New initiative aims to put Malaysian women at heart of business

A new initiative from Malaysia’s Investment, Trade and Industry Ministry (Miti) will ensure that the country’s women entrepreneurs are not left behind as Asean countries continue to grow their economies, the government has said.

Departmental minister Tengku Zafrul Aziz said the new Women in Trade and Industry (Witi) programme will enhance the capacity and capabilities of women in the industrial and export sectors.

Witi is a collaboration between the ministry and the Malaysian Women’s and Family Affairs Organisation (Hawa Malaysia).

“This initiative is in line with what the ministry want to do as Asean chairman next year to ensure women’s involvement in the economy at the Asean level,” the minister told reporters after Miti and its agencies’ monthly assembly and the launch of the Witi Council.

He said the launch of the programme aligns with the Madani Policy and the National Women’s Policy in ensuring that Malaysian women have equal opportunities and capacities to advance in the global economy.

Malaysia Madani is a policy framework introduced by the administration, focusing mainly on good governance and sustainable development.

“The Witi programme will be implemented nationwide in partnership with Hawa Malaysia, established in March 2023. Through various programmes and initiatives, Hawa Malaysia seeks to address the barriers and challenges faced by women in the economic sector,” the ministry said.

“The collaboration between Miti and Hawa Malaysia aims to serve as a platform for women entrepreneurs to engage in the trade and industrial sectors, enhancing their knowledge and capacity, to support national economic development.”

Miti will conduct the Witi programme by providing training and support to women interested in venturing into trade and industry. The initiative is open to various groups of women, including entrepreneurs, start-up owners and small and medium sized enterprises, among others.

Tengku Zafrul said women’s empowerment is key to achieving dynamic and inclusive economic growth.

“One of the missions under the New Industrial Master Plan 2030 is to ensure economic security and inclusivity that encompasses women’s empowerment. Thus, capacity building for women in the trade and industrial sectors through the Witi programme not only helps women reach their potential but also drives the national economy to greater heights,” he said.

The programme will also involve collaboration with lending agencies and grant providers to help women entrepreneurs secure the financial resources they need.

By exposing participants to company formation, financial management, business strategies, and cultivating company culture, the programme aims to equip them with the knowledge and skills to succeed in trade and industry.

Tengku Zafrul said Miti is committed to continuously supporting and empowering Malaysian women in their efforts to contribute to economic sustainability. “With the implementation of this Witi programme, Miti is confident that Malaysian women will drive the global economy and achieve even greater success.”

He added that women’s empowerment is key to achieving dynamic and inclusive economic growth.

 

Financial industry’s workforce ‘needs to be agile and resilient’

Malaysia’s financial industry workforce needs to be agile and resilient to change as automation, artificial intelligence (AI) and other digitalisation trends reshape jobs and create new ones.

That’s the view of Bank Negara Malaysia governor Abdul Rasheed Ghaffour, who said that 168,000 individuals working in the financial sector must be equipped with the right knowledge and skills to drive the financial industry to more effectively serve the economy.

Despite ongoing efforts to digitalise operations, Abdul Rasheed said the financial sector workforce expanded by almost 3% in the past two years, with most employment opportunities targeted at highly skilled workers, averaging more than 95% of total job vacancies and newly created positions.

Speaking at the launch of the Future Skills Framework (FSF), the central banker said: “Implementing [the framework] is a critical step for the industry in building a strong foundation for skills development and job-skills matching, addressing the challenges and opportunities. And for this we need a whole-of-industry and nation approach.”

The FSF has identified 159 relevant job roles and 157 skills that will be in demand over the next three years.

Abdul Rasheed outlined actions necessary to futureproof the financial sector’s talents, including skills forecasting and planning, as an integral part of the workforce strategy for the sector to remain resilient.

“This means building allies for forecasting, undertaking detailed job understanding and data collection, and investing in skills development infrastructure,” he added.