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Malaysia's move to break the chain of infections through the implementation of the Movement Control Order (MCO) beginning 18 March 2020 is proving to be effective with Malaysia handling the situation relatively well. In tandem, to ensure the resilience of the country's economy, most of the economic sectors have been allowed to operate subject to strict adherence to health and safety guidelines.
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The Malaysian Investment Development Authority (MIDA) participated as one of the panellists in the webinar entitled ‘Post Covid-19 Economic Situation Prediction in Malaysia’, organised by the Chinese Enterprises Chambers of Commerce in Malaysia (CECCM) on 15 May 2020. The session attracted a total of 14,200 views on CECCM, and the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM)’s Facebook pages.
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The COVID-19 pandemic has proven that digitalisation and automation is a necessity to ensure business sustainability. At the webinar session entitled “COVID-19: A Catalyst for Malaysia’s Industrial Revolution (IR) 4.0”, organised by the British Malaysia Chamber of Commerce’s (BMCC) webinar on 22 May 2020, Mr. Sivasuriyamoorthy Sundara Raja, Executive Director of Investment Promotion, MIDA updated the participants on investment opportunities in the country and Malaysia’s journey towards embracing the new normal with IR4.0.
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Many companies are applying the Fourth Industrial Revolution initiatives in manufacturing. Still, few managed to integrate Industry 4.0 technologies at scale to escape from the inertia of “pilot purgatory”, thus unable to bring manufacturing innovation to realise significant economic and financial benefit. Since 2016, the World Economic Forum (WEF) in collaboration with McKinsey & Company (McKinsey) have been monitoring the progress of advanced manufacturing worldwide to identify leading organisations with key factors that differentiate them as the front runners of the Fourth Industrial Revolution – the “Lighthouses”.
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Russia is blessed with vast natural resources such as oil and gas, iron and steel as well as wood and forestry. Today, Russia is among the world's leading producers of oil and natural gas and a top exporter of metals such as steel and primary aluminium. Russian companies are also trendsetters of technology in niche industry segments such as aerospace, energy generation, machinery and equipment, weapon and military, given their intense focus on research and development activities.
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Globally, SMEs play a significant role in contributing to national GDP growth, employment and innovation. In Malaysia’s context, SMEs represent 90 per cent of business establishments. They also account for 65 per cent of the country’s employment and contribute approximately 40 per cent to the country’s GDP.
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Numerous countries around the world are implementing measures to manage COVID-19 to keep their population safe. In Malaysia, the first COVID-19 case was reported on 25 January 2020. The Government took proactive actions to curb the diseases and announced the Movement Control Order (MCO) beginning 18 March 2020. The MCO, initially scheduled for two weeks, is currently in its 4th phase until 12 May 2020.
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List of Critical Production Sectors Allowed to Continue Operations Subject to Conditions by the Ministry of International Trade and Industry (MITI)
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