PUTRAJAYA, June 28 (Bernama) -- Local small-and-medium-sized industries have to start developing products and services for the fourth industrial revolution (Industry 4.0) in order to stay relevant in the market, said Malaysian Technology Development Corporation (MTDC) Sdn Bhd chief executive officer, Datuk Norhalim Yunus.
If Malaysian companies don't do this, the country will have to rely on other countries for the technology and consultants, he added.
The transition to automation and technological advancement will eliminate wastage, lower costs, increase the customer base as well as help them rise above the competition.
"Among the Industry 4.0 products and services that need to be developed here are the expertise to upgrade machines especially in the furniture, food, aquaculture and agriculture sectors," Norhalim told reporters after delivering the welcoming remarks at MTDC's ReUnites 2018, themed Zero to Hundred, yesterday.
ReUnites is a platform for productive working relationships and strategic networking among companies within its ecosystem.
Describing MTDC ReUnites 2018, an annual event since 2010, Norhalim said the theme this year sums up its aim to accelerate the development of companies in their ecosystem with the hope of achieving growth milestones.
MTDC's 150 fund recipients at the event this year were able to take in the experience of those who have penetrated the international market.
ReUnites 2018's panel discussion topics consisted of A Small Fish in a Big Pond: Accelerating Companies from Local to Global Market, So you Want to go Overseas! and Do or Die: Survival in New International Markets.
This year, MTDC will hold two ReUnites starting with ReUnites I: Zero to Hundred (Accelerator) which ends today at The Everly Putrajaya, and ReUnites II: Industry 4.0/Robotic come November.
MTDC is a wholly-owned subsidiary of Khazanah Nasional Berhad and has been a key player in the commercialisation and management of government funding since the Seventh Malaysia Plan.
Currently, MTDC manages six funds amounting to RM1.8 billion, specifically the Commercialisation of R&D Fund (CRDF), Technology Acquisition Fund (TAF), Halal Fund, Business Start-Up Fund (BSF), Business Growth Fund (BGF) and Business Expansion Fund (BEF).
MTDC also provides integrated support services for technopreneurs which includes advisory services such as mentoring, soft-landing, branding, fundraising, international collaboration and networking.
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