The Malaysian Investment Development Authority (MIDA) recently organised a virtual Domestic Investment Webinar to urge domestic stakeholders to implement digitalisation values and adopt innovation in their business to remain resilient.
The session themed ‘Innovation and Transition to New Business Models’ was supported by the Department of Polytechnic and Community College Education (DPCCE) of the Ministry of Higher Education (MOHE), Malaysia Productivity Cooperation (MPC), SIRIM Berhad and AmBank.
Deputy Chief Executive Officer II of MIDA, Ahmad Khairuddin Abdul Rahim in his opening address, highlighted that in order to drive business growth and staying relevant in current norms, business leaders, especially the Small and Medium-sized Enterprises (SMEs) must be able to think creatively and embrace innovation into their business models.
“A willingness to innovate should also go along with a solid understanding on how to cultivate the innovation into life.
“The focus will be on assisting Malaysian businesses to shift from old conventional growth models to build new growth through adoption of the digital system.
“Malaysia’s Industry4WRD policy is an excellent guide. The incentives of Industry4WRD Readiness Assessment and its subsequent Intervention Fund offered by the Government enable domestic companies to assess their capabilities and readiness to adopt Industry4.0 processes, understand their present capabilities and gaps, as well as prepare feasible plans to move towards effective adoption of Industry 4.0.
“This represents the first step for companies in Malaysia to align with the rapidly changing technological landscape while developing new growth areas by prioritising operational efficiency and resilience through digital and automation technologies,” he said.