Deputy minister: MITI to provide financial aid to companies registered under Industry 4.0

Deputy International Trade and Industry (MITI) Minister Ong Kian Ming visits M&S Food Industries Sdn Bhd in the Silibin Industrial Area in Ipoh October 3, 2019. — Picture by Farhan Najib
Deputy International Trade and Industry (MITI) Minister Ong Kian Ming visits M&S Food Industries Sdn Bhd in the Silibin Industrial Area in Ipoh October 3, 2019. — Picture by Farhan Najib

IPOH, Oct 3 — Deputy International Trade and Industry (MITI) Minister Ong Kian Ming today said companies that have undertaken the Industry 4.0 readiness assessment can apply for financial support under the ministry’s agencies.

Ong said MITI is willing to provide the support in order to allow small and medium-sized enterprises (SMEs) to embrace Industry 4.0 in the current challenging economic situation.

“There are different types of financial support given by MITI and our agencies. Companies that have undertaken our industry 4.0 readiness assessment or evaluation can apply for business intervention matching grants up to RM500,000.

“About 70 per cent of the fund is supplied by the government, while the balance 30 per cent is supplied by the industry,” he told reporters during his working visit to M&S Food Industries Sdn Bhd in Silibin Industrial Area here.

“On the part of Malaysian Industrial Development Finance (MIDF), an automation loan with a fixed rate of 4 per cent is given to SMEs and 5 per cent to non-SMEs. So there are different financing options available,” he said.

Meanwhile, MIDF Development Finance Division head Azizi Mustafa urged more local companies to come forward and use this opportunity given by the government to develop their businesses.

“The loans were given to the SMEs to modernise and automate their business.

“The interest for this loan is very low. This is the initiative taken by the government to allow the business owners to expand their business without giving them the burden to pay a high monthly payment,” he said.

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