KUCHING: It is imperative for the business community in the country to embrace innovation in their operations to remain sustainable in the Fourth Industrial Revolution and Digital Economy age.
Minister in the Prime Minister’s Department Datuk Seri Nancy Shukri strongly believes in the importance of the innovation agenda, which is the catalyst to spur economic growth.
A successful innovation ecosystem, she said, will bridge the gap between the knowledge and the commercial economy.
“It is no doubt that the Industrial Revolution 4.0 and Digital Economy have the potential to change the way the end market operates, business being conducted from upstream to downstream activities, consumer behaviour and all other aspects of the value chain.
“However, the real question is how can we, as a nation, embrace this new business environment and adapt it immediately to emerge in the forefront of global developments.
“It is hoped that all parties can keep the good momentum going and adopt innovation to improve existing businesses, create new opportunities and higher value jobs,” said Nancy, in her remarks, during the opening ceremony of the International Biomass Conference Malaysia 2017 here today.
Deputy International Trade and Industry Minister Datuk Ahmad Maslan and Deputy Chief Minister Datuk Douglas Uggah Embas, who appeared on behalf of Chief Minister Datuk Patinggi Abang Abdul Rahman Zohari Abang Openg, were present.
Malaysia, she said, had incorporated innovation in its business mechanism in the development of biomass and new green industry in the country.
“To this end, Agensi Inovasi Malaysia (AIM) initiatives such as the National Corporation Innovation Index, Steinbeis (Malaysia Foundation) and PlaTCOM (Ventures Sdn Bhd) are seen to be consolidated efforts to further support the development of the biomass agenda in the country.
“Recently, AIM has signed a collaboration agreement with the Tropical Rainforest Conservation and Research Centre to work on a project entitled “Forest the New Economy”, aimed at transforming underutilised land through regenerative land models into a new sustainable biomass-based economy.
“The initiative will generate Gross National Income, jobs and carbon sequestration.
‘These are all ways of which we are progressing towards as we constantly increase sustainability in the development of this industry,” he said.