KUALA LUMPUR: The future of Malaysia’s food and beverages (F&B) industry remained resilient to external adversities and recession-proof as manufacturers increasingly adopt digital technologies.
The Malaysian Investment Development Authority (MIDA) chief executive officer Datuk Azman Mahmud said as of March 2018, the agency had approved 2,154 F&B manufacturing projects with investments of RM51.2 billion.
He sees many companies working with technology solution providers in being more competitive.
Azman also urged companies to upskill their talent as well as undertake research and development activities to create new growth opportunities alongside maintaining competitiveness.
Azman's speech was read by MIDA deputy chief executive officer II (manufacturing & services development) Arham Abdul Rahman.
Also present was Siemens Malaysia president and chief executive officer Indranil Lahiri.
"As Malaysia moves towards the next phase of development, we hope to see more companies venturing into more value-added activities," Azman said in his speech at the MIDA-Siemens Seminar On Digital Transformation In Food and Beverages Manufacturing Conference here today.
MIDA and Siemens signed a Memorandum of Understanding to collaborate on promoting the sharing of technical know-how and marketing of smart manufacturing technology to investors and relevant stakeholders.
Yesterday, the Ministry of International Trade and Industry (MITI) announced setting up a task force to monitor and assess extent of impact on investors in Malaysia from the ongoing United States-China trade spat.
“The conflict has not only affected the US and China but also sparked retaliatory measures by many other aggrieved countries," MITI had reportedly said.
When asked to comment, MIDA's Arham noted his team is providing investment flow data to the taskforce.
"Our role at MIDA is to support and provide input to the taskforce in assessing threats and opportunities available for investors in the current global trade situation," he said.