TAIPEI: Malaysian businesses must incorporate suitable business models to adapt to current market trends and requirements, according to Perbadanan Usahawan Nasional Bhd (PUNB).
Chairman Datuk Hazimah Zainuddin said the need to improvise on the business model was pivotal, or businesses may otherwise encounter the possibility of fading away, becoming irrelevant and being eliminated eventually.
“As demands are changing, things we had not imagined five to 10 years ago, are now happening right in front of our eyes.
“Even more changes are coming with the introduction of Industry 4.0, commonly referred as the fourth industrial revolution, a buzz word since 2011,” she said in her speech at the Malaysia-Taiwan Bridging Opportunities Seminar here on Tuesday.
The seminar, held on the premises of the Importers and Exporters Association of Taipei, was in conjunction with the PUNB Trade Mission to Taipei (Taiwan) and jointly organised with the Malaysia External Trade Development Corporation (MATRADE) Taiwan.
The trade mission from June 17-21 comprises nine prominent Malaysian companies involved in the food and beverages, as well as wellness sectors, led by Hazimah.
Business-matching sessions, briefings on current trends, as well as familiarisation with the Taiwan halal sector by local industry experts are also part of the mission.
The trade mission is also in conjunction with Taiwan External Trade Development Council’s 29th Taipei International Food Show (Food Taipei).
Hazimah said the trade mission effort was in sync with PUNB’s aim of bringing 25 Malaysian entrepreneurs into the international domain by 2025.
“I hope this pioneer trade mission will benefit entrepreneurs in their constant quest for successful business ventures,” she added.
She said businesses are required to be digitised as consumers now prefer to make digital payments, via e-wallets instead of cash, as it was safer.
“Therefore, businesses must up keep themselves updated continuously, hire manpower that is highly skilled, creative and with the right mindset to take on the challenges brought on by the changes in technology, which is moving at a breakneck speed,” added Hazimah.
As a development agency championing the agenda of Bumiputera entrepreneurship in Malaysia, she said PUNB would not spare any effort towards providing a supportive environment to help elevate and enhance the business of entrepreneurs to a more competitive level, while creating a level playing field on the international arena. – Bernama