Malaysia targets higher R&D investments to be on par with developed countries

Malaysia targets higher R&D investments to be on par with developed countries

29 Apr 2024

Malaysia aims to increase investments in research and development (R&D) to be on par with developed countries that have successfully leveraged R&D to improve their global competitiveness, said Science, Technology and Innovation Minister Chang Lih Kang.

According to him, Malaysia’s R&D investments still lag behind developed countries such as South Korea, Japan and Singapore.

To close the gap, the MADANI Economy agenda had set a target for the country to achieve a gross expenditure on R&D (GERD) of 3.5 per cent of gross domestic product by 2030 to ensure strong economic development in the long term, he said in his keynote address at the MIMOS Technology Preview (MTP) 2024 here today.

“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 to address current challenges such as food security and climate change,” he said.

Chang said MIMOS, as the country’s leading R&D agency, had a role in supporting the GERD target of 3.5 per cent.

“To reach the objective, MIMOS is carrying out strategic initiatives such as collaborating with industry leaders to develop and use new technologies that meet global energy demand, as exhibited at MTP 2024 today,” he said.

The minister said the collaboration not only spurred technological advancement but also ensured that R&D results have practical applications, thus being able to be commercialised and provide benefits to society.

He said that MIMOS aimed to commercialise 20 R&D projects by the end of 2025.

Chang said 15 technologies were developed during the 12th Malaysia Plan, which were exhibited at MTP 2024.

During today’s event, MIMOS was scheduled to ink a memorandum of understanding with Axicom and Iscada Net (iS.net), as well as a technology licence agreement with SquareCloud to implement MIMOS autonomous chiller control and energy efficiency (Mi-Ace) system technology in government and commercial buildings.

The Mi-Ace system was developed with SquareCloud, utilising artificial intelligence technology and wireless Internet of Things (IoT) to revolutionise building cooling systems that include offices and public spaces.

The system is able to improve cooling performance, achieving energy savings of 12 per cent to 20 per cent by analysing sensor data to optimise operation while ensuring comfort.

The new solution makes the installation process easier and significantly improves the building’s energy management.

Also present at today’s event were Ministry of Science, Technology and Innovation secretary-general Datuk Aminuddin Hassim and MIMOS acting president and chief executive officer Saat Shukri Embong.

Source: Bernama