Mida: Companies need to embrace technology to compete

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KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) is actively encouraging companies to adopt the latest technology in their manufacturing processes to stay competitive.

Mida chief executive officer Azman Mahmud said companies must think ahead and welcome advancements in technology which would benefit their businesses in the long term.

“Industry 4.0 or smart manufacturing is crucial. The message here is that we urge companies to adopt, and adapt to, these new technologies.

“This will make them more efficient and help them compete with other companies around the world that also use new technologies,” he said at Mida’s Open Day.

Industry 4.0 commonly refers to the digital transformation of the manufacturing sector by promoting automation and computerisation.

The term was coined by Prime Minister Najib Razak to encourage industries to move into computerised manufacturing to cut labour, reduce resources and ensure sophisticated accuracy in production and manufacturing systems.

Azman said Malaysia would head towards becoming a high-income nation as more companies used technology in their everyday business processes.

“There will be more job opportunities for skilled workers as advancements in technology will create a demand for new job skill sets.”

The Mida Open Day and Career Fair was held yesterday in conjunction with Mida’s 50th anniversary.

It specifically targeted those seeking senior management, executive and supporting staff jobs in technical industries.

“The emphasis now is on embracing the digital future and nurturing local businesses to become global champions by integrating into the international supply chain.

“This will create even more skilled jobs,” Azman said.