JAKARTA: United States-Asean Business Council (USABC) members stand ready to support Malaysia’s efforts and programmes in the post-pandemic economic recovery, including restoring the country’s position in regional and global supply chains.
The USABC said policymaking that prioritises digital transformation and continued support of growth and investment in the healthcare sector will help spur the recovery process.
“We look forward to further discussions and partnerships in the coming year to support the government in Covid-19 recovery,” USABC senior vice-president and regional managing director Michael Michalak said in a statement.
The USABC urged the Malaysian government to continue taking a transparent, consultative process to policymaking and to establish clear governance and regulatory frameworks for industries, in order for businesses to rebound and recover .
The council acknowledged Malaysia’s strong efforts to quickly vaccinate its population to support a speedy economic recovery.
The statement also alluded to the Nov 15-24 hybrid meeting where the USABC engaged with key Malaysian ministers and top officials, as part of its continued efforts to highlight the commitment of the American business community towards the country’s dynamic growth.
The engagement delved into Malaysia’s economic recovery from the global pandemic, its role in global supply chains, and economic policies, as well as sought to identity ways of deepening levels of transparent process to policymaking.
Malaysia’s contribution to the global supply chain is seen crucial with US President Joe Biden in November, citing the country in explaining how the complex global supply chain has been hit hard by the deadly pandemic and its impact on the American automotive industry.
Malaysia is a crucial hub in the semiconductor chip global supply chain, accounting for 7% of the total global semiconductor trade.
Key suppliers are Infineon Technologies AG in Batu Berendam, Malacca; NXP Semiconductors NV in Petaling Jaya; and STMicroelectronics NV in Muar, Johor.
In 2020, electrical and electronics exports reached RM386 billion, accounting for 39.4% of Malaysia’s total exports. – Bernama
