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MIDA encourages palm oil industry players to apply for Industry4WRD DISF

The Malaysian Investment Development Authority (MIDA) is encouraging the Malaysian palm oil industry to apply for the Industry4WRD Domestic Investment Strategic Fund (DISF).

Executive director of manufacturing development (resource) Mohamad Ismail Abu Bakar said MIDA is committed to assist the companies especially in the downstream value chain.

“Some of the areas that we are targeting are oleochemicals, food-based products such as cooking oil, and phytonutrients which can be made into supplements,” he said during a briefing on the incentives and grants available for the Malaysian palm oil industry held virtually today.

It was organised by the Palm Oil Refiners Association of Malaysia (PORAM).

Industry4WRD DISF has been introduced in Budget 2019 to assist companies that have undergone the Industry4WRD Readiness Assessment programme to migrate to Industry Revolution 4.0 (IR4.0).

The assessment is to assess their capabilities and readiness in IR4.0 technologies.

“The company must adopt at least one of the IR4.0 technology pillars such as cloud computing, big data analytics and artificial intelligence,” he said, adding that 40 per cent of the grant will be borne by the company and the rest will be subsidised by the government.

Mohamad Ismail said the grants are for research and development activities, training as well as obtaining international standards and certifications.

He added that companies must also have a Malaysian equity ownership of at least 60 per cent to be eligible.

The companies can submit their applications until Dec 31, 2021, he said.

— BERNAMA