Industry expert says economic sector must operate during MCO to ensure financial stability | Malay Mail

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Industry expert says economic sector must operate during MCO to ensure financial stability

Friday, 28 May 2021 05:26 PM MYTPresident of Malaysian Consortium, Callum Chen, speaks to Malay Mail during an interview at LH Plus Sdn Bhd in Shah Alam May 28, 2021. ― Picture by Yusof Mat IsaKUALA LUMPUR, May 28 — Putrajaya’s recent decision to allow the economic sector to continue operating even as the country is in the midst of rising Covid-19 cases and deaths have been met with major backlash from citizens.

“Take semiconductor chips for example. Last year, Malaysia exported about RM387 billion worth of semiconductor chips, we are one of the big players. But now, there is a big shortage of semiconductor chips around the world because of lockdowns. “MNC’s rely on mid-tier companies, just like how mid-tier companies rely on small to medium enterprises . When you shut down the economy, the hardest hit would be the SMEs, and when they close shop, the mid-tier companies start to struggle, leading to large global companies who rely on these mid-tier setups to continue conducting business.

He said should the economic sector be shut down, the ramifications would be very dire, causing a huge spike in unemployment as companies take their businesses to other countries, leaving Malaysians worse off than ever. “This by itself will encourage everyone to do more mass screening because it is not cheap, but everyone must be accounted for, to keep the economy going for the sake of the country’s well-being,” he said.

“So everyone should be tested and we tell them that we are not going to charge them anything, the company will bear the cost. At the end of the day, what is important is that we want to ensure that everyone working in any company is safe.

 

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