MIDA, UNGCMYB Forge Partnership To Boost ESG Adoption, Sustainable Investment
BUSINESS
KUALA LUMPUR, May 31 (Bernama) -- The Malaysian Investment Development Authority (MIDA) and the UN Global Compact Network Malaysia and Brunei (UNGCMYB) have forged a strategic partnership to ignite a new era of sustainable and responsible investment in Malaysia.
In a joint statement, both parties said that the partnership, sealed through a memorandum of understanding (MoU) signed earlier, is committed to accelerating the adoption of environmental, social and governance (ESG) principles among businesses, laying the foundation for Malaysia's transition towards a more sustainable and inclusive economy.
They said the MoU brings together MIDA's mandate as the country's principal investment promotion agency and UNGCMYB's expertise in corporate sustainability.
They said UNGCMYB plays a vital role in supporting businesses in Malaysia and Brunei in aligning with global sustainability goals by providing essential resources, tools, and expert guidance.
MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the collaboration aims to step up efforts to promote awareness, build capacity and encourage greater private sector participation in ESG initiatives, in line with the Ministry of Investment, Trade and Industry (MITI)'s Green Investment Strategy (GIS) launched last August.
'As Malaysia moves forward with our Net Zero 2050 agenda, we are seeing strong national commitment, policy clarity, and growing investor interest in green sectors,' he said.
Meanwhile, UNGCMYB executive director Faroze Nadar said the MoU is a strategic step towards accelerating sustainable business practices across Malaysia.
'By combining our strengths in knowledge-sharing and ESG capacity-building, we can bridge the gap between awareness and tangible action, ensuring businesses are equipped to meet both the sustainable development goals and evolving market demands,' he added.
The joint statement added that the MoU will involve collaborative initiatives that facilitate multi-stakeholder participation in sustainability programmes, including the joint organisation of conferences, roundtables, and selected development programmes focusing on ESG and broader sustainability topics.
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