Malaysian Industrial Development Finance Berhad (MIDF) held the Southern Edition of its Automation & Digital Forum Series at Trove Hotel titled “Driving Business Thru Digitalisation and Automation – THE JOURNEY TOGETHER”. The keynote address was delivered by Liew Chin Tong, Deputy Minister of the Ministry of Investment, Trade and Industry (MITI) via pre-recorded video.
The event, endorsed by MITI was co-organised by Bizsphere Sdn Bhd, the administrator of Smart4Wrd, a collaborative platform on Industry 4.0 Ecosystem and is the third event in a series of Forums that started in the Central region in March 2023, in the Northern region in June 2023 and will be followed by forums in the Eastern regions as well as in Sabah and Sarawak.
The Forum was held with the objective of creating awareness of the various government support available to aid local players to jumpstart their business facilities in the journey towards automating and adopting Industry 4.0 and digital technologies. In addition, the Forum was also structured as a shared learning journey platform to help Malaysian businesses benefit from the positive potentials of Industry 4.0 adoption.
The forum was also organized as a platform to showcase the accessible financial support offered by MIDF to local businesses with the goal of incentivising companies to embrace automation and modernise their manufacturing processes, enhance production capacities, boost productivity and efficiency, and effectively navigate the effects of global market liberalisation.
Panellists of the forum comprised prominent industry leaders which included representatives from the MITI, MATRADE, SIRIM, MDEC, SHRDC, MTDC, VITROX, and Smooth-BOR Plastics. In addition, a representative from one of MIDF’s clients – KJH Wood Industrial Sdn. Bhd. shared the companies’ experience in their automation and digitalisation journey and the Government’s assistance that helped them successfully adopt IR4.0.
During the first MIDF Automation and Digital Forum in KL, MITI Minister YB Senator Tengku Datuk Seri Utama Zafrul launched the Malaysia Smart Manufacturing Award. Endorsed by MITI, this prestigious award recognizes the significant contribution of smart manufacturing to Malaysia’s industrial landscape. Organised by MIDF and co-organised by Bizsphere Sdn Bhd, the award celebrates and acknowledges the innovative prowess of companies and individuals in smart manufacturing. It showcases Malaysia’s commitment to manufacturing excellence and encourages continuous advancement. Industry leaders, innovators, and visionaries are invited to join this journey and commemorate outstanding achievements that shape the future of manufacturing in our nation.
The Government, through MITI has allocated funds to MIDF to assist local companies in their automation and digitalisation journey through various scheme funds and grants. For 2023, MIDF is targeting to approve approximately RM700 million for Malaysian companies in their automation and digitalisation journey as well as business expansion through various low financing rate scheme funds and grants.
Understanding that time is of the essence when it comes to automation and digitalization adoption, MIDF had recently launched a new Fast Track Approval system, whereby SMEs will be able to apply for working capital financing up to RM150,000 at financing rate of 4% without any collateral required with conditional approval within 3 working days.
This Automation & Digital Forum Series is part of MIDF’s continuous support towards the development of automation and digitalisation initiatives in ensuring that local manufacturing and services companies can grow their businesses and stay ahead of local and regional competition.
This is through the provision of various financing schemes and raising capital instruments to any and every eligible local company as well as advisory roles undertaken by both MIDF’s Investment Bank and Development Finance businesses.
