Malaysia is setting its sights on ramping up investments in research and development (R&D), aiming to align with developed nations that have utilised R&D to bolster their economic prowess.
Science, Technology, and Innovation Minister Chang Lih Kang highlighted Malaysia’s need to catch up in R&D investments, pointing out disparities with countries like South Korea, Japan, and Singapore.
Speaking at the Mimos Technology Preview (MTP) 2024, Chang emphasised the importance of increasing R&D investments to stimulate economic growth.
The Madani Economy agenda has set a target for Malaysia to achieve a gross expenditure on R&D (GERD) of 3.5% of gross domestic product (GDP) by 2030, laying the groundwork for long-term economic development.
“Increased investments in the R&D sector can lead to higher productivity, create highly skilled jobs, and increase the country’s economic value.
“Additionally, it stimulates innovation in key sectors, namely biotechnology, renewable energy and digital technology, which will help address current challenges, such as food security and climate change,” Chang said.
Investments in R&D, Chang noted, have the potential to elevate productivity, create skilled jobs, and boost the country’s economic value. Furthermore, they drive innovation in crucial sectors like biotechnology, renewable energy, and digital technology, addressing pressing issues such as food security and climate change.
Additionally, Chang highlighted Mimos’ pivotal role as Malaysia’s premier R&D agency in supporting the GERD target. Through strategic initiatives and collaborations with industry leaders showcased at MTP 2024, Mimos aims to propel technological advancements aligned with global energy demands.
Fostering partnerships with industry players not only drives technological progress but also facilitates the practical application of R&D outcomes for commercialization, benefiting society at large. Mimos aims to commercialize 20 R&D projects by 2025, with 15 technologies already developed during the 12th Malaysia Plan showcased at MTP 2024.
During the event, Mimos was slated to sign memorandums of understanding with Axicom and Iscada Net (iS.net), along with a technology license agreement with SquareCloud. These agreements aim to implement Mimos autonomous chiller control and energy efficiency (Mi-Ace) system technology in government and commercial buildings.
The Mi-Ace system, developed in collaboration with SquareCloud, leverages artificial intelligence and wireless Internet of Things (IoT) technology to optimise building cooling systems, ensuring energy savings of 12% to 20% while enhancing comfort. This innovative solution promises easier installation processes and improved energy management for buildings.
