Malaysia is keen to further benefit from mutual collaborations with China in the technology sector mainly Industrial Revolution 4.0 (IR4.0), according to the Deputy International Trade and Industry (MITI) minister.
As a result of the current trade climate, more technology firms from those countries are keen to diversify into ASEAN, which serves a market of 640 million consumers.
There is no better place like Malaysia for them to expose themselves to the country’s vibrant ecosystem, the minister stated at China’s Prime Global Innovation & Entrepreneurship contest or IPIEC Global 2019 — ASEAN chapter finals.
In addition, the IPIEC platform offers great opportunities for Malaysian entrepreneurs to tap into China’s market with the support of governments.
China’s technovation platform for intellectual property (IP) and corporate services provider is the organiser of the contest.
One of the strengths of China’s technovation platform is its experience coming out from Guangdong province, one of the most economically viable areas in China that include Shenzhen, where a lot of high-tech companies are based.
The ASEAN is a very attractive destination and this has a push factor for Chinese companies in the technology sector to diversify their operations overseas, it is a good time for all stakeholders here to seek opportunities to work with Chinese tech companies.
The CEO of one such stakeholder noted that 11 projects have been selected for the ASEAN chapter finals. They include eight projects from Malaysia, two from Indonesia and a project from Myanmar, covering healthcare, engineering, environment, Internet of Things and blockchain, among others.
At the pitching contest today, two projects will be chosen to compete on the global stage in Guangdong in December together with participants from Switzerland, Hong Kong, Germany, the US and the UK, among others.
Overall, 50 applications from this region were received.
According to an earlier OpenGov Asia report, Malaysia’s Human Resources Ministry inked a memorandum of understanding with the Chinese government to enhance cooperation in the technical and vocational education training (TVET) and technologies related to the Fourth Industrial Revolution (IR4.0).
The immense technological strides China has made in recent years are evident; the country has become a technological dragon in fields such as artificial intelligence, nanotechnology and biotechnology.
Malaysia stands to reap immense benefit tapping into China’s technological prowess.
Human Resources Minister’s decision to enhance technological transfer via China’s Education Association for International Exchange has been lauded as the right decision.
This will allow Malaysian workers to upskill and reskill in fields where China has a distinct advantage.
The days of labour-intensive manufacturing are over and Malaysia needs knowledge workers to keep pace with the latest demand in a globalised cut-throat economy.
In this respect, having China as a strategic partner in TVET is beneficial. The pivot towards TVET started since the Minister took office and this is a step in the right direction. Countries like Germany and Japan are technological giants because of their emphasis on TVET.
Malaysia will continue to focus on the creation of high-growth and innovative businesses through targeted assistance in automation, digitalisation and robotics while increasing support for micro-enterprises and start-ups.
The importance of using cybersecurity to protect SMEs in a connected world was also highlighted; especially when pursuing the digitalisation agenda and called for such discussions to be escalated in future APEC SME activities.
Internationalisation goes beyond exports and imports; it encompasses activities such as licensing, franchising, subcontracting agreements, providing avenues for foreign direct investment (FDI), joint ventures (JVs) and exchange of technology.