Companies to Intensify Innovation through Strategic Collaborations in R&D Activities to Remain Competitive and Sustainable
“It is more crucial now than ever for companies to reassess and realign their business strategies to adapt to the current challenges of doing business. Intensifying innovation through strategic collaborations in R&D activities is one of the critical components that would enable businesses to remain competitive and sustainable,” said Dato’ Azman Mahmud, Chief Executive Officer of the Malaysian Investment Development Authority (MIDA) at the Innovation Pitch & Business Matching (IPBM) 2019 this morning in MIDA Sentral
5 August 2019, Kuala Lumpur – “It is more crucial now than ever for companies to reassess and realign their business strategies to adapt to the current challenges of doing business. Intensifying innovation through strategic collaborations in R&D activities is one of the critical components that would enable businesses to remain competitive and sustainable,” said Dato’ Azman Mahmud, Chief Executive Officer of the Malaysian Investment Development Authority (MIDA) at the Innovation Pitch & Business Matching (IPBM) 2019 this morning in MIDA Sentral.
With the theme of ‘Innovation for the Future of Malaysia’, IPBM 2019 is organised by MIDA in collaboration with University Malaysia Perlis (UniMAP) and the Malaysian Technology Development Corporation (MTDC). The event is a platform for technologists, scientists and researchers from universities to promote their inventions, innovations and research outputs to potential investors and industry players.
Dato’ Azman also commended the very fitting theme of IPBM 2019 as Malaysia is now focusing on innovation-driven, technology-oriented and high value-added industries. He further highlighted MIDA’s role in assisting local companies in marketing their R&D services to clients and developing the R&D ecosystem within the country. “We have been encouraging companies to conduct R&D activities since the early 90s through the introduction of various R&D incentives. These incentives include R&D status, R&D Company, Contract R&D Company and In-house R&D. Incentives available are in terms of Investment Tax Allowance (ITA) or Pioneer Status (PS). To spur R&D activities, clients to the companies which have been approved with the R&D Status are eligible to claim double deduction directly to the Inland Revenue Board (IRB) on the payment made for the use of their services,” he said.
Going forward, Dato Azman affirmed that MIDA would continue to step up efforts to drive stronger R&D linkages between the industry, and tertiary and research institutions. “Our focus is not just about the absolute value of investments, but the expansion of the ecosystem as well. By strengthening the innovation ecosystem, we will develop a conducive environment to foster trust among all stakeholders,” he said.
As of March 2019, MIDA has approved 184 R&D projects with total investments of RM2.97 billion. These comprise 77 Contract R&D, 58 In-House R&D, 30 approved R&D companies and 19 R&D Status companies, mainly in industries such as the pharmaceutical, chemical, healthcare, machinery, E&E and automotive. These projects have created over 6,500 high-quality job opportunities, which are mostly in the science and technical fields. Additionally, during the same period, MIDA has awarded six university-linked companies R&D Status, which has qualified their clients to enjoy double-deduction on R&D expenditures.
YBhg. Prof. Ir. Ts. Dr R. Badlishah Ahmad, Vice-Chancellor of Universiti Malaysia Perlis (UniMAP), in his Opening Speech, shared that IPBM 2019 is part of the engagements spearheaded by the university’s Centre for Intellectual Property and Commercialisation (CIPC). This is to facilitate the process of bringing research developments to market, in particular, to foster the transformation of university basic or applied research with a commercial value into commercial goods, in addition to CIPC’s role to administer the Intellectual Property (IP) application process.
“I hope that through IPBM 2019, industry players can explore numerous potential research outputs and innovations that may impact and revolutionise their industries. Moreover, for the researchers, I hope they will gain the ability to do research or inventions that will meet the needs of the industries and societies. In which they can initiate a research-industry collaboration in converting research output into innovation and make the way to market entry,” he said.
The IPBM 2019 was well attended by over 250 participants. The event included Pitching Presentation and Business Matching sessions as well as a Presentation of Letter of Interest for Future Collaboration from Industries.
Investors that conferred Letter of Interest for Future Collaboration to selected research and innovation outputs will proceed with possible collaborations with the universities for production, intellectual property licensing; or for future research that would potentially lead to the creation or advancing existing technologies. The primary research and innovation output categories include digital technology, electronic, and IOT; biotechnology, medical devices, pharmaceuticals and health; chemical, advanced materials and plastics; machinery and equipment; as well as food tech and agriculture technology.
MIDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become an active and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook.
UniMAP is one of four public universities in the Malaysian Technical Universities Network (MTUN). Established originally as a university college in 2001, UniMAP was established to fulfil the aspiration of the National Industrialisation Blueprint which is to produce engineers and technologists to support the nation’s growth and development. The university status was awarded to UniMAP in 2007, and from then on, the university has undergone impressive growth, from student numbers to research endeavours, and collaborative efforts with other universities as well as industry partners. These achievements echo the aspiration of the university to be an internationally competitive academic and research institution.
UniMAP currently offers undergraduate programmes that lead to Bachelor of Engineering, Bachelor of Engineering Technology, Bachelor of Business, and Bachelor of New Media degrees. The university also opens its doors for students to study Diploma in Engineering programmes, and taught as well as by-research postgraduate programmes that lead to Masters and PhD degrees.
UniMAP graduates are nurtured to become competent practitioners in their areas of specialization and to have the confidence to explore entrepreneurial possibilities upon graduation. They are expected to not only exhibit excellence in the knowledge and skills that are directly related to their specialised fields of study, but also to demonstrate outstanding proficiency in both communication and ICT skills, as well as possess unsurpassed traits of professionalism and patriotism.
In addition to working towards becoming internationally renowned academically and in the research that it undertakes, UniMAP honours its responsibility in the development of both the local and regional community. These are all deliberated in UniMAP’s current eight-year strategic plan which aims to create within the university a space for the mutualistic growth of the academia, industry, the state and the community.
For more information:
Mr Sikh Shamsul Ibrahim Sikh Abdul Majid
Director, Domestic Investment and Supply Chain Coordination Division, MIDA
Tel.: 03-2267 6633 | Email: [email protected]
Mr. Jeyasigan Narayanan Nair
Director, Advanced Technology and Research & Development Division, MIDA
Tel: 03-2267 6711 | Email: [email protected]
Prof. Uda Hashim
Vice Chancellor (Research & Innovation), UniMAP
Email: [email protected]
A. Innovation Pitch & Business Matching (Ipbm 2019) – List Of Products & Categories
B. Expression of Interest Form