THE Covid-19 pandemic has clearly impacted business entities and the corporate world, especially those in relation to the Fourth Industrial Revolution (IR 4.0) – a revolution that will change how we live, work and communicate.
However, the health crisis has also created an unprecedented change in how companies think about and approach their production processes and business models. It is very likely that businesses that are more receptive to Industry 4.0 technologies, have the ability speed up their recovery from Covid-19 implications.
This consists of online assessments on technical capabilities and knowledge of the companies’ workforce and management, as well as on-site assessment to evaluate the process and technological aspects. The implementation of RA and intervention will continue in 2020 whereby 450 SMEs will enjoy the Government-funded RA and 65 SMEs for intervention fund. Since the online application for RA commenced on Jan 28 last year, Miti has received 1,164 applications from companies across Malaysia.
Upon completion of the RA, SMEs are encouraged to apply for the Industry4WRD intervention fund from the Malaysian Investment Development Authority . The RA is a prerequisite for SMEs to be considered for a 70:30 matching grant up to a maximum of RM500,000 for implementation of intervention strategies.
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