The High Tech Scenario in 2018
The Fourth Industrial Revolution (4IR) is already upon us. Will Malaysia become a nation that is able to transform itself in time, or not.
Malaysia has greatly benefited economically from the previous oil and fuel-powered industrial revolution. The nation is blessed with abundant natural resources including oil and gas. Many of the infrastructure and industrial development for the past 30 years were financed by the petro-dollars. But not for long.
In 2017, the Government began to lay the foundation for the transformation to meet the future. One of the most important step taken was to develop the Industry 4.0 Roadmap through MITI. Although the roadmap will be ready only in the first half of 2018, the effect on the production and manufacturing industry is already felt today.
The other key development is the Belt and Road Initiative (BRI) that was introduced in 2015. The People’s Republic of China is focusing on developing business and trade along the silk and maritime routes of the past. Malaysia, in particular Malacca, was a strategic and important entreport for trade between the East and West. Can we bring back the glorious days of the past?
Many of the great ideas from the past are rapidly becoming the innovations of today due to the rapid development in technology. The electric vehicle (EV) was an early 20th century invention that is only commercially possible now because of the digital and energy (i.e. battery) development. The concept of sharing economy was already used before but made efficient in various forms and will be powered by the infusion of digital, biological and virtual technologies.
As we say farewell to 2017, we can’t but reflect on the happenings throughout the year, at the local, regional and global levels, and how it has impacted our lives socially, economically and politically.
Technology is changing more rapidly than ever before and bringing with it the good and the bad. Across the production activity, processes are being optimised and costs are brought down through better procurement and distribution algorithms. People are central to this revolution, be it at the factory or workplace, or just about everywhere else.
In May 2017, MIGHT moved to its more permanent premise dubbed the MIGHT Partnership Hub in Cyberjaya. The building owned by the Prime Minister’s Department is being leased to MIGHT on a long-term basis.
In terms of MIGHT’s focus areas, we have created impacts in 3 exciting areas of Foresight / Future Studies, Smart Cities and 4th Industrial Revolution / Industry 4.0.
2018 will bring a deeper meaning to MIGHT as we celebrate our Silver Jubilee. It has been a long journey from where we were and what we have become.
I also believe 2018 will re-define MIGHT and it’s business model for the next 25 years. It needs to stay ahead of the pack in every aspect that affects industrial development. The digitalisation of the industrial society is key but also not forgetting environment, education, innovation and others.
Moving forward, MIGHT will be leaner, meaner and smarter. At the behest of the Board, a major Group consolidation exercise was carried out during the last quarter of 2017 to strengthen the governance of the subsidiaries. As a result of this exercise, only A-Bio (a public investment entity funded by the Government to assists start-ups and SMEs in biotechnology, nanotechnology and other emerging technologies) remains.
On behalf of MIGHT, I would like to thank everyone for their valuable contributions and untiring support. We benefited tremendously from the various discussions and conversations with experts, practitioners, policy makers and upcoming industrial leaders. Special thanks to the dynamic duo, Prof Zakri and Dr Tajudin, for their leadership, stewardship and friendship.
Datuk Dr. Mohd Yusoff Sulaiman
President & CEO of MIGHT