PETALING JAYA: Embracing robotics technology can help small and medium enterprises (SMEs) increase productivity, and make Malaysia a more attractive investment destination for China, according to the Malaysia-China Chamber of Commerce (MCCC).
Its president, Loo Kok Seng, pointed out that China’s achievements in artificial intelligence (AI) and robotics technology have already surpassed that of many countries.
It is also ahead in the product pricing, he said at the MCCC inauguration ceremony in Seri Kembangan today.
“If Malaysia can attract these companies, they can help local enterprises promote technological transformation that can lead to the creation of new businesses and platforms,” Loo said.
He said that apart from the potential to boost trade between the two countries, it would also enable many domestic SMEs to increase their productivity through affordable capital investment and transform the country’s labour intensive market.
Loo said the Regional Comprehensive Economic Partnership (RCEP) will also bring new opportunities for local businesses.
However, he said, SMEs can only take advantage of the benefits RCEP has to offer if key issues such as lack of access to credit, limited skills and low digital adoption rates are solved.
“The government must provide a comprehensive strategic plan on how to integrate SMEs into the global trading system so they can directly benefit from international trade agreements like RCEP,” he said.
Loo also urged the government to take a “holistic approach” to taxation to improve the country’s productivity.
“While the government should focus on encouraging foreign investment, it should also develop targeted tax exemptions for domestic SMEs especially in industries like manufacturing, services as well as electrical and electronics,” he added.
Source: https://www.freemalaysiatoday.com/category/business/2022/09/08/smes-can-become-more-productive-by-embracing-robotics-says-mccc/