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TUESDAY | APR 14, 2026

Trust will define winners in fractured global economy

Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

PETALING JAYA: In a world increasingly shaped by geopolitical fragmentation and economic volatility, trust is fast emerging as the most valuable currency and Malaysian businesses cannot afford to treat it as an afterthought. Datuk Seri Vijay Eswaran, speaking ex clusively to SunBiz following his engagements at Davos 2026, said the global mood has shifted decisively, with “dialogue” now functioning as a core economic input rather than a diplomatic nicety. “The world is tired of noise and is actively looking for trust, predictability and partners who can still keep talking even when they disagree,” he said, reflecting on this year’s forum themed “A Spirit of Dialogue” held earlier this year. For Malaysian and Asean businesses, that shift demands immediate recalibration. Eswaran, a Malaysian businessman and the executive chairman of the QI Group, stressed that companies must stop optimising for stability and instead build resilience into their DNA. “The winners won’t be the companies with the best forecasts; they’ll be the companies with the best ‘recovery muscles’,” he said, pointing to scenario planning, multisourcing and operational agility as critical capabilities in an era where disruption is constant. He also urged firms to rethink how they approach artificial intelligence (AI), arguing that the conversation has matured beyond job displacement fears. “The smartest conversations I had weren’t framed as ‘jobs lost versus jobs gained’, but ‘tasks redesigned’,” he said. “Companies that adopt an augmentation-first approach will move faster and carry less social risk.” Beyond technology, Eswaran highlighted Asean’s unique position in a divided global landscape, but cautioned against complacency. “In a world of economic warfare and fractured alliances, Asean’s advantage is that we can still be a platform for cooperation. However, this is only possible if we invest in deeper integration and credible standards,” he said. On the question of neutrality, Eswaran dismissed passive interpretations, advocating PETALING JAYA: Public Gold Marketing Sdn Bhd (PGM), the international bullion trading entity of Public Gold Group, has become the first Malaysian company to secure membership on the India International Bullion Exchange (IIBX), marking a significant milestone in its global expansion strategy. The milestone positions Public Gold as Malaysia’s top gold industry player with a rapidly growing international footprint. It builds on Public Gold’s earlier membership with the Shanghai Gold Exchange (SGE), strengthening its direct participation across two of Asia’s most influential bullion trading platforms. IIBX, based at India’s GIFT International Financial Services Centre, serves as a regulated gateway for bullion imports and trading into one of the world’s largest gold markets with annual demand of approximately 750 to 800 tonnes, and import values exceeding US$50 billion (RM198.7 billion), underpinned by strong investment demand, festive and cultural needs (weddings), and a rapidly formalising bullion ecosystem. By securing access to both China and India’s gold markets, Public Gold is strategically positioned at the centre of the world’s largest physical gold demand corridors, where consumption and trading volumes continue to outpace traditional Western markets, – an

o QI Group exec chairman says future will be won by those with the most trusted ecosystems, not those who are biggest

It will come from being smarter, kinder and more original, because originality is hard to copy.” He called for a move away from credential based hiring towards skills-based mobility, alongside deeper collaboration between businesses and educational institutions to build “learn-and-earn ecosystems”. “Human capital is not an HR topic anymore. It is national competitiveness,” he stressed. In terms of opportunities, Eswaran pointed to sectors aligned with global system shifts including AI-enabled services, green transition solutions, digital infrastructure and education platforms. “The region is being discussed as a ‘laboratory’ for the future of work, if done inclusively,” he noted, adding that Malaysia is well-positioned to benefit if it invests in these emerging areas. At the leadership level, Eswaran said, the playbook is also evolving. Charisma alone is no longer sufficient in navigating uncertainty. “In uncertain times, leadership becomes less about charisma and more about clarity, calm and character.” He highlighted the importance of “scenario thinking, not prediction,” as well as humility and moral consistency. “People forgive mistakes; they don’t forgive hypocrisy,” he said. Looking back at Davos, Eswaran observed a subtle but important shift in tone away from hype and towards realism. “AI talk is maturing. Less hype about magic, more urgency about governance,

instead for what he described as “strategic autonomy through multi-alignment”. “Neutrality should never mean passivity. It should mean the confidence to build relationships across blocs without becoming captive to any one bloc,” he explained. For businesses, this translates into diversifying not just suppliers, but entire ecosystems from customers and payment systems to data infrastructure and logistics corridors. “Strategic neutrality works when you are useful to everyone and dependent on no one,” he added. Trust-building, however, remains the underlying thread tying these strategies together. Eswaran warned that trust deficits are becoming a real economic constraint, particularly as societies demand more inclusive growth. “Trust is not a campaign. Trust is a habit, built through repeated, consistent behaviour. And right now, trust is the world’s scarcest currency,” he said. Eswaran outlined a shift businesses must make from transactional engagement to relationship-building, from corporate social responsibility as charity to shared value embedded in business design, and from one way communication to genuine dialogue. “Dialogue requires listening, humility and the discipline of engagement, especially with critics,” he said. For Malaysia specifically, Eswaran believes the country’s long-term competitiveness hinges on how effectively it harnesses human and creative capital. “Malaysia’s future advantage will not come from being cheaper.

talent and deployment at scale,” he said. Eswaran also noted that fragmentation is creating new opportunities for “connectors” regions and companies capable of bridging trust, standards and compliance across competing blocs. “Asean can play that role, if it chooses to,” he said. Ultimately, Eswaran believes the defining factor in the next phase of global growth will not be economic size, but credibility. “The future will not be won by the biggest economies, but by the most trusted ecosystems,” he said. “And trust, like any asset, must be built deliberately.” Eswaran says companies must stop optimising for stability and instead build resilience into their DNA. the heightened market volatility driven by inflationary pressures, fluctuating interest rate expectations, and currency uncertainties. With established operations in Singapore and Dubai, Public Gold will continue to accelerate its international expansion roadmap from these offices. This strategic presence is well-positioned to support international bullion flows and capture emerging opportunities as market conditions evolve. Public Gold Group founder and executive chairman Datuk Seri Louis Ng said, “Following our membership with SGE, our IIBX membership marks another transformational step in positioning Public Gold as a globally connected bullion market participant. “Also, with our growing presence in Dubai and Singapore, we are building strategic access across the most critical corridors, spanning China, India, the Middle East, and soon Europe – placing Public Gold in a leadership position within Asia’s rapidly expanding bullion ecosystem.” Moving forward, Public Gold plans to expand further into key global centres such as Hong Kong, the United Kingdom, and Switzerland. This multimarket expansion strategy will strengthen Public Gold’s ambition to evolve from a regional leader into a globally-recognised bullion powerhouse.

Public Gold boosts international footprint with India bullion exchange entry

Public Gold is strengthening its participation across two of Asia’s most influential bullion trading platforms.

Gold’s broader strategy to strengthen bullion liquidity corridors across Singapore, Dubai, China, and India, amid the increasing global momentum towards dedollarisation, with gold re-emerging as a neutral settlement asset. Public Gold’s growing presence across key hubs positions it to capitalise on alternative trading frameworks beyond traditional US dollar-centric systems. Despite the ongoing geopolitical tensions in the Middle East, Public Gold remains confident in the long-term resilience of the gold market amid

advantage only few regional players can match. The IIBX membership enhances Public Gold’s ability to directly serve qualified jewellers, bullion dealers and institutional counterparties through a transparent and internationally governed platform, while improving pricing access, sourcing efficiency, and settlement capabilities. It also enables Public Gold to play a more active role in Asia-led price discovery, as global gold trading gradually shifts eastwards. Not just that, this move is also part of Public