According to Malaysia’s secretary-general Datuk Seri J Jayasiri in Bernama, the Ministry of International Trade and Industry (MITI) will come out with the fourth industrial revolution (IR 4.0) framework by year-end.
He said five technical teams are working on the issues; namely standard, environment, technology, human resource development, and small and medium enterprises (SMEs). Speaking at the 13th World Islamic Economic Forum, he commented: “This is important because it will lay down the framework for companies, especially SMEs, to be able to adapt to Industry 4.0.”
“However, we are still working on the target date to complete the framework,” he added.
During one session at the forum, which touched on the inclusive economic system, Datuk Jayasiri said it was important for a country to embark on multilateral agreements to support its economic growth.
Additionally, he noted that the 11 member countries would find ways to implement the multilateral agreement even without the participation of the United States. He said: “We will come out with an agreement that incorporates the old agreement and suspend some provisions.”
“There’s still some work to be done before all of these countries agree on the date to sign the agreement,” he explained.
Speaking to Human Resources, Vijay Sivaram, regional director Asia Pacific, Quess, noted that employers will have to look forward to five major aspects - upskilling and reskilling, Internet of Things, data and analytics, cybersecurity, and people readiness.
On the topic of upskilling and reskilling, he said: "Every employer will look forward to ensure it's not about low wage workers anymore but more skilled and technology engaged workers. The employer has to upskill, and in many cases, even reskill the workforce to be ready for an automated world."
Apart from developing the human capital, change management is going to be immense, Vijay notes on people readiness. He commented: "The framework will need to provide the right incentives, the right approach systems and more importantly the right processes and policies to ensure transparency, speed and agility and thereby helping in execution."
Similarly, RA Thiagaraja, CEO of K-pintar, expressed his wish for human capital development in the framework when asked. He commented: "The framework should aid in bridging the skill gap among graduates so as to take up more complex jobs that are driven by the IR 4.0."
"Additionally, focus should be given to the reskilling of our existing workforce so that they can stay relevant - driving career mobility and sustainability in the workforce."
Apart from that, Thiagaraja added the need for training incentives or grants for employers. He remarked: "Not only do we need to invest in technology, but we would also need to invest in our people to ensure the continuous development of skillsets."
"For example, incentives such as interest-free loans and grants can be given to employers for technology tools that can be used for training and development purposes," he concluded.
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