New sustainable and inclusive finance solutions that Malaysia and other developing countries are tapping into to support a resilient recovery from the COVID-19 pandemic will be the focus of a week-long finance event jointly organized by Bank Negara Malaysia and The World Bank Group and starting today.
The Sustainable and Inclusive Finance Forum will feature sessions on innovative tools. The forum will also see the launch of a series of World Bank reports on Malaysia’s experience in developing its financial sector and two sessions related the Green Finance Leadership Program co-organized with Tsinghua University.
“This forum will showcase Malaysia’s important contributions to the global priorities of environmental sustainability and financial inclusion,” said Victoria Kwakwa, The World Bank Vice President for East Asia and Pacific. “Financial instruments that reduce vulnerability and increase opportunities for vulnerable groups can be promoted along with investments that accelerate the transition toward a carbon-neutral, more resource-efficient and competitive economy.”
“The pandemic has provided an impetus for us to reset and reprioritize resources to reconstruct our economies and financial systems to be more sustainable and inclusive,” said Datuk Nor Shamsiah Mohd Yunus, Bank Negara Governor. “While our immediate priority is to safeguard both lives and livelihoods in this pandemic, the world must not lose sight of its goal to pursue a better and more sustainable future for all, such as that set out by the Sustainable Development Goals.”
One highlight of the Forum will be progress on the Green Sukuk initiative since its first issuance three years ago. Green Sukuk was an initiative by Bank Negara Malaysia, Securities Commission Malaysia and The World Bank Group to create a new instrument to channel global Islamic financing flows toward green and sustainable investment projects. The experience of this initiative will be captured in a new report that will be launched during the Forum. The report notes that as of July 2020, there has been US$6.1 billion issuances of Green Sukuk globally.
Another initiative to be highlighted during the Forum is a new World Bank guide on how to develop a national green taxonomy. This taxonomy was launched recently to help regulators in emerging economies “green’ their financial systems by identifying investments that are in line with environmental objectives. With World Bank support, BNM has issued a discussion paper on climate change and the development of a principle-based taxonomy, with the goal of assisting Malaysia’s financial sector in identifying and classifying economic activities.
Another new World Bank report on Malaysia’s domestic bond markets will be launched during the Forum. It finds that Malaysia’s ability to develop specific segments of the debt capital market have been best reflected in infrastructure and Islamic financing. The value of the Malaysian project-finance bond market stands among the world’s biggest, with Malaysia ranking 21st out of 137 countries for the quality of its infrastructure.
Through its Inclusive Growth and Sustainable Finance Hub in Kuala Lumpur, the World Bank Group is working in close partnership with the Malaysian Government to support the country’s inclusive growth ambitions and its global leadership role in promoting sustainable and inclusive finance goals.
4 Steps to a Successful International Expansion
Doing business internationally is not only a trivial thing nowadays but is also a must for many entrepreneurs who want to go further and develop their venture. With a number of benefits that the business internationalization offers, opening a company in another country is a challenge to take that, however, strongly pays off in the future. But in business, like everywhere else, going to another country means stepping into an unknown land, which is unpredictable and might pose a variety of hazards. However, if you go there prepared, this should not be a problem. The main thing to remember is to look for solutions right away, rather than merely for the problems that might expect you in another and not-so-well-known country.
Main Ingredients of the International Business Campaign
Obviously, you always have to take certain challenges prepared, especially those that imply the investment of time, effort, and money. In business, there’s almost no room for improvisation. You must have a plan for every aspect of your expansion, from the legal and internal business matter to the marketing campaign, PR, and other communication with your customers, including the post-sell service and user experience. Here are the four basic points to consider whenever venturing into a foreign land.
- Doing deep research and acquiring local partners. In order to open your business in another country, you must know it extremely well, as if you were born and lived there your entire life. You must know at least the legal framework of the country in general, how the business is done there, how tough is the competition, what consumers prefer, how the media communicates, and so on. While without being actually born or at least living in that country for a decent number of years, it is impossible to become familiar with the country like that, you can get as close to that as possible. One of the top reasonable recommendations for the international expansion you’ll hear today is, perhaps, acquiring the local partners for your business. Those could be anybody, from co-directors to employees or external partners such as suppliers or retailers.
- Dealing with the formal matter. After you research everything, make sure to have all formalities done strictly right. That mostly relates to the legal and tax aspects. Ensure that you have all the needed documents and licenses in place and that all of them are valid and properly translated. Address the specialists, use only the best professional translation services for such purposes. This will largely save you time and unnecessary costs caused by possible delays as your business might be frozen while the legal matter is settled. In most cases, you’ll not be welcomed by the competitors and regulative organs in another country, so make sure to settle as safely as possible while doing business internationally.
- When dealing with marketing, don’t just translate, localize. While working with the formal things for the internal purposes of your business translation is a must and may be enough. Yet, when it comes to communication with your potential audience, doing a mere translation of your products and marketing campaign may be a serious oversight. For your customers to understand what you’re trying to give them, you must adapt your product to their worldview and cultural background. That’s what the localization is about and for the start, you can use this localization service to understand the idea. The true localization professionals will guide you through the whole process and explain how and why everything is done.
- Develop a double strategy. While you might have everything considered very well and be as prepared as you can only be, there’s still room for the exit strategy. Regardless of how prepared you are, there’s always a chance that something will not work out. That won’t make you a bad entrepreneur or mean that you should not expand internationally in the future. This will essentially mean that you’ve managed to get the experience in this area, which will allow you to do better on your future try. Yet, retreating smoothly is better, of course.
Just as you might use the tips for your ventures in the nearest future, you can use your experience garnered during this venture to look even further. Regardless of the result, experience always grants you a heads-up and the ability to look one step further even when you encounter a yet unfamiliar situation. As you shouldn’t underestimate all the aspects of other country economies ’ entry, you must not underestimate your resources and, more importantly, your potential. As you go international, remember to be brave and always try to predict your own movements one step ahead.
APEC Promotes Small Businesses & Patient Health with New Business Ethics Vision
APEC strengthens its commitment to push for patient health and cross-border trade with the launch of a bold, new vision for the next five years to reinforce business ethics and integrity in health-related sectors. The plan comes to fruition under the world’s largest ethics pacts to strengthen ethical business practices in the medical device and biopharmaceutical sectors.
“Ethical business practices play a crucial role amidst the COVID-19 pandemic as healthcare systems in the APEC region face major challenges,” said Joseph C. Semsar, Deputy Under Secretary for International Trade, at the US Department of Commerce, which oversees the initiative.
“The vision reflects the urgency and commitment from public and private stakeholders in the region to further promote ethical environments to ensure a culture that upholds patient trust in which small and medium enterprises can sustainably operate and innovate across the region,” he added.
The Vision 2025 for the Business Ethics for APEC SMEs Initiative was announced virtually earlier this week at the 2020 APEC Business Ethics for SMEs Virtual Forum, by a diverse set of stakeholders including government agencies, representatives from patients and patient organizations, healthcare providers and professional organizations, medical device and biopharmaceutical organizations and researchers and academia across APEC economies.
“Vision 2025 is about constantly setting and then doing everything we can to meet and exceed the highest ethical standards on behalf of the patients we serve,” said Scott Whitaker, President and CEO of the Advanced Medical Technology Association (AdvaMed). “These efforts are particularly important as APEC economies and the medical technology sector, especially our small and medium-sized businesses, respond to the pandemic in order to save lives and serve patients.”
In addition, the vision breaks new ground in an effort to measure the positive impact of ethical business practices, taking the conversation beyond the costs of corruption and providing new evidence of the advantages realized by organizations that embrace integrity.
“Biopharmaceutical companies, large and small, know all too well the importance of ethics and business integrity. And the work of APEC in this area has been crucial and demonstrating how ethics creates value across the health economy”, said Thomas Cueni, Director General of the IFPMA and Industry Co-Chair of the APEC Biopharmaceutical Working Group on Ethics. “As we tackle COVID-19, building trust by conducting business with integrity is vital in ensuring confidence in innovative vaccines and medicines both to treat COVID-19 as well as delivering existing medicines and vaccines.”
The annual forum also proposed to modernize the preceding ethics principles for the medical devices sector and biopharmaceutical sector and further bolster capacity building initiatives for small business owners, directors and distributors.
Speaking during the forum’s plenary session, APEC Secretariat Executive Director, Dr Rebecca Sta Maria highlighted the importance of keeping trade open during this unprecedented time, adding that closer collaboration between policymakers and private sector in business ethics is important “to keep the integrity in the supply and distribution of medical products of the highest standard so that we can ensure progress towards recovery.”
Why does the EU want to regulate the platform economy?
The platform economy brings benefits but also risks. Read about the issues the EU wants to solve with new rules and the solutions proposed by MEPs.
The last two decades have been marked by the unprecedented development of the online world – the rise of new technologies, companies, new ways of working, shopping, booking accommodation or even ordering food and transport. The e-Commerce directive, the cornerstone of the digital single market, was adopted in 2000, when platforms like Amazon, Google and Booking.com were just starting out, and Facebook, Airbnb and Instagram did not even exist.
EU legislation needs to catch-up with online developments and that is why the EU is working on a new legislative framework called the Digital Services Act (DSA), which will set guidelines for the new online landscape, including online platforms, to ensure a better, safer digital environment for users and companies throughout the EU.
The economic importance of the platform economy
One of the most significant developments in the last 20 years is the rise of online platforms. They include online marketplaces, social media, app stores, price comparison websites as well as search engines, and it is hard to imagine life without them.
By making cross-border trading within and outside the EU easier, platforms have brought significant benefits for consumers and opened new opportunities for European businesses and traders. According to the European Commission, one million EU businesses are already selling goods and services via online platforms, and more than 50% of small and medium enterprises selling through online marketplaces sell cross-border.
Online platform issues the EU wants to regulate
New opportunities bring new risks however. European consumers have been exposed to new ranges of illegal goods, activities and content, while new online businesses struggle to enter a market dominated by large platforms. Connecting many businesses with many consumers through their services and their access to large amounts of data gives big platforms leverage to control and set standards for important areas of the digital economy. The EU wants to regain the initiative to shape those areas at the European level and set standards for the rest of the world.
How do MEPs want to address these problems?
Members of the internal market and consumer protection committee have spelled out their priorities for what the Digital Services Act should include:
- It should apply to EU companies as well as those established elsewhere that sell to European consumers, and to all digital services, not only online platforms.
- Consumers should be equally safe when shopping online and in “traditional” stores. What is illegal offline should be considered illegal online, and platforms should step up their efforts to tackle traders selling fake or unsafe products.
- Introducing a “know your business customer” rule would require platforms to check and stop fraudulent companies using their services to sell unsafe products or spread disinformation.
- Consumers should have the right to be informed if a service is using AI and given more control and the right to opt-out, while targeted advertising should be better regulated.
- The DSA should make it easier for new companies to enter the market by addressing the uncompetitive situation created by big digital players that currently set the rules for their users and competitors. The proposed rules would stop large platforms from acting as “gatekeepers” for market access.
- The rules should provide clarity and guidance about tackling illegal and harmful content online.
Background and the next steps
In January, the European Commission announced plans to propose a new Digital Services Act towards the end of 2020. Parliament’s internal market, legal affairs and civil liberties committees have already prepared recommendations for the Commission on different aspects of the Act. These recommendations will be debated and voted on by Parliament during the 19-22 October plenary session.
Both sides obliged to ‘spare and protect civilians’ over Nagorno-Karabakh fighting
The UN Secretary-General on Sunday condemned “all attacks on populated areas” in and around the Nagorno-Karabakh zone of conflict, as Armenia and...
New State of Nature report points to persisting pressures on Europe’s nature
European Commission published its latest assessment of the state of nature in the European Union. It provides a comprehensive overview...
MENA: Trade and Regional Integration are Critical to Economic Recovery in the Post-Covid Era
Trade and integration — within the Middle East and North Africa (MENA) region and with the rest of the world...
4 Steps to a Successful International Expansion
Doing business internationally is not only a trivial thing nowadays but is also a must for many entrepreneurs who want...
Celebrating African youth turning the tide on plastic pollution
More than 400 young Africans were today honoured for their leadership in addressing plastic pollution in their communities as part...
Nagorno-Karabakh: Will the Landscape Change following the Latest Unrest?
The situation surrounding Nagorno-Karabakh, which has deteriorated dramatically in recent days, has clearly demonstrated that it is becoming increasingly impossible...
Violence, COVID-19, contribute to rising humanitarian needs in the Sahel
A surge in armed violence, coupled with the economic and social fallout from the COVID-19 pandemic, are contributing to worsening...
Economy3 days ago
Bangladesh: The Rising Economic Power
Defense2 days ago
Hidden Traces in the Armenia-Azerbaijan Сonflict
East Asia2 days ago
Nepal-China Boundary Treaty: An example of peaceful Himalayan frontiers
Defense3 days ago
Germany continues to expand its military presence in Lithuania
Economy2 days ago
Future Economy: Upskilling Exporters & Reskilling Manufacturers
Human Rights3 days ago
Bolivia elections, an opportunity to defuse extreme polarization
Middle East3 days ago
Turkish Strengthened Parliamentary System
Southeast Asia3 days ago
Will the US- China rivalry bring back interventionists policy to Southeast Asia?