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Malaysia, once known as a low-cost, low-wage country, has transformed its business sector into a highly digitalized and e-commerce-oriented industry.
FREMONT, CA: Once considered to be a low-cost, low-wage nation, Malaysia has reshaped its business sector into a highly digitalised, e-commerce-focused sector. Government support and focus on digitalisation and automation have helped improve Malaysia's plastics and rubber industry's technological expertise and efficiency. The Malaysian government has established several facilities to influence and aid in the transformation of the industry towards sustainability.
Worldwide, the sustainability trend is expanding, and Malaysia's industries are eager to explore the international market while coordinating their sustainability policies with their partners. Malaysia gathers information on how prepared its industrial sector is to achieve the SDGs and creates forward-thinking strategies to spur sectoral changes in the sustainability field. The government is encouraging SMEs to explore sustainability reporting even though only listed firms in Malaysia are now required to disclose their sustainability policies.
The Malaysian Ministry of Environment and Water has introduced a policy called the Malaysian Plastics Sustainability Roadmap to address plastic pollution sustainably. In building the infrastructure to support plastics circularity, this strategy stimulates the creation of recycled and recyclable products, harmonises approaches across the value chain, and promotes sustainable business practices. To succeed, however, several prerequisites must be met, including those related to the market economy and technology, a working regulatory system, and the population's commitment.
Cleaning up the ocean is a major ongoing challenge for the Malaysian plastics and rubber industry. Companies collect up to 60,000 tonnes of post-consumer plastic waste per year in Malaysia, of which 2,000 tonnes is ocean-bound plastic. These companies address the problem of marine litter by preventing plastic waste from entering the ocean and processing this waste into a feedstock suitable for making high-quality resins via chemical recycling.
With 97 per cent of Malaysian enterprises being SMEs, the Malaysian government's support for the transition to sustainability is essential. To compete in the global market and support sustainability efforts, these businesses must be nurtured. The development of the industry towards sustainability depends on government initiatives and policies, such as the Malaysia Plastics Sustainability Roadmap.
The rubber and plastics business in Malaysia has advanced significantly, and its emphasis on sustainability is essential for its success in the international market. The transition to sustainability requires the support and actions of the government as well as collaboration between the public, private, and individual sectors. A positive step in building a brighter future for all is Malaysia's commitment to sustainability by addressing marine trash and developing recycled and recyclable products.
