MIDA urges local firms to seize opportunities in F&B industry

KUALA LUMPUR: Local companies are being urged to seize the huge growing opportunities in the food and beverage (F&B) industry, especially for food ingredients such as customised formulations required by food manufacturers, functional ingredients, natural food additives and flavours.
In making the call, the Malaysian Investment Development Authority (MIDA) Chief Executive Officer (CEO) Datuk Azman Mahmud encouraged more companies to work with technology solution providers and invest in technology.
He also urged companies to upskill their talent as well as undertake research and development activities to create new growth opportunities alongside maintaining competitiveness.
"As Malaysia moves towards the next phase of development to become a high-income nation, we hope to see more companies venturing into more complex activities," he said at the MIDA-Siemens Seminar On Digital Transformation In Food and Beverages Manufacturing Conference here today.
His speech was read by MIDA Deputy CEO, Arham Abdul Rahman.
Also present was Siemens Malaysia President and CEO, Indranil Lahiri.
Azman said the future of the F&B industry remained resilient to external adversities and is recession-proof.
"The industry will grow in tandem with the world population, which continues to rise and predicted to reach 9.7 billion by 2050 from 7.6 billion in 2016.
"Hence, demand for food is expected to increase anywhere to between 59% and 98% by 2050," he added.
As of March 2018, MIDA had approved 2154 F&B manufacturing projects with investments of RM51.2 billion.
Earlier, MIDA and Siemens signed a Memorandum of Understanding (MoU) to signify a collaboration between both parties in improving the capacity and competitiveness of the F&B industry through the adoption of digitalisation and technology.
The MoU will further promote the sharing of technical know-how and marketing of smart manufacturing technology to both foreign and local investors, for the mutual benefit of all relevant stakeholders in Malaysia. — Bernama