Local Companies Must Be Proactive In Integrating ESG Practices -- Liew

KUALA LUMPUR, Feb 18 (Bernama) -- Local micro, small and medium enterprises, exporters and companies involved in the supply chain are urged to be more proactive in incorporating environmental, social and governance (ESG) practices into their businesses.

Deputy Investment, Trade and Industry Minister Liew Chin Tong said this initiative would make it easier for their goods to penetrate international markets. 

“They need to act proactively so that their products are not prevented from entering the international markets due to restrictions on ESG-related regulations,” he said during the Special Chamber session at the Dewan Rakyat today. 

Liew was replying to Hassan Abdul Karim’s (PH-Pasir Gudang) question about local companies’ compliance with the ESG framework. 

He said the government has taken proactive steps to help local companies prepare to meet foreign countries’ ESG compliance requirements and the national Industrial Environmental, Social, and Governance (i-ESG) framework introduced in 2023. 

“However, I must stress that the implementation of i-ESG practices in Malaysia is voluntary and driven by the market and needs set by companies in the supply chain,” said Liew. 

-- BERNAMA