At a special networking session held between the Malaysian Investment Development Authority and top business leaders and representatives from various chambers of commerce, the key message that was eschewed was that automation and digitalisation the cornerstone to drive SME business recovery into the next level of growth.
In this aspect, MIDA adds that the Government remains resolutely committed to nurturing a pro-business and investment environment towards accelerating the growth of not only foreign but domestic investment as well.
Senior Minister and Minister of International Trade and Investment said in light of the Government’s ESG commitments, the implementation of sustainable practices will warrant a more substantive shift to technology, particularly on automation among SMEs.
Datuk Arham Abdul Rahman MIDA CEO, who also spoke at the Domestic Investment Seminar said “Malaysia recognises the need to enhance collaborative efforts with stakeholders from other regions. The goal is to continuously facilitate and grow businesses in Malaysia, ASEAN and worldwide. We are looking forward to attracting new investments focusing on sustainability in industries that include machinery and automation, aerospace, automotive, green technology, food production, biotechnology, pharmaceutical and other high technology industries, as well as digital investments.
He agrees that continuous engagement between the public and private sectors will boost the development of the industrial ecosystem in Malaysia. “Domestic Direct Investment (DDI) is an important driver of private investment to complement Foreign Direct Investment (FDI). Reviving domestic investment is crucial in raising the economy’s productive capacity, accelerating technological progress, creating employment opportunities and expanding exports with the implementation of RCEP.” said Tan Sri Dato’ Low Kian Chuan, President of National Chamber of Commerce and Industry Malaysia (NCCIM) cum President of The Associated Chinese Chambers of Commerce and Industry Malaysia (ACCCIM).
The event saw over 700 business leaders take part in MIDA’s strategic measures to strengthen domestic investments in economic transformation plans which combines multiple approaches.
Discussion topics for the breakout sessions includes: ‘MIDA-Driving Domestic Investments’ by Mr. Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer (Investment Promotion and Facilitation), followed by ‘Why Automation is Important for SMEs’ and ‘SME’s Success Story Supplying to MNCs’ by Mr. Zulkiflee Md Ismail, Engineering Director of Sensata Technologies Malaysia Sdn. Bhd. and Mr. Toon Moors, Managing Director of Tonasco Malaysia Sdn. Bhd.