Malaysia ready to lead partnerships to address supply chain disruptions: Tengku Zafrul
KLANG: Malaysia is ready to foster and lead regional partnerships to tackle the challenges posed by supply chain disruptions stemming from geopolitical tensions, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz.
Malaysia recently concluded the Asean-GCC-China Summit, which highlighted Asean's unity and ability to address global challenges effectively, Tengku Zafrul said.
"This summit sent a clear message to the world: Asean is open for business, and we are ready to lead in building a more resilient and interconnected global economy," he said at the groundbreaking ceremony of YCH Group's Supply Chain City Malaysia (SCC MY) today.
He added that Asean, guided by Malaysia's leadership, is ready to tackle critical issues including supply chain disruptions, digital transformation and climate change.
"We are working closely with our Asean partners to implement the Asean Comprehensive Recovery Framework (ACRF), which aims to ensure a robust and sustainable recovery from the economic impacts of recent global crises.
"One of our key priorities is to enhance the Asean Single Window (ASW), a digital platform that streamlines trade processes across member states," he added.
Tengku Zafrul said by reducing bureaucracy and enhancing trade efficiency, the ASW will be instrumental in reinforcing regional supply chains and increasing intra-Asean trade, which presently makes up nearly 25 per cent of total Asean trade.
He added that Malaysia is leading the development of the Asean Digital Economy Framework Agreement (DEFA), aimed at harmonising digital trade regulations and encouraging cross-border e-commerce.
"This initiative will not only enhance digital connectivity but also create new opportunities for businesses and consumers across the region," Tengku Zafrul said.
Singapore-based YCH held a groundbreaking ceremony today for its largest supply chain facility in Bandar Bukit Raja, Selangor.
Situated within Sime Darby Property Bhd's Bukit Raja township, the RM500 million project demonstrates YCH's strong long-term commitment to advancing Malaysia's role in regional supply chain development.
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