14 Nov Setting the foundation blocks for Industry 4.0
We are entering the Fourth Industrial Revolution, which, as eloquently described by Professor Klaus Schwab, chairman of the World Economic Forum (WEF), is “characterised by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres”
We are entering the Fourth Industrial Revolution, which, as eloquently described by Professor Klaus Schwab, chairman of the World Economic Forum (WEF), is “characterised by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres”.The phrases “Fourth Industrial Revolution” and “Industry 4.0” are used interchangeably to describe a future state where the world is interconnected and machines interact with one another; where robots are able to perform tasks that were once solely performed by humans; where machines work together through the Internet of Things; and where big data and analytics are used to allow real-time decision-making.Between the 1970s and the mid-90s, Malaysia was seen as the preferred manufacturing location for many MNCs.
Subsequently, with the development of the manufacturing sector in other locations such as China, Myanmar and Vietnam, there were concerns about Malaysia’s attractiveness as a manufacturing hub. Malaysia is no longer considered a low (or lowest) cost location for setting up manufacturing operations. Whilst we continue to retain and attract investments in this sector due to the availability of good infrastructure, highly experienced and skilled talent, and availability of generous tax incentives, cost continues to be a major concern. More at http://www.mida.gov.my/home/4856/news/setting-the-foundation-blocks-for-industry-4.0/