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MIDF launches RM200m financing programme for SMEs to transform into smart factories

KUALA LUMPUR: Malaysian Industrial Development Finance Bhd (MIDF) aims to allocate a total of RM200 million in financing by 2027 through its Future Ready Financing (FRF) Programme.

Its chief executive officer Azizi Mustafa said the allocation would assist 100 small and medium enterprises (SMEs) in transforming into smart factories by 2027, creating over 500 high-skilled jobs.

"For this financing, we are not introducing new allocations, but rather using existing funds provided by the government."So, we are targeting to achieve RM200 million before the year 2027," he told reporters at the official launch of the FRF program here, today.

MIDF together with the Investment, Trade and Industry Ministry (MITI) today launched its FRF programme, strategically designed to impact Malaysia's industrial future, particularly by supporting SMEs in integrating IR4.0 and AI solutions into their operations.

MITI Deputy Minister Liew Chin Tong said the FRF program is a pioneering initiative that brings together the government's commitment to empower SMEs, strengthen Malaysia's economic resilience, and drive a new industrial future.

"We launch FRF with the goal of equipping SMEs to excel in high-end manufacturing and manufacturing-related services."This strategic collaboration led by MIDF, with the support of Malaysian Technology Development Corporation (MTDC), SIRIM, and solution providers, offers targeted financial products, expert advisory services, and advanced technological solutions," he said.

In addition, Liew said to be less reliant on unskilled foreign workers, the FRF is one of the solutions to help SMEs transition into technology-based industry.

He said this is in line with the aspiration of the New Industrial Master Plan (NIMP 2030).

"Malaysia's SMEs are the backbone of our economy, contributing 38 per cent to our gross domestic product and providing nearly half of our nation's employment. Empowering SMEs is essential to fulfill our industrial targets under NIMP 2030," he added.Ends

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