Malaysian Industry Players Urged To Adapt To Rapidly Changing Global Economy

SUNGAI PETANI (Kedah, Malaysia), Sept 28 (Bernama) -- Industry players, especially those in the manufacturing sector, have been urged to adapt to the rapidly changing global economy, including keeping abreast of developments within the Industry 4.0 in Malaysia. Malaysia’s Second International Trade and Industry Minister (MITI) Ong Ka Chuan said it is important for companies to differentiate themselves and remain competitive in the global market, especially in exercising flexibility, towards the ability to customise their products to meet customer needs. "Today, as we are all aware, the global economy is changing rapidly, including in the manufacturing sector. Technological disruptions are causing a paradigm shift, sparking a new industrial revolution which some are calling Industry 4.0 or the Fourth Industrial Revolution. "It is a big challenge for companies to shift into the new era of advanced manufacturing, but this is something that needs to be done to stay relevant and competitive. "The disruptive technology of Industry 4.0 requires companies to change the way they operate and to drive the digital transformation of their business," he added. Ong said to prepare for the future of manufacturing, companies need to focus on building operational excellence by investing in technology and innovation, while taking on new manufacturing practices. "As such, the establishment of a Research and Development (R&D) centre, is also in line with the government's aspiration to encourage R&D activities and transition towards the Industry 4.0 initiatives," he added. He said the government had already embarked on several initiatives that would lead the country towards Industry 4.0, namely the National Strategic Plan on the Internet of Things (IoT), the world's first Digital Free Trade Zone and determining 2017, as the Year of the Internet Economy for Malaysia among many others in the pipeline. Ong said the government led by MITI was also working on the formation of a national policy on Industry 4.0 and targeted for completion by year-end. NEWTON was established to analyse, optimise, solve and innovate on load transportation safety concepts. With its vast experience in film production and competencies in this field, NEWTON meets all local and foreign requirements to become a well-recognised and independent testing institute. -- BERNAMA