Prime Minister Tun Dr Mahathir Mohamad at the launch of the 5G Showcase in Putrajaya April 18, 2019. — Picture by Mukhriz Hazim
“Through smart manufacturing or massive machine-type communications, the government hopes that it can attract high value-added, high technology and knowledge-intensive investment in areas such as aerospace, chemicals and chemical products, machinery and equipment, medical devices, and electrical and electronics,” he said.
Dr Mahathir said the government had also introduced Industry 4Ward for the manufacturing sector that would touch on funding, infrastructure, regulations, talent, and access to technology to enable manufacturers to integrate Industry 4.0 technologies such as Artificial Intelligence and big data into their operations.
This could address Malaysia’s income gap issue, which has doubled in two decades, according to studies from the Khazanah Research Institute, he said. “With the Fourth Industrial Revolution already upon us, it has become more crucial than ever to develop essential skills among young Malaysians, which requires not only data-driven skills, but also mental agility, particularly when disruption has become the norm in our everyday lives,” he said.
Therefore, he also urged business leaders to quickly embrace Industry 4.0 and complement their plans with comprehensive augmentation strategies and to remain dynamic and competitive in an age of machines, they must also invest in their human capital.