PETALING JAYA: As a trading nation, a “pivot to green” is needed to prepare the country for the transition to a low carbon environment, says Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift.(pic)

       With that being said, Umar did not deny the need for higher financing for developing countries as they face the green challenge.

       “We need to pivot our supply of energy to greener supply,” he said at an online event, adding that investments towards a greener energy supply would be required.

       He said the country aspires to be a high income country, and generally high income processes need a lot of energy.

       Speaking to Financial Times emerging markets correspondent Jonathan Wheatley at the FT’s Global Boardroom conference yesterday, Umar said Malaysia has good home-grown consumption.

       On the ringgit, Umar said: “I do not think it is as punished as people would say. In relative terms, the ringgit has done well.”

       However, he said home-grown consumption would not take the country far as trading is needed.

       Umar said supply chain disruptions presented an opportunity, adding that foreign investor flows were up throughout the region.

       World Bank’s equitable growth, finance and institutions prospects group manager Franziska Ohnsorge said Asia-Pacific is an interesting region as it ha sescaped the inflation strain for now.

       “But even if East Asia does not have any inflation problem, at least yet, it does have growth problems,” Franziska said, adding an above average lag in the recovery from the pandemic is being faced by the region.

       Umar agreed that there is a lag that is faced by East Asia.

       However, Umar said: “We are quite positive, if you look at Malaysia in particular.”

       “We are a commodity-based economy as many of the other economies in our region,” he said, adding that the country has been enjoying high commodity prices.

       On the ringgit, Umar said: “I do not think it is as punished as people would say. In relative terms, the ringgit has done well.”

       When asked which is the top emerging market from an investment point of view, Umar said he will be a buyer and shows his support towards the Asean market.

       “We look at our region, the impact of inflation has not been dramatic,” he pointed out.

       Echoing Franziska, Umar said supply shocks have to be stopped to improve the prospects of emerging markets.