Local companies, SMEs urged to utilise IoT to drive growth

Digital devices and data. — DayakDaily.com file pic. // Photo: Pixabay

KUALA LUMPUR, Nov 16: Minister of International Trade and Industry Dato’ Mustapa Mohamed today called on local companies and small and medium-sized enterprises (SMEs) to consider the Internet of Things, or IoT solution as a tool to drive growth.

“I encourage more local companies, SMEs and start-up technopreneurs to explore the adoption and implementation of IoT as a means to add value in their products and services as well as to increase productivity and efficiency towards scaling up their businesses,” he said at a seminar on IoT Malaysia 2017 co-organised by the Malaysian Investment Development Authority (MIDA) and Intel today at MITI.

According to a press statement, the holding of this seminar is timely and relevant as the world has come to an era which calls for a digital transformation. IoT, which is a component of Industry 4.0 is no longer just a futuristic concept but is actually happening now and is already transforming every aspect of people’s lives.

Emphasising that IoT holds tremendous potential that cuts across all industries globally, the minister urged industry players to seize the growing opportunities.

“Industry players need to change the way they do business, to align to emerging IoTs and Industry 4.0 applications.”

This call is in line with the government’s direction to make Malaysia the leading industrial hub for high technology products and activities in the ASEAN region.

“Malaysia is privileged to have good engineering capabilities, a skilled workforce and a strong manufacturing base. These create an enabling structure towards materialising this important agenda. Global companies and MNCs are welcome to make Malaysia as their regional development hub for high technology products and activities in the region.

“At the same time, we look forward to more high quality investments, both from domestic and foreign sources, particularly in related catalytic sectors such as electrical and electronics (E&E) and machinery and equipment (M&E),” the minister said.

Recognising the challenges that companies go through in the execution of Industry 4.0, particularly in filling the gaps in the country’s IoT ecosystem, Mustapa sees the need to form strong partnerships between the government, industry players and all other stakeholders.

“Many SMEs are capable of developing the supporting technologies such as chip packaging technology, Micro-Electro-Mechanical Systems (MEMS) and high technology electronic components, but they just have not had access to the right IoT platform.

“This is where MNCs can play a strong role to support local companies and SMEs to grow. If MNCs can give SMEs a helping hand, just like what Intel is doing today, local companies and SMEs can leverage on the established IoT platforms of these MNCs,” he added.

The full-day seminar addressed topics such as the IoT Landscape in the World, IoT Success Case Studies and Market Segment Readiness for IoT. It was attended by more than 800 participants from various industry sectors.

The seminar was held in conjunction with the 50th anniversary of MIDA. It also marked Intel’s continuous efforts towards further developing Malaysia’s economic growth.

In his speech, the minister highlighted that “Intel has contributed much to the development of Malaysia’s economy. It has been at the forefront in driving the country’s industrial development, particularly in the E&E sector.” — Bernama