Kota Kinabalu: The Ministry of Investment, Trade and Industry (Miti) has allocated funds to the Malayan Industrial Development Finance Ltd (MIDF) to assist local companies benefit from Industry 4.0 adoption.
MIDF is targeting to approve RM700 million for Malaysian companies this year in their automation and digitisation journey through low financing rate scheme funds and grants.
State Minister of Industrial Development and Entrepreneurship, Datuk Phoong Jin Zhe said MIDF had recently launched a new Fast Track Approval system where small and medium-sized enterprises (SMEs) can apply for working capital financing up to RM150,000 at a rate of 4pc with conditional approval within three working days.
“When we talk about automation, digitalisation and Industry 4.0, we must be prepared for the challenges they bring. Overcoming these challenges is essential to stay ahead of competitors and move up the global value chain, leading to long-term economic growth for Malaysia.
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