Malaysia has shown strong performance in the machine and equipment manufacturing industry, rapidly moving up the value chain. This is largely due to its emphasis on high technology and specialized products, the Deputy Minister of the Malaysian International Trade and Industry stated.
Delivering the keynote address at the launch of the 25th International Machine Tools and Metalworking Technology Exhibition, the Minister said that the country had become a leading manufacturer of high-technology and specialized equipment in the Association of Southeast Asian Nations (ASEAN), highlighting that Malaysia’s machine and equipment industry is among the largest and strongest in ASEAN.
Malaysia is presently the leading manufacturer of specialized process and automation equipment for the electrical and electronics industry in the ASEAN region.
The Minister pointed to the exports by Malaysian companies as evidence of this, with RM40.6 billion worth of machine and equipment products, including specialized and general machines exported last year with the amount expected to exceed US$10 billion by 2020.
In addition, local manufacturers are being urged to maintain their momentum; the government would support their efforts. The industry is a strategic catalyst for the fourth industrial revolution.
This year’s annual exhibition drew 1,500 companies from 40 countries and is held concurrently with the 12th Edition of International Automation Technology Exhibition (AUTOMEX) at the Malaysia International Trade and Exhibition Center (MITEC).
Exhibitors include those specializing in machine tools and sheet metal technology, mould and die, precision engineering, surface and heat treatment, material handling and storage, welding, robotics and metallurgy.
The exhibition will also feature a seminar series covering topics such as the Nine Pillars of Industry 4.0, Advanced Manufacturing and Smart Automation and Advanced Precision and Quality Controls Inspection.
Chinese companies are among the biggest exhibitors with nearly 50 companies from the country being represented including a telecommunication giant Huawei and a leading high-speed machining centre manufacturer.
Keeping pace with digital change
In another report, The Malaysian Prime Minister stated that people need to adapt to new technologies to ensure they are not left out in the new world.
Speaking at the Sultan Abdul Hamid Old College Association (SAHOCA), the PM said the world is changing and revolutionising the education system.
Nowadays, computers and tech are being used to teach lessons in school. It is hoped that Malaysia, too, can adapt to this new system of teaching.
When a new system is adopted by the government, it will make things easier on the children studying today, the PM stated.
A common vision for shared prosperity
The Malaysian Prime Minister recently announced the new economic model; one that is based on “shared prosperity”.
This new economic model, if implemented well and with fairness and justice, will give hope to Malaysians who all aspire for a better-shared future. In fact, this shared prosperity model can be the new common vision for Malaysia beyond Vision 2020.
The President of a think tank in Malaysia noted that to achieve this vision of shared prosperity, technology is a key factor that must be emphasised and given priority.
It was noted that the shared prosperity growth model must also be technology-driven. Innovation and technology will drive future growth as the greater emphasis will be given to new technologies like artificial intelligence, blockchain, big data, virtual reality and the Internet of things.
Focus on technology will give the country a future-oriented economy.