MIDA Accelerates Digital Transformation as Part of Industry 4.0 Initiatives
Dynamic re-engineered delivery systems are the key to digital transformation in businesses for investors.
The Malaysian Government is adapting to the new normal by embracing digital transformations in businesses. In response to the Government’s call to focus on prioritizing faster and more efficient digitalization of its delivery services, the Malaysian Investment Development Authority (MIDA) has risen up to the challenge to transform itself digitally.
In a recent statement, MIDA announced that it has been improving the efficacy of its numerous functions via intensive recalibration of its business processes. Its digital transformation initiative, also known as the Enterprise Transformation System or e-TRANS, has been consistently implemented across the board. This was accomplished by strengthening MIDA’s delivery system for investors and stakeholders to have a seamless business experience.
As a result, this facilitated and enabled businesses to prioritize the implementation of their Malaysian ventures. MIDA’s many initiatives are primarily centred on enabling digital adoption of Industry 4.0’s technological drivers which includes Artificial Intelligence (AI), big data, cybersecurity, as well as the Internet of Things (IoT). MIDA also highlighted that several of its initiatives are specifically focused on the deployment of emerging technologies. Its Supply Chain Programs, Lighthouse Program, as well as the Automation Project Initiative all promote digital transformation in business.
In response to the Government’s National Economic Recovery Plan (Penjana) in June 2020, MIDA rolled out its Project Acceleration and Coordination Unit (PACU@MIDA). MIDA stated that this unit is aimed at providing solutions in a landscape where ‘business as usual’ does not readily apply.
PACU@MIDA is the Government’s proactive solution for the pandemic-hit economy as it is empowered to deliver complete and all-rounded assistance to the National Committee on Investment-approved ventures. PACU-MIDA aims to have a far-reaching and positive ripple impact by providing tangible stakeholder benefits that would help to reinvigorate the economy.
MIDA also launched a new digital platform called the e-Manufacturing License (e-ML) along with the enhanced e-ML 2.0. This digital platform aims to provide assistance to the manufacturing industry with the introduction of new modules that will facilitate and expedite manufacturing license applications. Approval timeframes for eligible submissions can be as quick as two business days for non-sensitive sectors, while more complex applications may take up to four weeks.
e-ML includes approvals for new projects as well as expansion or diversification activities. In addition, the platform facilitates confirmation letter applications for companies seeking manufacturing license exemptions (ICA10). To date, approximately 338 applications have been approved, according to MIDA.
The Objective of MIDA Webinars
On a final note, MIDA stated that organizing and conducting webinars are also on its list of tasked purviews. The objective of these webinars is to connect the business community with relevant authorities, agencies and stakeholders. This will enable networking and efficacy of future ventures. Moreover, the webinars will drive digital transformations in businesses with the approved Malaysian projects. The platform will also provide information on start-ups of Malaysian investment ventures, newly introduced Government regulations and guidelines, as well as data on the functions offered by service providers.