SIBU: The hardware industry needs to adapt to the changing environment and seize opportunities to achieve long- term success and sustainable development.
Sibu Hardware and Machinery Association (SHMA) chairman Ling Sieng Ying who pointed this out said industry players must have an international perspective since the hardware industry is a global industry.
“Because understanding global market trends, international trade opportunities and international competition can help expand business and open up new markets,” he said at SHMA’s Mid-Autumn Festival celebration cum year 2023 Education Incentive Awards ceremony held at a hotel here on Friday night (Sept 15).
“With the continuous development of technology, the hardware industry should pay attention to the latest technological trends, such as digital manufacturing, Internet of Things, automation and big data analysis, etc., to help maintain competitiveness.
“At the same time, we must also pay close attention to changes in government policies and regulations and ensure corporate compliance to avoid potential legal risks.”
On the other hand, Ling said diversifying business is an important way to reduce risks, especially entering new markets or working with different industries to mitigate the risks of being dependent on a single market or product.
For example, he said as more and more consumers are paying attention to environmental protection and health issues, developing or introducing more diverse green and environmentally friendly hardware and machinery products should be considered to meet the needs of the market.
“The hardware machinery industry is an integral part of the country’s economic development. Our industry not only supplies the construction industry with essential materials, but also makes an important contribution to the development of infrastructure projects, manufacturing, heavy industry and various industries.
“However, as the competitive pressure in the global hardware market continues to increase, raw material prices and exchange rate fluctuations have a significant impact on the costs and profits of the hardware industry, which leads to price instability and poses major challenges to corporate operations.
“I would like to call on all members to unite as one, share experience and knowledge, and work together to address the challenges facing the industry and create a better future,” he advised.
A total of 27 students were presented with the education incentive awards, ranging from Sijil Pelajaran Malaysia (SPM), Sijil Pelajaran Tinggi Malaysia (STPM) to tertiary education.
Also in attendance was Temenggong Datuk Vincent Lau who is also the SHMA’s honorary chairman.
