Regulation & Governance Today’s regulatory environment is characterized by a patchwork of complex, overlapping and often inconsistent rules; hence having one to leverage and comply to accelerate development is critical. There is often the risk that regulations impose significant costs or alter behaviour in unintended ways. Discussion on regulations should also explore on the guidelines and the challenges connected to their implementation and continued effectiveness whereby overlooked details can lead to unintended consequences. Thus, exploring and listing down of capacity and potential interaction between regulations and the other four perspectives, will assist in underscoring the usually unseen interconnection. Skills & Talent Industry 4.0 is fundamentally reshaping the jobs landscape and will require high-skilled talent to operate in this new environment. There will be an increase in demand for talent with 21st century skills to fill high value jobs in the manufacturing sector. The rate of technological development and its convergence are changing the required skills and talents at a rapid pace. Therefore, the future of work is undergoing massive changes—the type and nature of work, the requirement of its workforce, as well as the changing form of workplaces. For instance, the rise of automation and robots has brought along transformation to jobs traditionally undertaken by human for decades. In view of enhanced capabilities to perform tasks beyond non-cognitive and routine activities, alarming signals has been raised globally especially to policy makers, industry players and academicians. Technology Understanding of and access to advanced, cost-effective, and interoperable emerging technologies are at the core of unlocking the potential of Industry 4.0. We can learn from the experiences from number of countries, where importance of digital/technology labs and collaborative platforms are demonstrated, especially in public-private partnerships, in disseminating Industry 4.0 technologies and transferring knowledge. There are governments that work with major industry players cross-borders to set up digital and demonstration and collaboration labs. In addition, there are standards compliance that fosters interoperability of systems; both nationally and internationally, to support seamless value chains, optimise resources, and improve productivity. Infrastructure Development of a country or expansion of an organisation depends on the availability of its infrastructural facilities. Infrastructure plays a vital role in all areas the improvement of living standard, increasing productivity, enabling better quality of education, encouraging innovation among businesses, and many others. There is no doubt that providing support for infrastructure is challenging, and evidence shows that investors in infrastructure are vulnerable to future risk and vulnerabilities. In this sense, it is critical to manage such risks, whether through enabling effective regulation and policy, through increased transparency, or risk sharing through instruments such as guarantees.
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Malaysian Technology Strategic Outlook 2019/2020 Intergration of High Technology
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