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INDUSTRY4WRD INTERVENTION FUND
The Industry4WRD Readiness Assessment intervention Programme or 'Industry4WRD Intervention Fund' is a financial support facility especially designed by the Malaysia government to assist Small and Medium Enterprises (SMEs) in the manufacturing and related services sectors to make the leap to industry 4.0.
Launched by the government in Budget 2019, the Industry4WRD Intervention Fund is intended to support companies in implementing intervention projects, based on the recommendations of the government-funded Industry4WRD Readiness Assessment (RA) Report. It focuses on the shift factors of people, process and technology.
All SMEs that have completed the Industry4WRD RA programme are eligible to apply. The Ministry of International Trade and Industry (MITI) has appointed the Malaysian Investment Development Authority (MIDA) as the implementing agency for the Fund.
Industry4WRD Readiness Assessment (Industry4WRD-RA) is a comprehensive programme to help firms assess their capabilities and readiness to adopt industry 4.0 technologies and processes. The assessment uses a pre-determined set of indicators to understand their present capabilities and gaps, from which will enable firms to prepare feasible strategies and plans to move towards Industry 4.0.
The objectives of Industry4WRD Fund are to:
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Improve productivity of the company;
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Accelerate business growth through adoption of Industry 4.0 technologies and processes; and
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Improve the current level of scoring based on the industry4WRD RA undertaken.
A MATCHING GRANT
The Fund provides a matching grant (70:30) on a reimbursable basis up to
RM500,000 based on eligible expendictures. Of the total expenditures, 70% will be subsidised by the government, while 30% will be borne by the company. of the subsidised amount, a maximum of 30% will be provided upfront to the company.
TOTAL EXPENDITURES
HOW IT WORKS?
Here are the 4 steps in the disbursement process:
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The company will receive a maximum of 30% of the grant upfront from MIDA.
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The company pays for initial expenditures with the upfront grant.
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The following expenditures will be borne by the company.
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The company will claim the remaining grant from MIDA.
IT’S NOT AUTOMATION,
UNTIL IT’S ORANGE.
