THE call for SMEs to adopt Industry 4.0 technologies is growing louder. With technology rapidly evolving and converging, there is a stronger urgency for SMEs to leverage new developments to enhance efficiency and increase productivity to better compete and grow moving forward.
The tabling of Budget 2019 as well as the launch of the National Policy on Industry 4.0 (Industry4WRD) last week show the government’s commitment in assisting small businesses toward this end.
Under the Budget, the government has set aside over RM5bil to help businesses embrace the Industry 4.0 age.
Among the measures include an allocation of RM2bil under the Business Loan Guarantee Scheme (SJPP) to incentivise SMEs to invest in automation and modernisation and a RM3bil Industry Digitalisation Transformation Fund with a subsidised interest rate of 2% under Bank Pembangunan Malaysia Berhad to accelerate the adoption of smart technology such as automation, robotics and artificial intelligence.
“FMM thanks the government for supporting the industry’s transition into Industry 4.0, especially with a special allocation for small and medium industries. The Budget incentives, which includes the creation of a RM3bil Industry Digitalisation Transformation Fund, would help to create a comprehensive ecosystem covering human capital development and technology adoption to facilitate implementation of the National Policy on Industry 4.0,” says FMM president Datuk Soh Thian Lai.