KUALA LUMPUR (Nov 2): The Ministry of International Trade and Industry (MITI) is drafting a new National Investment Aspirations growth framework to attract strategic investments that have high economic impact value.

Prime Minister Datuk Seri Ismail Sabri Yaakob said this was aimed at ensuring that Malaysia remains relevant as a trading partner and investment destination of choice.

“Malaysia is competitive in world trade and as such the country must be open to explore and implement initiatives to increase the marketability of local products.

"This capability will support and encourage integration between local industries and regional and global supply chains," he said in his speech at the Industry Excellence Award 2020 ceremony on Tuesday.

Ismail Sabri said the government is aware that if Malaysia intends to increase access to international markets, especially the United States and the European Union, the products exported must comply with the environmental, social and governance (ESG) standards.

In this regard, he said, the government would strengthen the approach based on ESG standards in line with the sustainability and green growth agendas.

"We will be left behind if we take a careless attitude and delay our efforts towards the implementation of such ESG standards," he said.

Ismail Sabri also hailed the effectiveness of the Public-Private Partnership Covid-19 Industry Immunisation Programme (PIKAS) led by MITI.

He noted that PIKAS has contributed significantly to the government's efforts to improve the immunization of industrial workers thereby reducing the risk of workplace clusters.

“The government greatly appreciated the cooperation of the industry in making the vaccination program a success as a measure to improve protection and prevention,” he added.

In this regard, Ismail Sabri expressed his commitment in achieving the sustainability of the economic recovery agenda for the well-being of Keluarga Malaysia.

Meanwhile, MITI Minister Datuk Seri Mohamed Azmin Ali said the Ministry would continue to strengthen the country's economic fundamentals through the implementation of open, transparent and business-friendly trade and investment policies.

“This includes the ongoing efforts by the government to ratify the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Cooperation Agreement (RCEP).

"The government will also continue to target high-quality, advanced technology-oriented investments that will generate jobs for Keluarga Malaysia based on the National Investment Aspirations," he said in his welcome speech.