Malaysia needs 45% high-skilled workers to compete globally

Malaysia needs 45% high-skilled workers to compete globally

06 Oct 2022

Malaysia needs at least 45% of high-skilled workers to compete with leading countries and currently, only 29.6% of them are representing the nation’s workforce.

Prime Minister (PM) Datuk Seri Ismail Sabri Yaakob said therefore, it is very important for Malaysia to revitalise the technology and innovation ecosystem, not only through a continuous supply of talent, but also by trying to reduce the brain drain among the great local talents.

“To realise this, the government is committed to providing the best infrastructure to drive local innovation.

“What is needed is definitely a location as an innovation hub with an integrated infrastructure,” he said in his speech during the launch of the Malaysian Research Accelerator for Technology & Innovation (MRANTI) Park Master Plan and the rebranding of Mimos Bhd to Mimos Global today.

The Master Plan will have an estimated gross development value of RM20 billion with a land lease return value of RM2.8 billion by MRANTI to investors.

It will focus on three developmental cores which are innovation; environmental sustainability; and urban/local culture, as well as five technology clusters, namely drone technology; agriculture; health; bioscience; and IR 4.0 enablers.

The PM expressed confidence that MRANTI’s new master plan will nurture Malaysia’s IR4.0 capabilities and rapidly develop Internet of Things systems, end-to-end Internet protocol services and laboratories.

This is to enable manufacturing facilities to contract with advanced technology.

This park will also attract young professionals and nurture highly skilled talent.

It is also equipped with modern infrastructure, including high-speed broadband and 5G technology universities or research-intensive institutions, as well as incentives and funding opportunities.

“This 277.6ha site has attracted the interest of many technology companies, including InterVenn Biosciences, Dedikasi ABA Biosciences Sdn Bhd, BoomGrow, Spygene Laboratories Sdn Bhd, Vivantis Technologies Sdn Bhd and Reszon Diagnostics International Sdn Bhd.

“This year, several more international technology companies showed interest in establishing a foothold in this area,” Ismail Sabri added.

Based on the Global Technology Industry Survey 2021 by KPMG PLT, Kuala Lumpur is ranked among the top 10 locations for innovation hubs in the Asia Pacific.

The launch of the MRANTI Park Roadmap will play an important role in driving the country to generate high added value from technology development and commercialisation activities, particularly in the electricity and electronics (E&E) sector.

Ismail Sabri also mentioned that the E&E sector is Malaysia’s biggest export contributor which generated a value of RM455.7 billion last year.

“To support the development efforts of the innovation sector, the government has approved a total of 99 research, development, commercialisation and innovation projects and programmes worth RM5.6 billion under the 12th Malaysia Plan.

“Through the National Technology and Innovation Sandbox, 163 companies have been approved and received funding support of RM67 million, regulatory assistance, technical assistance and expertise,” Ismail Sabri added.

Source: The Malaysian Reserve