MIDA Accelerates Digital Transformation as Part of Industry 4.0 Initiatives
Dynamic re-engineered delivery systems are the key to digital transformation in business for investors.
The Malaysian Government is adapting to the new normal by embracing digital transformation in business. The Government is focused on prioritizing faster and efficient digitalization of its delivery services. The Malaysian Investment Development Authority (MIDA) has heeded this call and risen to the challenge seamlessly.
In a recent statement, MIDA acknowledged 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 implemented across the board. This has strengthened MIDA’s delivery system for investors and stakeholders to have a seamless business experience.
This, in turn, will facilitate and enable businesses to prioritize the implementation of their Malaysian ventures. MIDA’s many initiatives are primarily centred on enabling the adoption of the digital revolution. Industry 4.0’s technological drivers include Artificial Intelligence (AI), big data, cybersecurity, as well as the Internet of Things (IoT). MIDA also highlighted the fact 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), 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 bold and proactive answer towards a pandemic-hit economy. It is empowered to deliver complete and all-round assistance to the National Committee on Investment-approved ventures. PACU-MIDA’s objectives are aimed at accomplishments that will have a far-reaching, positive ripple impact. The idea is to provide tangible stakeholder benefits that also work towards reinvigorating the economy.
MIDA also launched a new digital platform called the e-Manufacturing License (e-ML) along with the enhanced e-ML 2.0. Aimed at the manufacturing industry, these new modules will facilitate and expedite manufacturing license applications. Approval timeframes for eligible submissions can be as quick as two business days for non-sensitive sectors. More complex applications may take up to four weeks.
e-ML includes approvals for new projects as well as expansion or diversification activities. The platform also facilitates confirmation letter applications for companies seeking manufacturing license exemptions (ICA10). To date, approximately 338 applications have been approved, according to MIDA.
Drive Digital Transformation in Business
On a final note, MIDA stated that organizing and conducting webinars is also on its list of tasked purviews. The objective is to connect the business community with relevant authorities, agencies and stakeholders. This will enable networking and efficacy of future ventures.
The aim and focus of the webinars will be to drive digital transformation in business for approved Malaysian projects. The platform will provide information on start-ups of Malaysian investment ventures, newly introduced Government regulations and guidelines, as well as data on functions offered by service providers.