KUALA LUMPUR, Sept 25 — Digitalisation is the foundation upon which countries must now build their development to foster aspects of economic growth, innovation and financial inclusion among others, said Communications and Digital Minister Fahmi Fadzil.

He said embracing digitalisation is essential for countries to remain competitive and improve the quality of life of their citizens, besides enhancing competitiveness of industries utilising Industrial Revolution 4.0 technologies, such as artificial intelligence (AI), the Internet of Things (IoT) and automation.

"This is not a choice we have but a decision that has to be taken sooner rather than later. Technology does not wait and if we hesitate, our competitors will be able to produce higher quality products at lower cost, which will make Malaysia less competitive on the global stage.

"Digitalisation, being a necessary part of a nation’s plans for development and sovereignty, is a tool that Malaysia must master to become an Asian Digital Tiger and make our presence felt.

"If we want to have the edge as an investment destination, we can no longer hold off investing in integrating these technologies into our manufacturing processes,” he said while delivering his speech at the "Ericsson Imagine Live: Accelerating a Digital Malaysia with 5G” here, today.

Fahmi said digitalisation will also make businesses and government administrations more accountable with the ability to measure and analyse data, which provides insights into the effectiveness of policies and strategies.

"Digitalisation has the potential to bring our cottage industries to the global market, which can increase the income potential for our smaller, rural communities to deliver local specialties to chefs around the world.

"With digital platforms, even small and medium-sized enterprises can reach a global customer base, as e-commerce has revolutionised the way businesses operates,” he said.

As such, he said events such as Ericsson Imagine Live encourages the industry to come together and develop a better understanding of global trends and spur the development of innovative new 5G use cases and services in the country.

"Initiatives such as this will further support and firmly position Malaysia as the heart of Digital Asean,” he said. — Bernama