In a recent announcement at the Dewan Rakyat, Minister of Science, Technology, and Innovation (Mosti), Chang Lih Kang, revealed that Putrajaya is set to collaborate with Bursa Malaysia to bolster the growth of startups and further innovation in Malaysia.
The Ministry will play a pivotal role by providing Bursa Malaysia with valuable insights into the local startup landscape, thereby facilitating the early identification of promising companies that have the potential to be listed on the stock exchange.
Chang emphasised that this collaborative effort is a significant component of Mosti’s broader strategy to align with the government’s ambitious goal of propelling Malaysia into the top 30 countries in the Global Innovation Index (GII) by 2025, as outlined in the 12th Malaysia Plan (12MP). While Malaysia has maintained its position in the GII rankings at 36th place among 132 nations between 2022 and 2023, there has been notable progress with an increased GII score of 40.9, compared to the previous score of 38.7.
Among ASEAN countries, Malaysia stands as the second-highest performer in the GII rankings, trailing only Singapore, which holds the 7th position.
Chang, the Member of Parliament for Tanjong Malim, also highlighted additional initiatives aimed at elevating Malaysia’s standing in the GII rankings. These include strengthening efforts in innovation commercialisation, formulating a National Planet Health Action Plan to address environmental, biodiversity, and climate change-related health issues, encouraging greater private sector participation in research, development, innovation, commercialisation, and the economy, as well as proposing the establishment of a special committee dedicated to Science, Technology, and Innovation Talent.
It’s worth noting that in the preceding month, the state-owned venture capital fund, Cradle Fund Sdn Bhd, and Bursa Malaysia had entered into a memorandum of collaboration to enhance awareness among startups regarding funding opportunities available in Malaysia, particularly those offered by the equity market. This collaboration is part of Mosti’s Fund Funnel program, which is designed to streamline funding options and offer comprehensive support to startups at various stages of their funding journey, ranging from the initial seed stage to the eventual public listing.
