Be nimble, flexible and innovative, Malaysian firms told

KUALA LUMPUR: Asia is now at a major inflexion point with regard to supply chains and changing of policies globally and Malaysian companies need to be nimble, flexible and innovative, said founding chairman of the Fung Global Institute Dr Victor K Fung.

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/fungg/Article/
Published: December 02, 2012

Even governments need to respond in terms of reorganising government structures, streamlining regulations, improving speed of services delivery and responding to business and social needs in terms of faster turnaround time, he said.

He said for Malaysia, the economic policy of plugging the domestic economy into the global trading system must too insert SMEs into a living, sustainable and profitable global supply chain.

"Malaysia's national prosperity depends on joining the local supply chains with winning global supply chains," he said on Thursday night at the 10th Khazanah Global Lectures.


He delivered a lecture on "The Evolution of Global Supply Chains: Challenges for Asia", which focused on the new global order, the role of changing supply chains in new businesses, including from the social, environment, technology and governance perspectives and its impact on Asia.

Fung Global Institute is an independent and non-profit think-tank that generates and disseminates innovative thinking and business-related research on global issues from an Asian perspective.

"If we understand where the jobs and value-added are being created in the global supply chain, we will begin to formulate policies, strategies and business models very differently," said Fung in his one-hour lecture.

This, he added requires different expertise and different areas of cooperation between business and government, that is equal to the challenges of a fast-changing global economy.

"This new understanding will be critically important to meeting one of the major challenges of the road ahead in Asia, that is job creation ... particularly for countries like Malaysia that have rising population," he said.