PETALING JAYA: The government is urged to increase its funding and incentive supports to help manufacturers transform into smart factories as targeted under the New Industrial Master Plan 2030 (NIMP 2030).

Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai reckoned a total of RM5 billion in financial support is needed to fund the transformation at the national scale from the about RM3 billion grant and funding currently available.

This would allow Malaysia to achieve NIMP 2030 Mission-based Project 21's goals to create 3,000 smart factories by 2030 via Industry 4.0 and digital technologies adoption, he told reporters after the FMM Industry 4.0 Conference 2024 here today.