budget 2024

Budget 2024 Key Elements To Encourage 4IR Adoption

avin “rtanMoredein    T
budget 2024

To push Fourth Industrial Revolution (4IR) adoption, the government must examine crucial elements in Budget 2024.

Teng Chan Leong, CEO of Skribble Me Malaysia Sdn Bhd, stated that the government should examine measures to improve digital literacy in the next Budget 2024, as closing the digital skills gap is critical for widespread 4IR adoption.

“We must budget for comprehensive programmes to improve digital literacy among the workforce and the general population. This investment will equip individuals with the skills needed to thrive in a digitalised world,”.

According to Teng, only 15 to 20% of organisations, especially multinationals, have converted to 4IR.

He stated that the country’s backbone, small and medium-sized firms (SMEs), must catch up in terms of digital adoption.

“People are a valuable asset in the adoption of 4IR.” “However, our workforce for operating robotics has been described as’scant’ by the Asian Robotics Review. This comes with 75% being semi-skilled, 7% being low-skilled, and only 18% being skilled,” Teng stated.

Related link: Budget 2024 Aims To Support M40 & MSMEs

Teng believes that targeted incentives should be provided to encourage enterprises to embrace 4IR technology and engage in personnel development.

Additionally, he claims that these incentives will accelerate technology adoption and training.

Moreover, there should be initiatives to empower and match skilled professionals with firms supporting 4IR projects.

According to Teng, might be allocated into talent-matching programmes that bridge the gap between businesses and the trained workforce required for digital transformation.

Furthermore, more interaction with industry can be encouraged by encouraging closer collaboration between firms and educational institutions.

“Encouraging partnerships that facilitate the transfer of practical knowledge ensures that graduates are better prepared for the demands of the 4IR job market,” Teng went on to say.

Malaysia is still one of the friendliest in terms of language. As a result of having one of the most educated groups in the area.

“While we have fewer experts, we have a large number of skilled professionals.”

“Together with our language capability, it gives us a competitive edge. For example, in the service-based sector as we get infrastructure and other industry sectors up to speed. It is tempting to believe that more can be done, yet 4IR is a developing idea.

Therefore, it takes a team effort to navigate these difficult times,” Teng said, adding that the baseline and transformation are ideal places to start.

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