MIDA chairman Datuk Abdul Majid Ahmad Khan, who launched the forum, said forums, seminars and conferences such as the IoT Malaysia 2019 are instrumental in creating awareness among SMEs and start-up technopreneurs to explore the adoption and implementation of IoT, as a means to add value to their products and services.
"Ultimately, increasing their productivity and efficiency towards scaling up their businesses," he said in a statement today.
He said the electrical and electronics (E&E) industry reflects the backbone of the Malaysian economy and the agency hopes that by increasing the capacity and capability of local firms, start-ups, universities, and research institutes in technology areas such as IoT, Malaysia will emerge as a hub for high-value and innovative technology commercialisation.
"This is to be achieved not only by improving industrial productivity but also increasing efficiency and reducing costs of local businesses. Local firms, especially SMEs, need to embrace and diversify into new fields," he said.
He said the government continues to attract new quality investments from foreign investors and encourages existing foreign multinational corporations (MNCs) to move up the value chain.
The 2020 Budget has announced an allocation of customised investment package incentives up to RM1 billion annually over five years for targeted Fortune 500 and global unicorns in high-technology, manufacturing, creative and new economy sectors.
There is also an allocation for special incentives to further promote high value-added activities in the E&E industry to assist companies in transitioning into 5G digital economy and Industry 4.0.
"Through these facilities, MNCs can assume 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 the established IoT platforms of these MNCs.
"Local players will be able to step up to fill up the gaps in the IoT ecosystem by providing supporting technologies and services required,” said Abdul Majid.
As at December 2018, over 4,000 E&E projects of investments worth RM204.9 billion have been implemented in the country.
These projects have contributed to over 786,000 jobs. Additionally, MIDA has approved 48 E&E projects involving investments of over RM16.4 billion during the first half of 2019.
Meanwhile, Intel IoT Group vice-president Eric Chan said the forum has been successful in building regional ecosystems for Malaysian players with the strong support from MIDA and other agencies.
The full-day event featured real-life implementation of Industry 4.0 technology through live demo showcased by 20 technology partners of Intel such as Adlink, Advantech, IEI, Dell, HPE and Elliance.
The topics covered include artificial intelligence, smart city, and the energy and manufacturing industries.