The Malaysian Investment Development Authority (MIDA) is partnering with the Industrial Technology Research Institute (ITRI), Taiwan through a Memorandum of Understanding (MoU) to encourage, facilitate and promote economic cooperation in the areas of trade, investments and Small & Medium Enterprise (SME) development, particularly in Smart Manufacturing & Industry 4.0, Internet-of-Things and Circular Economy.
Datuk Azman Mahmud, Chief Executive Officer of MIDA and Dr. Chang Pei Zen, Executive Vice President of ITRI witness the signing and exchange of the MoU between senior representatives of both organisations.
This affirms the commitment of MIDA and ITRI to facilitate joint projects such as applied research activities, training programs, and attachment programs; exchange technical information and expertise in the research and development of industrial technology; assist technical upgrading of scientists and engineers; as well as to encourage more collaboration between industry and research institutes.
“Today’s MOU signing with ITRI Taiwan adds to MIDA’s on-going initiative to drive the country’s R&D activities and Industry 4.0 agenda. MIDA acts as a conduit by working with entities such as ITRI to bring together the industry and academia to create fresh and exciting collaborations. We are optimistic that this initiative with ITRI will increase of technology capabilities and capacities of our industries and lead to further investments in new and emerging technologies. It is more crucial now than ever for companies to reassess and realign their business strategies to adapt to the current challenges of doing business. Intensifying innovation through strategic collaborations in R&D activities is one of the key components that would enable businesses to remain competitive and sustainable,” said Azman.
Malaysian industries stand to benefit from ITRI’s expertise and network with other research and technology institutes in Taiwan through collaborations in new technologies and applications such as artificial intelligence, big data analytics, machine learning, vision and sensing technology and others.
In the long run, this contributes to the country’s shift towards having more Industry 4.0, higher value-added & industry-driven research activities. It will also promote the development of a circular economy, whereby waste and leakages are reduced or phased out through careful product design and management as well as efficient business models. This will lead to a more sustainable and productive model for businesses and the economy.
