KUALA LUMPUR, Oct 18 — The new National Industry 4.0 Policy Framework serves as a strategic guide to enable the transformation of the manufacturing sector and accelerate the adoption of the Industry 4.0 related technologies in response to the Fourth Industrial Revolution.

The framework outlines broad strategies and an action plan covering financing, infrastructure, regulations, skills and technology to be implemented by ministries and agencies in collaboration with industry and deemed to contribute towards higher adoption of the Industry 4.0 related technologies, particularly among SMEs.

The Mid-Term Review of the Eleventh Malaysia Plan (2016-2020) released by the Ministry of Economic Affairs today, revealed that the policy framework also embraced the broader ecosystem approach that leverages technology clusters and partners in the private sector.

The report was presented in Parliament today by Prime Minister Tun Dr Mahathir Mohamad.

The ecosystem will support local companies to evolve into technology and solutions providers and improve competitiveness of manufacturers in the global market.

Elaborating further on the 4IR, the report said existing policies and programmes would be reviewed to identify gaps and design appropriate intervention and a national policy framework for it would be formulated to promote innovation, creativity and competitiveness in embracing the intensification of the digital revolution.

"Malaysia needs to proliferate the culture of innovation by expanding the current capacity and capability to benefit from the 4IR,” it added. — Bernama