Innovation has long been considered a critical component of Malaysia’s transformation towards a more robust digital nation.
Although Malaysia has some innovative enclaves and a more open political climate, innovation is still primarily a secondary concern at the moment. Only 10.5 per cent of Malaysian businesses, according to the World Bank, involve themselves in research and development, and only 3.5 per cent have launched new goods in the previous three years.
Hence, Malaysia is striving towards building a tech environment that adheres to the commitment of the present administration.
With this, the Ministry of Science, Technology and Innovation (Mosti) plays a crucial role in creating an environment that is favourable to the development of technologies that may benefit the people and the nation, particularly in fostering an innovation-based economy.
Apart from Mosti, the Malaysian Global Innovation and Creativity Centre (MaGIC), which aims to foster an entrepreneurial, creative, and innovative spirit, promotes the growth of creativity and innovation in Malaysia through engaging activities and initiatives to build capacity.
By integrating development experience with technological infrastructure and services to facilitate the invention, growth, and commercialisation of technology and innovation, MaGIC is offering Malaysia a bold new paradigm that will quicken the transition from ideas to impacts through its merger with Technology Park Malaysia to create MRANTI.
Local business leaders think Malaysia will be well positioned in 2023 despite the present global economic concerns, particularly in the rapidly expanding digital and technology industries, as claimed by Kashif Ansari, co-founder and group CEO of Juwai IQI.
Investment in technology
This is because Malaysia’s investment in technology will increase as a result of increased productivity, despite inflation.
However, the global economic downturn would likely result in weaker growth for the electrical and electronics (E&E) sector in Malaysia compared to the previous year.
Accordingly, Malaysian industries are urged to look into cutting-edge production techniques, technologies, and business strategies that will boost output, cut costs, and improve quality, all of which will support the creation of novel, high-value goods.
According to Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Minister of International Trade and Industry, the ministry is rethinking how it might strengthen the value chain of the industry and the capability for research and development to enhance the nation’s commercial, investment, and industrial processes.
By encouraging both governmental agencies and private sector enterprises to tech up fast, securely, and appropriately, the ministry aims to develop a more robust innovation DNA and prepare Malaysia’s SMEs for the future.
Research and development
In an effort to advance equitable and sustainable industrialisation, promote innovation, and establish a robust infrastructure, Malaysia’s firms are encouraged to engage in research, development, and implementation of goods, services, and business models.
Malaysia may establish innovation systems for sustainable development by facilitating access to capital, encouraging entrepreneurship, and combining financial and scientific resources into a global knowledge base.
In addition, infrastructure and industrial assets should be upgraded and retrofitted across business and supply chain processes to make them more durable.
As mentioned by Prime Minister Datuk Seri Anwar Ibrahim, the states must work closely with the federal government to guarantee adequate planning and the timely completion of projects to address issues with infrastructure related to water supply, roads, and education.
Besides, the resumption and launch of megaprojects, notably the infrastructure of the rail and road networks, would improve transportation and promote the local economy and real estate market.
In fact, RM725 million has been allotted for the development of infrastructure in 47 industrial zones and roughly 3,700 schools to speed up execution of the Jendela digital infrastructure project.
The realisation of SDG 9 represents a global commitment by Malaysia to creating resilient infrastructure, advancing inclusive and sustainable industrialisation, and encouraging innovation.
With a solid manufacturing base, adequate physical and digital infrastructure, and high-quality education, Malaysia is on pace to meet the SDG 9 objectives beyond 2030.
Professor Dr Suhaiza Hanim Mohamad Zailani is the Director of the Ungku Aziz Centre for Development Studies, University of Malaya.
