15 June 2023
Industries must adopt digital tech for economic complexity
KUALA LUMPUR: The Investment, Trade and Industry Ministry is determined to make Malaysia a digitally vibrant nation to achieve greater economic complexity by encouraging local industries to adopt digital technology.
Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said one of the key areas in the New Industrial Master Plan 2030 (NIMP2030), which the ministry expects to launch in August, is to advance the nation’s economic complexity, especially in five sectors: aerospace, chemicals and petrochemicals, digital economy, medical devices, and pharmaceuticals.
“This can be achieved by enhancing the complexity of our products which are meant for export.
“The NIMP2030 task force will also help industries by accelerating tech adoption, assisting the next generation of tech innovation companies, and developing emerging business opportunities by leveraging new data sources.”
“For small and medium enterprises (SMEs) and medium-sized companies, ‘tech-ing up’ will increase productivity,” he said.
Tengku Zafrul said it is crucial to ensure local SMEs benefit from global trade and GDP growth as they make up 97.2% of businesses in the country, contribute 38.2% of the GDP, and provide employment to 7.3 million people.
Without empowering the SMEs, he said, the nation would be unable to achieve broad-based growth which is essential to turning Malaysia into an Asean economic powerhouse.
Speaking at the launch of the Matrade Digital Trade Platform (MDTP) here yesterday, he said various initiatives are being executed by agencies under the ministry to enable local businesses and exporters to adopt digital technology.
According to him, the MDTP was created in partnership with Fusionex, a data technology provider that specialises in analytics, machine learning, big data, and artificial intelligence.
He anticipates that the platform will attract more than 50,000 businesses in the next decade.
“Data is indeed the new oil. In a world brimming with structured and unstructured data, MDTP was conceptualised to help bridge the gap between data, technology and businesses.
“MDTP expands the market reach of Malaysian businesses and connects them to global buyers with Matrade’s resources and Fusionex’s leading-edge technology,” Tengku Zafrul said.
Fusionex chief executive officer Datuk Seri Ivan Teh said since the soft launch of the MDTP last year, it has achieved its targets by drawing more than 1,200 SMEs to its platform, with revenue and sales exceeding RM100mil.