Fuelling Malaysia’s restart with trust in the wake of COVID-19

KUALA LUMPUR, 21 May 2020 – Businesses and policymakers in Malaysia are once again finding themselves in uncharted waters with the gradual easing of restrictions in the country, amidst the Conditional Movement Control Order (CMCO). 

Malaysia as a nation is confronted with several key questions as it reopens and adapts to the new normal amidst the flattening COVID-19 curve, according to ‘Restart Malaysia’, a new publication by PwC Malaysia. 

This includes:

• How can we revive the economy?

• Should more public life be allowed, or should we still wait?

• How can all this be achieved without triggering a second wave of the pandemic? 

Dato’ Mohammad Faiz Azmi, Executive Chairman, PwC Malaysia said:

“Sentiments are mixed among the business community as Malaysia restarts. Several measures implemented by the government to mitigate the impact of COVID-19 are starting to bear fruit. The resilience of businesses and the wider society will continue to be tested as more sectors of the economy and daily life resumes. 

Never has there been a more opportune time to rebuild trust among our people. The survival of whole businesses and industries will depend on consumer sentiments, which is only possible by creating a safe environment that the people can trust, to do their part in stimulating the economy.”

‘Restart Malaysia’ shares five priorities, aiming to help set the direction for a collaborative effort between the public authorities, businesses and the people as part of the COVID-19 recovery process. The publication aims to facilitate informed conversations among the public and private sector on how to address some of the key areas of priority together. 

It also encourages businesses to play a consultative role in sharing feedback with the government on recovery measures that can be undertaken to enhance the measures already in place.

The five (non-exhaustive) priorities are: 

• Economy and finance

COVID-19 testing needs to be made widely and freely available, as a crucial first step in reassuring the people that it is safe to venture out of their homes and spend money. To support businesses, the government can look at addressing their liquidity and cash flow issues, through various efforts including distributing funds through the use of digital technology, providing additional tax relief measures, and coordinating public-private efforts to adopt Supply Chain Financing. 

• International affairs and security

Enhancing Malaysia’s cyber security capabilities amongst public institutions and businesses is just as important in preventing fraud and building trust, with the increasing use of technology. On a more macro level, there is a need to strengthen ASEAN cooperation to keep trade routes open, protect food supplies and medical equipment, among other priorities.

• Infrastructure
  

Existing infrastructure will need to be adapted, for example, through an open data environment. Information sharing between the public and private sector can help with efforts to coordinate and respond to the spread of COVID-19 and facilitate the movement of essential goods. Where possible, existing infrastructure can be relieved through alternative digital models such as through telemedicine and in logistics.

• Society and living together
  

Besides facilities to enable social distancing at offices, schools, shopping centres, parks and other public places, the usage of apps will be crucial in enhancing the detection of COVID-19 and identifying hotspots. 

• Education

Educational institutions will need to be reopened in stages, starting with pre-schools and lower primary schools. Upskilling will be important, especially in building soft skills and the ability to cope with change among the future workforce. This is where educational institutions can play a role in nation building. 

Dato’ Mohammad Faiz Azmi continues:

“Nothing tests trust quite like a pandemic. COVID-19 will continue to have far-reaching implications on us as a nation. We need to press on in our collective efforts to reinvigorate Malaysia, anchored on trust, courage of conviction and inclusiveness. More public-private partnership efforts will need to happen across the board to address the unprecedented challenges posed by COVID-19 to the way we live, work and do business. Let’s take the opportunity to hit the restart button together.”

ENDS