Sweden Innovation Day Symbolic Of Malaysia, Sweden Continued Ties

The successful hosting of the Sweden Innovation Day marks the continued bilateral relations between Malaysia and Sweden. According to Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz, Sweden was ranked Malaysia’s 10th largest trading partner within the European Union (EU) with a total trade of RM4.70 billion (USD1.07 billion) in 2022.

Meanwhile, Malaysia is Sweden’s 4th largest trading partner within ASEAN, after Vietnam, Singapore and Thailand. In terms of investment, as of 2022, more than 90 manufacturing projects with the participation of Swedish companies have been implemented with investment amounting to RM2.61 billion (USD768.9 million). These projects have created more than 5,720 employment opportunities in Malaysia.

“Today’s Innovation Forum presents various opportunities for us to pave the way for a more strategic bilateral economic direction between Malaysia and Sweden,” said Zafrul.

He added that in 2022, Malaysia was ranked 36th among 132 economies and ranked 3rd among 36 upper-middle-income group economies in the Global Innovation Index (GII) Rankings Report issued by the World Intellectual Property Organisation (WIPO).

The report highlighted Malaysia’s strengths in the aspects of institutions; human capital and research; market sophistication, infrastructure, as well as knowledge and technology outputs.

Zafrul said innovation will play a huge role in achieving the key objectives of the New Industrial Master Plan 2030. On this, MITI is working closely with its agencies and key institutions, such as Bank Negara and the World Bank, to overhaul the industrial framework.

“First, we recognise that innovation is a key driver to enhance Malaysia’s economic complexity. On this, MITI is re-imagining how we can build the technical capacity to improve our investment, trade and industrial processes to create a more conducive environment for companies to innovate better products or services, to enhance our economic complexity. This is key to generating, retaining and growing knowledge within Malaysia’s institutions and industries,” he said.

Secondly, MITI will work on getting both public agencies and private sector companies to tech up, and tech up quickly, safely and appropriately, to foster a more vibrant innovation DNA and culture in Malaysia.

It is not just about accelerating tech adoption and spurring the next generation of innovative tech companies, but also ensuring that technologies such as IR4.0 and AI will not have unintended consequences.

Third, the push for innovation will consider bigger global agendas such as Malaysia’s net zero targets by 2050. SDGs and related ‘green’ goals must be the underlying consideration for overhauling frameworks and policies to truly decarbonise the nation’s economy for the sake of the planet and people.

On this, MITI will prioritise innovative projects such as renewable energy, circular economy as well as carbon capture, utilisation and storage.

Finally, the targeted innovation must promote economic security and inclusivity. Any type of innovation must be paired with meaning and purpose, with humanity’s greater good as an overarching objective.

“There is no point promoting innovation that benefits only a selective group of elites, or one that widens wealth or digital gaps in society,” said Zafrul.

Previous articleMalaysian 5G Dual Network Task Force Strengthened To Meet Issues
Next articleMalaysians Advised Not To Be Deceived By Offer Of Furada Visa For Haj Pilgrimage

LEAVE A REPLY

Please enter your comment!
Please enter your name here