The sector has grown consistently for the last seven years with a compound of annual growth rate of 4.11%.
“The M&E industry registered RM40.6 billion of total exports against RM73.6 billion in total imports last year with specialised and general machinery and equipment being the major contributors. Major exports destinations included Singapore, the US and Japan”.
“This is one sector that our imports are more than exports due to the advancement of technologies from other multinational companies, hence the need to step up the export,” he said at a press conference after launching the Metaltech 2019 held at Malaysia International Trade and Exhibition Centre today.
Earlier in his speech, he said companies should embrace the new age of Smart Manufacturing or Industry Revolution 4.0 (IR4.0) as smart manufacturing and new applications of technology have helped businesses across the globe.
“Look to your peers that have successfully adopted Industry 4.0 technologies and learn from their best practices so you can adopt it (Industry 4.0) in your own company,” he added.
Metaltech chairman Datuk Dr Tan Chin Huat said this year’s trade fair seminars will be focusing on the government’s National Policy on Industry 4.0 (Industry4WRD) blueprint and the various incentives it provides to Malaysian companies to adopt innovative Industry 4.0 manufacturing practices.
The 25th International Machine Tools, Metalworking & Automation Technology Exhibition (Metaltex 2019) also features the International Automation Technology Exhibition (Automex), an industry leading automation and manufacturing exhibition now in its 12th year.
Held for four days from May 15 to 18, the exhibition will draw over 20,000 local and international visitors from more than 40 countries.
Source: The Sun Daily