AI revolutionising Malaysia’s economy and job market: Expert
19 Jun 2023
Artificial Intelligence (AI) is revolutionising the country’s economy and job market, bringing forth a wave of increased productivity and opening doors to new opportunities, the co-founder & CEO of Malaysia HR Forum Arulkumar Singaraveloo said.
He stated that with its potential to transform industries and drive innovation, AI is rapidly reshaping the economic landscape of the nation.
“According to a recent report by IDC for MDEC, Malaysia’s big data and analytics industry is projected to surge from US$1.1 billion (RM4.5 billion) in 2021 to US$1.9 billion (RM7.9 billion) by 2025. As AI becomes more prevalent, both businesses and workers are poised to reap the benefits, albeit with some challenges on the horizon,” he told SunBiz.
He highlighted the potential impact of AI on the job market, warning that certain positions could be automated or undergo significant transformation.
“However, it is important to note that AI is more likely to augment human capabilities rather than completely replace human workers. This creates a need for upskilling and reskilling the Malaysian workforce to remain relevant in the AI-driven economy,” he said.
Recognising the transformative potential of AI and the need to navigate its challenges, the Malaysian government has launched a series of initiatives and policies that lay a foundation for a sustainable ecosystem in the country.
“The government initiatives and policies include the National AI Framework, which aims to promote AI adoption, develop AI talent, and create an enabling ecosystem for AI-driven innovation. Additionally, there are efforts to encourage collaboration between industry, academia, and government to accelerate AI research and development,” said Arulkumar.
Many of the country’s companies are embracing AI including the national energy giant, Petronas, which is establishing an artificial intelligence Centre of Excellence (AI CoE) in Kuala Lumpur, in collaboration with a network of global partners. Its goal is to accelerate the advancement of AI solutions to support energy delivery, operational efficiency, and sustainability.
The first round of collaborations involving Baker Hughes, Boston Consulting Group (BCG) and Microsoft was formalised via three memoranda of understanding signed at the Adipec 2022 conference.
Petronas said it would work with the partners through the AI CoE, leveraging each other’s technologies, expertise and experience to innovate, develop and potentially commercialise AI solutions.
Referring to an article by Loni Lee and Shardha Lim on azmilaw.com, AI is making advancements in various sectors in Malaysia.
In healthcare, the Stethee Pro, an AI-enabled stethoscope system developed through collaboration between Malaysian organisations, enhances the examination of heart and lung sounds. It allows recordings to be transmitted to smart devices for detailed analysis, helping detect diseases and providing actionable data for healthcare professionals.
In fashion, Saratix and Custlr have partnered to launch SARA, an AI fashion technology. SARA offers body profiling using an A4 paper, fashion analytics, and retail reports. By accurately measuring body sizes and leveraging AI algorithms, SARA helps fashion businesses improve inventory management, conversion rates, and customer targeting.
Meanwhile, Sabah’s Digital and Artificial Intelligence Legal Aid Centre, the first of its kind in Malaysia, offers legal advice and computer services to the public. Users can access statutes, case law, textbooks, agreements, and more.
Malaysia HR Forum co-founder & CEO Arulkumar Singaraveloo.
Source: The Sun Daily