‘Malaysia riding wave of technological change to boost output’

KUALA LUMPUR: Malaysia is riding the wave of technological change by Internet of Things (IoT) and smart technologies to boost productivity and increase competitiveness.

The Malaysian Investment Development Authority (Mida) deputy chief executive officer Datuk N. Rajendran said Malaysian companies continued adapting to emerging trends and were encouraged to consider technology, which had provided them with more options.

“Malaysia has transformed from an agricultural-based economy to a highly industrialised and service-oriented nation. Rapid progress in the digital age is driving profound economic changes,” said Rajendran during “Mida Industry Talk: The IoTs Effect — Opportunities and Challenges”, here, yesterday.

He said technological advancement would lead to great economic growth with the production of more complex and highvalue products as well as higher export earnings.

“Malaysia is poised to become a leading industrial hub for high technology products and activities in the region,” Rajendran added.

He said Malaysia had s t ro n g manufacturing base mainly in the well-established electrical and electronics and machinery and equipment ecosystems.

“The government is undertaking various efforts to assist the business community in recognition to the challenges of transitioning towards the digital era,” said Rajendran.

He said the initiatives included drafting a national policy on Industry 4.0, which would be tabled to the cabinet by the fourth quarter of this year.

The National Industry 4.0 Task force will also be established to spearhead the government’s policy and strategy, while conducting an industrial study that focuses on the future of manufacturing “Industry 3+2” led by Mida.

“We have also conducted various conferences, seminars, dialogues and workshops to promote the adoption of smart technologies and automation line to embrace the government’s effort of Industry 4.0,” said Rajendran.

Celebrating its five-decade of efforts and contributions to Malaysia, Mida said it remained committed in ensuring the long-term growth of the country through developing the ecosystem and providing a conducive environment for business.