IPOH, July 21 (Bernama) -- Recent global developments, especially renewed hostilities between the United States and Iran, demonstrate that energy security and maritime security are no longer separate issues, said Deputy Prime Minister Datuk Seri Fadillah Yusof.
Fadillah, who is also Energy Transition and Water Transformation Minister, said the issues are now deeply interconnected and could have far-reaching impact.
“Events taking place thousands of kilometres away can now affect electricity prices, fuel supplies, trade flows and ultimately the daily lives of ordinary people,” he said.
He said this as one of the panellists during the Distinguished Royal Session with the Sultan of Perak, Sultan Nazrin Shah, at the 8th World Conference on Islamic Thought and Civilisation (WCIT): "Everyone Matters: Pride and Unity in Islam" here today.
Fadillah said recent developments in the Strait of Hormuz had impacted not only Malaysia but also the whole global value chain.
“It's not only about the energy markets; in terms of logistics, international shipping is also affected.
“Plus, insurance will be increased, cost of energy will be increased, cost of supply chain will be increased. So these are the areas, the reality that we are facing right now,” he said.
Fadillah said Malaysia was approaching these developments calmly, responsibly and through diplomacy rather than confrontation.
Malaysia has always believed in being a friend to all nations, as for more than a century, the country depended on an open, stable and rules-based trading system, he said.
He also pointed out that Malaysia is located in the Strait of Melaka, an important trading route, and anything that happens there will also affect the entire global community.
“Events taking place thousands of kilometres away can now affect electricity prices, fuel supplies, trade flows and ultimately the daily lives of ordinary people,” he said.
He said this as one of the panellists during the Distinguished Royal Session with the Sultan of Perak, Sultan Nazrin Shah, at the 8th World Conference on Islamic Thought and Civilisation (WCIT): "Everyone Matters: Pride and Unity in Islam" here today.
Fadillah said recent developments in the Strait of Hormuz had impacted not only Malaysia but also the whole global value chain.
“It's not only about the energy markets; in terms of logistics, international shipping is also affected.
“Plus, insurance will be increased, cost of energy will be increased, cost of supply chain will be increased. So these are the areas, the reality that we are facing right now,” he said.
Fadillah said Malaysia was approaching these developments calmly, responsibly and through diplomacy rather than confrontation.
Malaysia has always believed in being a friend to all nations, as for more than a century, the country depended on an open, stable and rules-based trading system, he said.
He also pointed out that Malaysia is located in the Strait of Melaka, an important trading route, and anything that happens there will also affect the entire global community.