Towards a comprehensive, holistic model of circular economy

Alongside India, Thailand, Indonesia and Vietnam, it is expected that Malaysia will be in the top 15 manufacturing countries by next year. Nevertheless, the rapid development of manufacturing industries is always associated with environmental pollution and sustainability issues. Hence, recent needs for sustainability are not solely based on financial performance, but also on environmental and social performance. In simpler words, firms' focus on economic performance needs also to be accompanied by care about environmental and social performance. Due to this, an alternative economic paradigm is being shaped and developed to capture the new forms of supply chains. This is the case for the circular economy (CE) paradigm, which is embracing the notion of restorative industrial systems. The CE paradigm focuses on less (or if possible, zero) waste production at every life cycle of a product, where products are used in circularity (recycled, refurbished or remanufactured) after reacing the expected end-of-life. CE has been identified as a topic of strategic importance due to its potential positive outcomes towards environmental and economic impacts. Due to rapid industrialisation and technological advancement, products are also being manufactured and used in a prompt pace, resulting in a higher level of waste production.