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Navigating Malaysia's Path to Economic Growth through Automation

Published: 5.3.2024

In a rapidly evolving landscape driven by automation and innovation, Malaysia finds itself at a pivotal juncture poised for transformation. Science, Technology and Innovation Minister Chang Lih Kang asserts that while the shift towards automation may lead to a restructuring of the job market, presenting opportunities for Malaysians equipped with the requisite skills. 

Speaking at the Malaysia Semiconductor Industry Association SME Conference 2024, Minister Chang emphasized the importance of adapting to technological advancements highlighting the need for workers skilled in automation, system management, and artificial intelligence, asserting that such skillsets will remain in demand even post-automation. 

Acknowledging the pivotal role of SMEs in the nation's economy, Minister Chang urged them to embrace innovation through collaboration with the Ministry of Science, Technology and Innovation. He underscored the significance of leveraging R&D capabilities to harness the latest technologies, citing the Malaysian Institute of Microelectronic Systems as a resource for aiding local industries in technology adoption. 

Echoing Minister Chang's sentiments, MSIA president Datuk Seri Wong Siew Hai emphasized the imperative for SMEs to innovate in order to remain competitive globally. He emphasized innovation as not merely a choice but a necessity for survival and success in today's dynamic market. 

Wong further underscored Malaysia's position as a hub for the electrical and electronics and semiconductor sectors, citing forecasts by consulting firm McKinsey & Company predicting significant growth in the semiconductor industry by 2030. To capitalize on this growth, he stressed the need to elevate Malaysia's E&E industry exports and attract foreign investment. 

As Malaysia charts its course towards becoming a high-tech nation, embracing automation and innovation emerges as the key driver of economic growth. By equipping its workforce with relevant skills, fostering collaboration between industries and government agencies, and attracting foreign investment, Malaysia stands poised to capitalize on emerging opportunities in the global market. 

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