“The digital economy is expected to contribute 18.2 per cent to Malaysia’s gross domestic product (GDP) in 2017. It is also expected to exceed the projected target of 20 per cent earlier than 2020,” he said.
This article originally appeared on the New Straits Times on 28th February 2018. You can view the original article here: https://www.nst.com.my/business/2018/02/339869/mdec-believes-digital-technology-would-drive-economy.
(Malaysia Digital Economy Corp (MDEC) chief executive officer Datuk Yasmin Mahmood presents a paper entitled The Engine of Transformation on
How Can Artificial Intelligence and Internet of Things supercharge growth innovation and job creation at Sasana Kijang, Kuala Lumpur, today.
NST picture by ROSELA ISMAIL, New Straits Times)
KUALA LUMPUR: Closer cooperation between the government and private sectors on artificial intelligence (AI), Internet of Things (IoTs) and big data would raise Malaysia’s competitiveness, said Malaysia Digital Economy Corp (MDEC).
Chief executive officer Datuk Yasmin Mahmood said it is important for the government to leverage on digital technology to improve efficiency and productivity for a business model.
She said businesses can also capitalise on digital technology to maximise their earnings, which in turn would provide tremendous impact to the growth of the local economy.
“IoT is not about job replacement, but it is to augment the job scope. IoT, AI and other forms of innovation is not only about the government’s role. Instead, it is to ensure there is an enabling ecosystem leveraging on all forms of innovations,” she said at a forum titled ‘How can Artificial Intelligence and the Internet of Things Supercharge Growth, Innovation and Job Creation?’ in Kuala Lumpur, today.
Yasmin said small medium enterprises (SMEs) and corporates need to pursue innovations for higher level of accuracy and competency.
“Currently there are pockets of extremely cutting edge adoptions like the medical sector uses AI to bring higher level of accuracy for diagnosis,” she added.
However, she said Malaysia is still in a catch-up mode and requires all players to step up their adoption level across the private and public sectors.
“There is a great appetite from the new workforce like the millennials who are demanding for innovations to be adopted.
“However, there is a bit of glass ceiling due to uncertainty of the technology, particularly among the top and mid managements who are not digital native but they are still digital migrants,” she said.
MDEC said government’s role is to enable young talent to have exposure in technology, provided by the connectivity and availability of the policy framework that are flexible enough to nurture and encourage innovations.
“One of the areas of IoT that we feel has immediate potential of great impact in terms of IoT and AI is to reduce foreign workers dependency in Malaysia, which is becoming a social economic issue.
“For example, manufacturing sector can use IoT sensor that links it to a cloud base system and apply the element of data analytic and AI. Hence, it can reduce the intake of foreign worker and increase the accuracy of its quality assurance,” she said.
To read the rest of this article, please use this link: https://www.nst.com.my/business/2018/02/339869/mdec-believes-digital-technology-would-drive-economy
28 February 2018