MIDA: Vital to strengthen partnerships within local manufacturing ecosystem
10 Oct 2023
The Malaysian Investment Development Authority (Mida) said it is important to strengthen partnerships within the local manufacturing ecosystem in order to pool resources, share risks and increase adoption rates.
Close collaboration is vital due to the complex and dynamic nature of the future of manufacturing, said Mida deputy chief executive officer (investment development) Lim Bee Vian.
“There are many local companies with capabilities, from serving as contract manufacturers to Original Equipment Manufacturers (OEMs), offering a sophisticated ecosystem with world-class research and development, design, and engineering capabilities.
“While we may not be present in every part of the global value chain, we aim to occupy critical segments where we can add value and remain resilient against competitors who rely solely on cost advantages,” she said in her welcoming remarks at a Mida-organised seminar here today (October 10).
The seminar was held to bolster local Machinery and Equipment (M&E) companies’ competitiveness to enhance the supply chain ecosystem for multinational corporations and large local companies.
Lim also highlighted the government’s latest funds amounting to RM235 million to drive automation, digitalisation, and sustainable environmental, social and governance practices, namely the Domestic Investment Accelerator Fund, Foreign Investment Accelerator Fund and Madani Smart Automation Grant.
“With the facilitation by Mida, these funds will empower businesses, especially local small and medium enterprises and mid-tier companies, to innovate, expand and integrate into the technologically evolving global supply chain while actively contributing to our nation’s economic progress,” she added.
The seminar gathered over 160 participants from the private and public sectors, including financial institutions, to provide information on government facilitation programmes for M&E companies and offerinsights into financial institutions’ support for adopting emerging technologies.