The new Ministry of International Trade and E-Commerce will play an important role in planning, formulating, recommending and implementing trade development and promotional policies for international trade, foreign direct investment (FDI), e-Commerce and international business collaborations.
Its Minister, YB Dato Sri Wong Soon Koh explained this in his winding-up speech during the First Meeting of the Second Term of the 18th State Legislative Assembly on 19th May.
He added the establishment of the Ministry was a “great move” for Sarawak to strengthen the State’s engagement and position in the global economy and transform the economy towards greater prosperity.
Another key role for the Ministry included developing strategies and supportive policy guidelines to strengthen the State’s competitiveness and conduciveness in attracting FDI.
Besides that, the Ministry also functioned to identify and seek export opportunities for local companies as well as to nurture and develop them to enhance their position both regionally and globally.
For e-commerce, the Ministry will focus on capacity building for local entrepreneurs to be ready for e-commerce by taking them from traditional businesses to a borderless digital market.
The Ministry will also establish an ‘e-Commerce Innovation Centre’ for prospective companies and entrepreneurs to fast track their readiness for international trade and e-commerce.
In addition, the Ministry will craft and develop key strategies, institute a regulatory framework along with policy guidelines to intensify the competitiveness of Sarawak as a destination for FDI and e-commerce.
The Ministry will also have a key role in establishing global networking and collaboration with the public sector and private sector to strengthen trade relations and promote active participation in regional and international business promotions, marketing and matching.
To strengthen Sarawak position in the global economy, the Ministry will focus on formulating the State’s international trade and e-commerce policy as well as guidelines to drive the transformation and positioning of human resource, government machinery, and commerce and industry players to be digital economy-ready.
Aside from that, the Ministry will also focus on aligning the State economy with the global digital economy and strengthening the relevant technologies and infrastructure for e-commerce.