KUALA LUMPUR, July 26 (Bernama) -- Automation and digitalisation are the impetus to drive SMEs business recovery and next level of growth. “The Government remains resolutely committed to nurturing our pro-business and investment environment towards accelerating the growth of not only foreign but domestic investment as well. In light of the Government’s ESG commitments, the implementation of sustainable practices will warrant a more substantive shift to technology, particularly on automation among SMEs,” said YB. Dato' Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry (MITI) during his keynote address to a congregation of Malaysia’s top business leaders and representatives from various chambers of commerce at the Domestic Investment Seminar Series 1 (Central Region) 2022 conducted in a hybrid format, today. 

Meanwhile, Datuk Arham Abdul Rahman, Chief Executive Officer of Malaysian Investment Development Authority (MIDA) said “We are pleased that this event has received an encouraging response from the business community. Malaysia recognises the need to enhance collaborative efforts with stakeholders from other regions. The goal is to continuously facilitate and grow businesses in Malaysia, ASEAN and worldwide. We are looking forward to attracting new investments focusing on sustainability in industries that include machinery and automation, aerospace, automotive, green technology, food production, biotechnology, pharmaceutical and other high technology industries, as well as digital investments.

We strongly believe that the continuous engagement between the public and private sectors will boost the development of the industrial ecosystem in Malaysia. Our end game is to expedite the recovery and create more business and job opportunities for the overall wealth and prosperity of the country and our fellow Malaysians.” 

“Domestic Direct Investment (DDI) is an important driver of private investment to complement Foreign Direct Investment (FDI). Reviving domestic investment is crucial in raising the economy’s productive capacity, accelerating technological progress, creating employment opportunities and expanding exports with the implementation of RCEP.” said Tan Sri Dato’ Low Kian Chuan, President of National Chamber of Commerce and Industry Malaysia (NCCIM) cum President of The Associated Chinese Chambers of Commerce and Industry Malaysia (ACCCIM). 

Participated by over 700 business leaders, the Domestic Investment Seminar Series 1 (Central Region) is part of MIDA’s strategic measures to strengthen domestic investments in economic transformation plans which include identifying potential companies as Malaysian conglomerates, motivating multinational corporations (MNCs) operating in Malaysia to harness outsourcing opportunities for Malaysian companies, intensifying technology acquisition support for Malaysian-owned companies as well as scaling-up local companies to achieve international standards which include environmental, social and governance (ESG) compliance.

The Domestic Investment Seminar began with presentations by distinguished speakers, including ‘MIDA-Driving Domestic Investments’ by Mr. Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer (Investment Promotion and Facilitation), followed by ‘Why Automation is Important for SMEs’ and ‘SME’s Success Story Supplying to MNCs’ by Mr. Zulkiflee Md Ismail, Engineering Director of Sensata Technologies Malaysia Sdn. Bhd. and Mr. Toon Moors, Managing Director of Tonasco Malaysia Sdn. Bhd. respectively. 

Breakout Session 1 carried the topic ‘Accelerating Technology Adoption and Innovation’ by Ms. Sarojini Ganesan, Deputy Director, Advanced Technology and Research and Development Division, MIDA; Mr. Ang Kah Heng, Head, Innovation and Industry Development, Technology Hub Development Division from Cyberview; Mr. Syazrie Adley, Consultant SIRIM Tech Venture Sdn. Bhd. and Encik Muhammad Haziq Faris Hasnol, CEO, REKA Studio. The three speakers presented their insights on digital solutions that can help Malaysia boost productivity and further attract manufacturing investments, the need for homegrown businesses to focus on digital adoption strategically across the value chain as well as adoption of comprehensive digital technology will garner positive impact towards-performance, social impact, talent and technology investment.

In ‘Building and Growing Malaysian Talent’, Encik Amirhamzah Karim, Vice President, Dewan Perniagaan Melayu Malaysia (DPMM); Ms Teh Sook Ling, Deputy Chairman, Federation of Malaysian Skill Development Centre (FMSDC); Dr. Muhammad Roslan Muhamad Yusoff, Chief Executive Strategist, Sustainable Industrial Revolution and Innovation, UTM; Prof. Madya Dr. Wan Zuhainis Binti Saad, Director, Ministry of Higher Education (MOHE) and Encik Izham Zakaria, Senior Manager, Business Development, Aerodyne Group, discussed on the importance of the Malaysia’s workforce being equipped with necessary skills to develop digitalisation and drive higher value added industry. 

Together, the speakers concurred that businesses need to be more focused and agile towards capacity building in line with their industry’s growth trajectory and the evolution of specific roles while helping SMEs in their supply chain bridge key capability gaps.

Industry leaders from the financial services industry, ie Bank Islam Malaysia, United Overseas Bank (Malaysia), Malaysian Technology Development Corporation, Syarikat Jaminan Pembiayaan Perniagaan, 1337 Ventures, spoke about various assistance provided by financial institutions to the SMEs to automise and digitalise their operations, production and trade channels in Breakout Session 3.

Other financing schemes made available for businesses under Malaysia’s Budget 2022 such as the business financing guarantee and the SME special fund were also presented.

The highlight of the Seminar was Breakout Session 4 where seven (7) start-up companies were given an opportunity to pitch their business plan and products to potential investors within five (5) minutes. These start-up companies were Govicle (Cyberview), Ideaspaq MTDC - Robotic, Move Robotics (Cyberview), TRobot-MTDC-Robotic, Reka (Cyberview), XTS Technologies-MTDC and Urban Farm Tech (Cyberview).

The upcoming Domestic Investment Seminar Series 2 focusing in the East Region will be held in November 2022. For more information, please refer to www.mida.gov.my. 

Associated images can be downloaded from this link : https://bit.ly/3PR3O43

About MIDA

MIDA is the government's principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram, Facebook, LinkedIn, TikTok and YouTube channel. 

Source: Malaysian Investment Development Authority (MIDA)

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Mr. Sukri Abu Bakar
Director, Domestic Investment Division, MIDA
Tel: + 603- 2267 3685
Email: sukri@mida.gov.my

--BERNAMA