MIDA Wants SMEs To Embrace The Potential of Industry 4.0 Technologies
The Malaysian Investment Development Authority (MIDA) has urged Small and Medium Enterprises (SMEs) to raise their efficiency levels, strengthen inter-firm linkages and respond timely to market changes to remain competitive. Deputy Chief Executive Officer, Datuk N. Rajendran said local companies, particularly those in the labour intensive industries such as the furniture sector, could reap much benefits by embracing the potential of Industry 4.0 technologies. This includes smart manufacturing, robotics and the Industrial Internet of Things (IIOT) to significantly increase production volume and reduce dependency on foreign labour. “When you move from high labour intensive industries to machinery, you will have three added benefits, namely, in terms of volume, machines can of course produce more compared to human labor. “Secondly, in terms of precision and accuracy, if you want to compete globally, you cannot afford any human errors in you product and thirdly, in terms of pricing, you will have a cheap but high quality product over a shorter period of time. “In the long run, this will reduce our dependency on foreign workers.”
NOPC’s Strategic Partnership Platforms Benefit 1,057 SMEs
The National Oversight Productivity Council’s (NOPC) strategic partnership platforms involving a total allocation of RM196.8 million since 2015 has benefitted 1,057 small and medium enterprises (SMEs). Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed (pic) said the four platforms implemented by the NOPC are the Public-Private Research Network (PPRN), SIRIM-Fraunhofer Programme, Steinbeis Malaysia Foundation and PlaTCOM Ventures which provides SMEs with assistance from research to commercialisation. “Success stories under these four strategic partnership platforms are testament that Malaysian companies are willing and able to transform themselves and become more productive and competitive,” he said.
Malaysia On Track to Export RM50 bln Halal Products By 2020
Malaysia is on track to export RM50 billion halal products by 2020 from RM42.18 billion last year, aided with more entrepreneurs increasing their presence in the global market, said Halal Industry Development Corporation (HDC) Chief Executive Officer, Datuk Seri Jamil Bidin. He said despite the global economic downturn, demand for halal products, especially food and beverages, remained high with China continuing to be the biggest importer, followed by Singapore and Indonesia. “Next, we are going to work with Saudi Arabia to make it as an entry point as we are about to expand our presence in the African continent,” he said.
Property Market Remains Subdued In 1H2017
Malaysia’s property market remained subdued in the first half of this year as potential investors continued to adopt a “wait-and-see” approach, according to the findings of a research undertaken by Knight Frank Malaysia. Titled, ”Real Estate Highlights for first half of 2017”, the report looked into the market performance across various property mix: residential, office and retail; and highlighted trends and outlook in various regions, namely Kuala Lumpur, Klang Valley, Penang, Johor Bahru and Kota Kinabalu. Managing Director Sarkunan Subramaniam said despite the overall subdued market, the recent rebound in the country’s economy coupled with the strengthening of the local currency and stable employment market may provide recovery in the high-end condominium market.
July Vehicle Sales Increase To 48,553 Units
Malaysia’s vehicle sales increased to 48,553 units in July 2017 from 42,483 units in the same month last year, the Malaysian Automotive Association (MAA) said. Sales volume in July 2017 was higher by 14 per cent or 6,070 units compared with the corresponding month last year. MAA said the total industry volume for year-to-date was 4.7 per cent higher compared with the corresponding period last year. On outlook, it said sales volume for August 2017 was expected to be slightly better than July due to the on-going promotional campaign by car companies and fulfillment of back orders as the ‘e-daftar’ system was expected to return to normalcy.
Taiwan power outage affected 151 companies, caused US$3 mil in damages
A massive power blackout in Taiwan on Tuesday resulted in about US$3 million worth of losses for 151 companies in industrial parks and export processing zones on the island. The government plans to release a figure for the overall economic cost of the blackout in the next few days, a spokesman from the Economics Ministry said. The five-hour long blackout caused estimated losses of NT$87.47 million and affected millions of homes as well as offices and companies.