GEORGE TOWN: The International Trade and Industry Ministry (Miti) will introduce by the first quarter of 2019 the readiness assessment criteria for the migration of 500 small and medium enterprises (SMEs) to industry 4.0 platform.

Deputy International Trade and Industry Minister Ong Kian Ming said Miti was now identifying 500 SMEs for migration in 2019.

He said a sum of RM210mil would be provided for the 500 SMEs to carry out the Readiness Assessment to migrate to industry 4.0 platforms via Malaysia Productivity Corp.

Ong added that another RM7.12bil had been allocated for various initiatives to support industry 4.0 and digitalisation.

“Companies not only need to adopt automation and other smart technologies but also invest in their talent by retraining the workforce and undertake collaborations with the many training institutions that are already available in the country,” Ong said.

He said this at a briefing after officiating a seminar on automation and industry 4.0 organised by Malaysian Industrial Development Finance Bhd (MIDF). Also present was MIDF group managing director Datuk Charon Mokhzani.

Meanwhile, Charon said MIDF had approved 2,052 loans for companies operating in the northern region – Penang, Perak, Kedah and Perlis – amounting to RM2.55bil since its inception.

Since August 2018, MIDF has allocated RM150mil to finance SMEs looking to improve and expand their business, according to Charon.

Source: The Star

Photo Credit: The Star