Malaysiakini News

Miti to come up with 4th Industrial Revolution framework by year end

Bernama  |  Published:  |  Modified:

The Ministry of International Trade and Industry will come out with the fourth industrial revolution (4IR) framework by year end, said its secretary-general J Jayasiri.

He said five technical teams were working on the issues, namely standard, environment, technology, human resource development, and small and medium enterprises.

“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 told reporters on the sidelines of the 13th World Islamic Economic Forum today.

Jayasiri was a panelist representing International Trade and Industry Minister Mustapa Mohamed during the Global Economic Outlook session.

Other panelists included Permodalan Nasional Bhd Group Chairman Abdul Wahid Omar, Organisation of Economic Cooperation and Development (OECD) Southeast Asia division head Alexander Böhmer, and Philippine socioeconomic planning secretary Ernesto M Pernia.

During the session, which touched on the inclusive economic system, Jayasiri said it was important for a country to embark on multilateral agreements to support its economic growth.

Asked about the progress of the rebranded Trans-Pacific Partnership (TPP), he noted that the 11 member countries would find ways to implement the multilateral agreement even without the participation of the United States.

“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.

The TPP11 (minus the US) has been rebranded the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership or CPTPP following a discussion in Da Nang, Vietnam recently, and the trade deal is expected to be finalised in the coming months.

- Bernama

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