- Published on Thursday, 12 January 2017 16:17
KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) will use the findings of the study on 'Future of Manufacturing' to formulate strategies to face the wave of Fourth Industrial Revolution (Industry 4.0).
Its Minister, Datuk Seri Mustapa Mohamed, said the study, currently being undertaken by the ministry, would be concluded by the third quarter of 2017,
"It aims to provide deep analyses of five catalytic and high potential growth industries and sub-sectors," he said after witnessing the exchange of a memorandum of understanding (MOU) between the Malaysian Investment Development Authority (MIDA) and Rockwell Automation (M) Sdn Bhd here today.
Among the sectors included in the study are electrical and engineering, chemicals, aerospace, medical device and machinery and equipment.
"We hope to announce the recommendations in the third quarter of this year and we welcome inputs and feedback on how to carry the Industry 4.0 agenda moving forward," he said.
Mustapa said the Industry 4.0 was critical to boost the industrial and economic growth and for Malaysia's economy to reach RM2 trillion target within the next seven-eight years as announced recently by Prime Minister Datuk Seri Najib Tun Razak.
Currently, he said, the nation's gross domestic product stood at about RM1.2 trillion.
"Several sub-sectors in Malaysia are in tandem with the Industry 4.0 such as the electrical and electronics, aerospace and car sectors.
"Concepts such as Factory of the Future, Internet of Things Open Innovation Platform, Data Inter-Operability, Integrated and Intelligent Process Manufacturing and Digital Infrastructure are being used widely in these sub-sectors," he said.
Beside the study, Mustapa said, the ministry was also in talks with the relevant agencies, including Economic Planning Unit and Science Academy of Malaysia, industry players, training centres and international investors, to develop a comprehensive national Industry 4.0.
Meanwhile, Mustapa said, the government has announced an additional allocation of RM1 billion for Domestic Investment Strategic Fund under the 11th Malaysia Plan.
"This will help MIDA accelerate the transition of domestic companies into industries which are high value added, high technology, knowledge-intensive and innovation-based," he said.
He said 235 projects, valued at RM11.5 billion, had received grants totalling RM995.8 million as at September 2016, including RM548.2 million in capital grants and RM47.5 million for the licensing and purchase of new and high technology.
"The MIDA-Rockwell partnership has been an important step towards consultation in the area of automation.
"The MOU exchange after this will further promote sharing of technical know-how and marketing for the mutual benefit of stakeholders," he said.