36 DATASONIC GROUP BERHAD PERSPECTIVE 03 Separately, Datasonic also had a few exciting new developments in the financial year under review. In November 2022, we inked a Memorandum of Understanding (“MOU”) with Meta Doers World Holding Berhad (“Meta Doers”) to form a strategic partnership through incorporation of a Joint Venture company to explore the huge business opportunities related to Metaverse, focusing on education and healthcare industries. The collaboration marks Datasonic’s foray into the Metaverse world. At the initial stage, our targeted markets are primary school, secondary school, higher education and training agencies in Malaysia and ASEAN countries. On the other hand, Datasonic had in December 2022, entered into a Memorandum of Agreement (“MOA”) with the Ministry of Urban Planning, Housing and Territorial Development (“MUHAT”) of the Republic of Guinea (“ROG”). The purpose of this MOA is to combine our capacities and resources to co-operate and collaborate on issues relating to the printing of secure documents, digitisation and improvement of land management solutions and services of ROG. SUSTAINABILITY AGENDA For us at Datasonic, Environmental, Social and Governance (“ESG”) considerations are pivotal in building a long-term sustainable business. To ensure long-term value for our stakeholders, it is essential to consider these factors and adapt our business and operational approach as necessary. By taking action today, we can create a better future. In FY2023, Datasonic continues to channel resources and efforts in our sustainability journey. We take pride that we are making continuous improvements year after year. We are also proud to have introduced our motto in approaching sustainability; Longevity, Impact, Future and Environment (“LIFE”). MOVING FORWARD Forging ahead, elevated market uncertainties is expected to persist and global economies will experience a slowdown compared to the previous year. The IMF projects the world economy to grow at a slower pace of 2.9% for 2023 as rising interest rates and the war in Ukraine continue to weigh on economic activities. Similarly, Malaysia’s GDP growth is estimated to slow down to 4.5% in 2023 according to statistics by Bank Negara Malaysia (“BNM”). Despite these headwinds, there are bright spots ahead for us. In particular, the demand for passports has been strong since the reopening of international borders and we anticipate this trend to continue in the near future. We are committed to meeting this demand with timely and uninterrupted delivery as part of our ongoing contribution to national security. In addition to this core focus, we are also excited about the potential for orders of MyKad to rebound pre-COVID-19 levels. For more in-depth elaboration on this, kindly refer to our Sustainability Statement section of this Annual Report. SPEECH FROM OUR CHAIRMAN
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