions with industry stakeholders and bilateral and multilateral cooperation.
He said the global supply chain is the lifeline of the world economy, with interconnected systems that complement one another.
“Supply chain security ensures the smooth flow of goods, services and inputs across borders and fosters economic growth and universal prosperity.
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The Covid-19 pandemic served as a wake-up call, exposing vulnerabilities and underscoring the importance of a resilient and efficient industrial supply chain, he said.
As an open economy, Malaysia is particularly sensitive to supply chain disruptions caused by global geopolitical events and natural disasters, Miti noted.
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To maintain the competitiveness of the Malaysian economy, Miti is committed to ensuring that the national industrial supply chain remains resilient and secure against future disruptions, the minister added.
The ministry stressed the importance of a multi-pronged approach to bolster global supply chain resilience.
“Collaboration between governments, businesses, and international organisations is crucial for facilitating information sharing, coordinating responses, and developing uniform standards.
This includes leveraging technology, diversifying sourcing options, fostering regional cooperation, and enhancing flexibility as key strategies to strengthen supply chains against disruptions, Miti said.
Miti also highlighted the need for digitisation to reinforce supply chain resilience and security, drive innovation, and provide a competitive edge in the increasingly complex global market.
By embracing digital technology, Malaysia can improve its ability to prevent and respond to disruptions, implement robust security measures, and streamline operations for greater efficiency and agility through digitisation, including systems, applications, and virtual centres of excellence, the ministry explained.
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