In order to regain its reputation as an Asian tiger, Malaysia strives to be an Industry 4.0 hub in South East Asia.
Prime Minister Tun Dr. Mahathir Mohamad said that there was no other option but to be aggressive in adopting Industrial Revolution 4.0 taking into account the accelerated rate at which new technologies evolved.
He said that they plan to push Malaysia to become South-East Asia’s Industry 4.0 hub with its Industry 4.0 National Policy (Industry 4WRD) launched last year.
He also said this in his keynote address at Monday’s Segi University International Conference on Industry 4.0: A Global Revolution Towards Business, Innovation, and Productivity (Oct 14) that in order to accelerate a sustainable future for Malaysia, it was necessary for digital transformation to take place. Industry 4.0 could lead to a rise in the GDP per capita as a result of increased productivity and job opportunities.
The productivity per person in Malaysia in the manufacturing sector can be increased by 30 percent from RM106,647 if the Industry 4WRD policy is implemented. Additionally, this would help in elevating the absolute contribution of the manufacturing sector Malaysia’s economy by fifty-four percent from RM254bil to RM392bil stated Dr. Mahathir
While new technologies might be disruptive, Dr. Mahathir said they also offer exciting prospects and challenges.
Industry 4.0 would transform the labor market into a skill-centered force following the consolidation of Operation Technology and Information Technology (IT), data analytics, process understanding, and the ability to work with disruptive technologies.
Therefore, in order to make the adoption of Industry 4.0 a success and profitable, a sustainable approach and methods have to be employed to ensure the continuous growth of the economy.