2019 Budget allocates over RM5b to drive Industry 4.0

02 Nov 2018 / 21:07 H.

KUALA LUMPUR: The government is allocating more than RM5 billion in the 2019 Budget to propel industries in Malaysia in the wake of the Fourth Industrial Revolution (Industry 4.0), said Finance Minister Lim Guan Eng.
During the tabling of the first budget for the Pakatan Harapan government, Lim said RM210 million had been allocated over three years from 2019 to support the transition and migration to Industry 4.0 in line with the Malaysia National Policy on Industry 4.0 launched recently.
He said Malaysia Productivity Corporation would carry out the Readiness Assessment Programme to assist 500 small and medium enterprises (SMEs) migrate to Industry 4.0 platforms.
He also said the Knowledge Resource for Science and Technology Excellence (KRSTE.my) referral system would be created to enable greater cooperation between public and private sector based on existing resources.
"By 2019, the government will make available 250 facilities and 1,200 scientific equipment and research data for the private sector to access and share.
"On top of that, we will start a Researcher-Mapping programme to place at least 100 researchers at our research facilities with the private sector, with the cost borne by the Government," he said in the Dewan Rakyat today.
Lim also said RM2 billion would be allocated under Business Loan Guarantee Scheme (SJPP), whereby the Government will provide guarantees of up to 70%, to incentivise SMEs to invest in automation and modernisation which forms part of the Industry 4.0.
Meanwhile, the government through Bank Pembangunan Malaysia Bhd will create a RM3 billion Industry Digitalisation Transformation Fund with a subsidised interest rate of 2.0%.
"The purpose of this fund is to accelerate the adoption of smart technology consisting of driving automation, robotics and artificial intelligence in the industry," he added.
Lim further said that Khazanah Nasional Bhd will lead and develop a 32.37-hectare site in Subang into a world-class aerospace industry hub.
Khazanah will also work with all relevant agencies, especially Majlis Amanah Rakyat (Mara), to produce high-skilled workers to meet the demands of the industry. — Bernama


thesundaily_my Sentifi Top 10 talked about stocks