Govt wants feedback on tax incentive for Industry 4.0
Published on: Saturday, July 30, 2016
Kuala Lumpur: The government is inviting suggestions and feedback from the Federation of Malaysian Manufacturers (FMM) pertaining to tax incentives for the Industry 4.0 or the Fourth Industrial Revolution."We need to listen to the industry players on what their concerns are about, so that we can present for consideration in Budget 2017," said Second International Trade and Industry Minister, Datuk Seri Ong Ka Chuan.Industry 4.0 or the Fourth Industrial Revolution has the potential to transform Malaysia's manufacturing scene by helping to reduce reliance on manual labour and keep exports competitive.
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"In our recent dialogue with the FMM, we gathered that most manufacturers are aware of this concept of Industry 4.0 but only 30 per cent have started to invest and leverage on modern technology," he told reporters after the launch of the 17th Malaysian Internet Food and Beverage Trade Fair 2016 here Wednesday.Malaysia's food processing industry, which posted RM18 billion in revenue last year, is expected to achieve the RM20 billion this year."The government encourages value adding and the processed food and beverage sector shows good growth potential," he said. Touching on the Industry 4.0, Ong said the way of doing business was a game changer as it elevates inter-operability, decentralisation of decision-making and real-time capabilities.However, he said the Industrial 4.0, an initiative mooted by Germany, was still a visionary in Malaysia and needed time to pick up. "We acknowledge that only big manufacturers can afford to embark on high investments and technological know-how acquisition. The government is listening and we are committed to help the industry.
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"We want direct feedback on how best we can give support, training and tax incentive packages. Stay up-to-date by following Daily Express’s Telegram channel.
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In facilitating the new initiative 4.0, he acknowledged that the government must consistently enforce data protection so as to create a trustworthy ecosystem within which the manufacturers, suppliers and clients feel comfortable to share confidential and proprietary information. – Bernama
