17 hours ago
Iran tension will have ripple effect
Published on: Monday, June 23, 2025
Published on: Mon, Jun 23, 2025 Text Size: According to Nordin, the government should also take a more proactive role in providing up-to-date information, financial support, and technical assistance to affected industry players. Kota Kinabalu: The escalating tensions between Iran and Israel have raised concerns among industry players and economic analysts, particularly entrepreneurs involved in international trade. President of the Asean Chamber of Commerce & Industry (ACCI) Sabah Chapter, Datuk Nordin Ening, said the situation could trigger a ripple effect on global economic stability and impact local businesses connected to international markets. 'This conflict isn't just about foreign politics. It has direct implications on global oil prices, currency exchange rates, supply chains, and shipping costs. Malaysian entrepreneurs, especially in Sabah, where many rely on imports and exports, must be better prepared,' he said when commenting on the matter. He urged entrepreneurs to re-evaluate their strategies, including aspects of geopolitical risk management, market diversification, and building business resilience against global uncertainties. 'Smart entrepreneurs don't rely on a single market source or trade route. In an increasingly unpredictable world, we must have contingency and alternative plans, including strengthening regional markets such as Asean,' he added. According to Nordin, the government should also take a more proactive role in providing up-to-date information, financial support, and technical assistance to affected industry players.
Advertisement 'We need an economic response mechanism to handle external conflicts. A comprehensive framework should be established to ensure the nation's economy can withstand unexpected global shocks,' he said. He also stressed the importance of reinforcing economic cooperation among Asean nations so the region is less exposed to turbulence in the Middle East or among global powers. 'We can't face global challenges like this in isolation. Asean must act as a united economic bloc with mutual support,' he said. He further noted that such threats should also be seen as an opportunity to accelerate domestic economic empowerment and reduce reliance on external markets. 'Crises often open doors for reform. Entrepreneurs must be bold enough to adapt and move forward so their businesses can endure under any circumstances,' he concluded. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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