Institutional change, strong policies important for future innovation, opportunities — MITI
06 Jun 2023
Minister of Investment, Trade and Industry (Miti) Tengku Datuk Seri Zafrul Tengku Abdul Aziz said his ministry is “acutely aware of how institutional change and strong policies are important in the creation of future windows for innovation, and consequently more opportunities.”
He said Miti is working closely with its agencies and key institutions, such as Bank Negara Malaysia and the World Bank, to overhaul the country’s industrial framework.
“First, we recognise that innovation is a key driver to enhance Malaysia’s economic complexity. On this, Miti is re-imagining how we can build the technical capacity to improve our investment, trade and industrial processes to create a more conducive environment for companies to innovate better products or services.
“Secondly, we will work on getting both public agencies and private sector companies to tech up, and tech up quickly, safely and appropriately, to foster a more vibrant innovation DNA and culture in Malaysia,” the minister said in his welcoming remarks at the Sweden Innovation Day and Forum here today.
Tengku Zafrul also stressed on the push for innovation that would consider bigger agendas such as net zero targets by 2050, and that the type of innovation that the country is targeting and encouraging must promote economic security and inclusivity.
He further said that through the New Investment Policy (NIP) and New Industrial Master Plan 2030 (NIMP 2030), the government is also seriously looking at improving the investor’s journey in Malaysia.
“This effort has already begun, with the government’s recent May 19 announcement that the Malaysian Investment Development Authority (Mida) will be the main investment promotion authority for investors and industries in Malaysia,” he added.
The minister also expressed confidence that Malaysia’s ranking in the Global Innovation Index (GII) Rankings Report could be further improved by working closely with countries like Sweden, one of the global leaders in the field of innovation.
In 2022, Malaysia was ranked 36th among 132 economies and third among 36 upper-middle-income group economies in the report issued by the World Intellectual Property Organisation (WIPO).
In the same year, Sweden was ranked Malaysia’s 10th largest trading partner within the European Union (EU) with a total trade of RM4.70 billion (US$1.07 billion).
Malaysia is Sweden’s fourth largest trading partner within Asean, after Vietnam, Singapore, and Thailand.
“In terms of investment, as of 2022, more than 90 manufacturing projects with the participation of Swedish companies have been implemented with the investments amounting to RM2.61 billion (US$768.9 million).
“These projects have created more than 5,720 employment opportunities in Malaysia,” he noted.