With the MoU, STV hopes to tap into MIDA’s business connections with investors, Local Large Companies and Small and Medium Enterprises seeking innovation; while MIDA will facilitate business leads to STV on technology-driven projects. MIDA will also provide advisory to STV with regards to funding and government incentives.
Meanwhile, STV is offering its capabilities in terms of Technology Assessment, IP Valuation, Market Feasibility Study, Market Accessibility via linking up with other subsidiaries, among others.
The MoU was signed at a virtual ceremony with STV represented by Chief Executive Officer Ajmain Kasim and MIDA, by its Deputy Chief Executive Officer Sivasuriyamoorthy Sundara Raja. The signing was witnessed by President & Group Executive of SIRIM Berhad, Dato’ Dr Ahmad Sabirin Arshad and MIDA Chief Executive Officer, Arham Abdul Rahman.
"This collaboration, among other things,
will provide MIDA with direct access on available technology solutions in SIRIM to be utilised by the industries, as well as investment on new and future technology through various financing for product or technology adoption in order to achieve technology-led growth. Industries will be the direct beneficiaries in this collaboration," said Dato’ Dr Ahmad Sabirin Arshad at the signing ceremony.
He said, with the MoU, technology adoption that can be explored include in the areas of Industry 4.0, fabrication of machinery and equipment and renewable energy, medical devices, environmental technology and waste-to-wealth.
"Through MIDA, we hope that STV is able to work with medium-size industries. STV is able to provide consultancy and technical assistance to potential local industry in technology, recommending proposals for the application of SIRIM’s technology, innovative solution or adoption of other technology to a specific target group," he added.
The engagements between MIDA and STV has commenced since year 2019, with MIDA linking STV to several industries and STV played active roles in bridging them to other relevant technology centre or subsidiary of SIRIM.
STV Chief Executive Officer, Ajmain Kasim said that STV and MIDA had previously recorded business exploration and linkages for projects such as the distribution of energy gas through virtual pipeline system, pilot test for production of BioNatural Gas from Biogas plants, adaptation of IoT/IR4.0 in tracing and tracking of Durian orchard management system and others.