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KUALA LUMPUR: The government will announce a six-month economic recovery plan later this month to resuscitate the country’s economy after COVID-19.
International Trade and Industry Minister Datuk Seri Azmin Ali said the pandemic has affected world markets, including Malaysia.
“Businesses have come to a complete halt and unemployment has skyrocketed. Like other economies, we are mitigating the consequences (of the pandemic),” he said, speaking to a Nexus webinar on electrical and electronic productivity on Wednesday. .
Among all the sectors affected by the COVID-19 pandemic, the electrical and electronic (E&E) sector was the most affected with accumulated losses estimated at RM7.28 billion, while losses on imports will amount to RM29.12 billion Azmin said.
He noted that the local E&E ecosystem is part of the global supply chain and continues to be a significant contributor to the country’s gross domestic product and the backbone of the economy.
Azmin said that to mitigate the adverse impact of the pandemic on the economy, the country has resumed almost all of its economic activities.
“This will create jobs and ensure a safe environment for workers with standard industrial health operating procedures.
“So far, we have managed to contain COVID-19, thanks to the endless efforts of the leaders,” he said.
He also called on companies, especially small and medium-sized companies, to view today’s challenges as an opportunity to accelerate digitization, as that is the best way to move forward.
“COVID-19 has shown why digitization is the way to go, especially in business.
“By embracing digitization, not only is a business ready for the future, it could also lead to sustainable economic growth,” he said. Bernama
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