“Being open to new technologies and practices is a key competitive differentiator in efforts to overcome the many challenges faced by today’s businesses. Smart Manufacturing, a term coined as one of the phenomena of future manufacturing, is the way forward for industries in Malaysia. It covers the whole spectrum of the value chain starting from equipment builders to service providers and manufacturers. With the rise of emerging markets and new technologies, there are now more exciting opportunities,” said Dato’ Azman Mahmud, Chief Executive Officer of MIDA.
Dato’ Azman also highlighted that through the event, MIDA looks forward to having more collaborations between both Malaysia’s and Korea’s business communities – particularly in the areas of smart manufacturing. The event successfully gathered 90 local stakeholders to raise the awareness and interest to the possibilities and opportunities with Korean companies in automation and smart manufacturing.
“Although there are more than 35 local system integrators and engineering supporting companies in Malaysia that can provide integrated automated solutions for industries such as ACM, Kobay Technologies, and VisDynamics, we would like to also encourage the manufactures in the country to cooperate with Korean system integrators and manufacturers related to smart manufacturing,” said the CEO of MIDA.
As at 2015, a total of 347 manufacturing projects with participation from Korea were implemented with total investments of USD4.7 billion (RM14.7 billion). These investments have created 50,145 employment opportunities to the country. Major Korean companies that have made Malaysia a part of their strategic location for investments include, Lotte Chemical Titan Malaysia, Samsung, Hanwha Q-Cells and POSCO Kiswire.
For the first nine months of last year, MIDA has approved an additional 5 manufacturing projects with Korean participation with investments amounting to USD369 million (RM1.53 billion) in the electronics and electrical (E&E), petroleum products including petrochemicals, and wood products industries. These projects are expected to generate 290 job opportunities.
The MIDA-AKC seminar was graced by the Ambassador of Republic of Korea to Malaysia, H.E. Dr. Yu Hyun-Seok and the Secretary General of AKC, H.E. Mr Kim Young-Sun.
Malaysian Investment Development Authority (MIDA) is the government's principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967, MIDA is the first point of contact for investors that want to take advantage of Malaysia’s vibrant economy, world-class infrastructure and business-friendly environment to set up their profit centre in Asia.
For more information, please contact:
Mr Nelson Samuel Wilson
Director, Foreign Investment Coordination Division, MIDA
Tel.: 03-2267 3787 | Email: firstname.lastname@example.org