Taiwanese companies well positioned to support Malaysia’s Industry 4.0 revolution - MIDA | Malaysian Investment Development Authority
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Taiwanese companies well positioned to support Malaysia’s Industry 4.0 revolution

Taiwanese companies well positioned to support Malaysia’s Industry 4.0 revolution

03 Jul 2023

Taiwanese companies, known for their adaptability and utilisation of advanced technologies, are well positioned to support Malaysia’s Industry 4.0 revolution, smart healthcare solutions, and net zero carbon emissions goals, according to Bureau of Foreign Trade and Taiwan External Trade Development Council (TAITRA) deputy executive director Tiffany IC Chen.

“As we faced the rapidness in which the Covid-19 pandemic was shaping the global industrial supply chain, Taiwanese companies were able to quickly adapt to the changing times as they embraced Al, big data, cloud services, and other innovative applications and systems,” Chen said at the launch ceremony of Taiwan Expo 2023 today.

She added, “After the outbreak of the pandemic, the whole supply chain in the world has been disrupted so severely, and these affected Taiwan’s enterprises and factories have to find a resilient supply chain and build out a resilient and flexible circulation.”

“Malaysia and Southeast Asian countries are the best choice for Taiwanese enterprises to set up manufacturing sites or also set up a branch office to build a flexible supply chain. And also, like many enterprises for international companies in Taiwan, we like to consider relocating our manufacturing sites,” said Chen.

Taiwan Expo 2023 is expected to generate US$48 million (RM224 million) in bilateral trade this year, driven by the circular economy and Industrial 4.0.

“In 2022, bilateral trade between Malaysia and Taiwan hit a historical high of US$36.6 billion dollars, up 36.2% from 2021. Taiwan Expo 2023 is expected to enhance economic ties, trade and investment relations between Malaysia and Taiwan and spark greater degrees of cooperation in the future,” said Taipei Economic office in Malaysia representative Phoebe Yeh.

“Taiwan based Wistron Corporation was recognised as the single largest foreign investor in Selangor in 2019 and 2021. We hope the Taiwan Expo will continue to serve as an important platform to enhance competitiveness between companies from both shores and deepen the industrial link between Malaysia and Taiwan,” she added.

Yeh highlighted that the first four months of trade between Taiwan and Malaysia experienced a decline due to weak global demand, as indicated by Miti statistics.

“However, there are still lots of industries with potential possibilities and opportunities to foster trade relations such as the electrical and electronics (E&E), textile, machinery, and chemicals sectors,” she said.

This year marks the 7th consecutive year that the Taiwan Expo is being held in Malaysia, with five main themes: Industry 4.0, Smart Medical, Halal, Circular Economy, and Intelligent Lifestyle.

Taiwan Expo 2023 is scheduled to run from the Aug 24-26 at the KL Convention Centre. One hundred and sixty Taiwan’s companies have been selected to participate in the exhibition.

Source: The Sun Daily