The Malaysian government will study and redefine the context of socio-economic and environmental sustainability in its post COVID-19 economic recovery framework. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the study would encompass aspects of legislation, policies, education and awareness programmes to warrant a balanced development and the people’s well-being. “Many people consider sustainable practices as an unnecessary cost without realising that these can reduce far higher costs caused by external factors. Currently, the yardstick for a successful business does not take into account the impact or cost to the environment and society holistically. Awareness on this matter is still low and needs to be raised,” he said in a statement after attending the ministry’s Budget 2021 consultation roadshow for Perak. He said a sustainable business should be strategically planned and implemented to create value for all stakeholders ranging from customers to suppliers at the consumer level to local as well as international investors. In this regard, he said the government is committed to ensuring that the sustainability aspect is emphasised in Budget 2021, besides achieving Malaysia’s own environmental sustainability roadmap 2030 target and a number of the United Nations Sustainable Development Goals.

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The Malaysian Reserve