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Malaysia and Taiwan companies sign seven MOUs at MIDA

Seven Memoranda of Understanding (MoUs) were signed between Malaysian and Taiwanese firms across various fields, namely food, pharmaceuticals, cosmetics, textile, IT services, healthcare and traffic solutions during the Malaysia-Taiwan Industrial Collaboration Summit held at the headquarters of the Malaysian Investment Development Authority (MIDA) today.

Among the MoUs signed include a collaboration between a Malaysian equipment company and a Taiwanese exporter, manufacturer and trading company, to develop functional fabric. With the MoU, both companies will not only be involved in the exchange of information and market expansion but will also explore innovative applications in the fashion industry supply chain.

The Deputy Secretary-General (Trade) of the Ministry of International Trade and Industry (MITI) made an appearance at the event and said that the signing of the seven MoUs was a testament to the fact that Malaysia has the right conditions in place to attract foreign businesses in many areas.

These collaborations can further step up cooperation and exchanges between Malaysia and Taiwan.

According to the leaders present at the Summit, technology will continue to be the driving force of the changing landscape in businesses. Hence, it is important for the various companies to incorporate new ways of doing things to remain competitive.

Malaysia seeks to create a strong innovation climate that is driven by collaborations and technology transfers in high value-added areas, such as ICT, design and development, and the Internet of Things. Having the right incentives in place is also important.

As the country seeks to become a producer country, one that can churn out high-tech products, Malaysia’s leaders believe there is much that the country’s domestic players can learn from Taiwanese firms – especially in cultivating an innovation state of mind, according to the Deputy Secretary General (Trade) of MITI.

The full-day event featured sub-forums and business matching sessions with focus areas on textile, food, pharmaceutical, cosmetics, smart city solutions and IT services. There was also a sharing session by representatives of YSP Malaysia, Logic Art, Willowglen and Asli Mechanical.

Also present were the Deputy Director General of the Industrial Development Bureau (IDB), the Vice Chairman of the Chinese National Federation of Industries (CNFI), the Deputy Chief Executive Officer of MIDA, the President of the Federation of Malaysian Manufacturers (FMM), and Ms Anne Hung a Representative of Taipei Economic and Cultural Office (TECO) in Malaysia.

The event, which was jointly organised by CNFI and FMM, attracted over 300 participants ranging from the Taiwanese and Malaysian business community as well as government representatives.

The Malaysian Investment and IDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments in the manufacturing and services sectors in Malaysia.

Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become a strong and dynamic organisation of over 700 employees.

Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era.

The event organised by MIDA will help to manifest the economic goals laid out in Malaysia’s Smart City initiatives which emphasise the importance of creating competitive, innovative and diverse economic opportunities to prepared for the challenges and opportunities of economic globalization. Particularly with regards to the aspects of economic growth and value creation, innovative economic growth, equitable wealth distribution and entrepreneurship. All of which the MoUs hope to achieve in steps.

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