Make innovation a priority in boosting economic growth - PM

Malaysia cannot afford to be left behind in the rapidly advancing digital and technological era. Thus innovation activities need to be a priority in boosting the country's economic growth, Prime Minister Anwar Ibrahim said.

Anwar, also the Finance Minister, said that efforts to promote local innovation and technology should be intensified so that Malaysia can compete with neighbouring countries on the global stage.

In his speech text read out by Science, Technology and Innovation Minister Chang Lih Kang at the closing ceremony of InnoEx 2023 in Cyberjaya today, Anwar said Malaysia should learn from other countries in promoting innovation activities.

China, for example, has increased its efforts towards innovation. In 2020, the Information Technology and Innovation Foundation reported that China's innovation capabilities had reached approximately 75 percent of those of the United States, he said.

During the recent Asean-India Summit in Jakarta, Anwar suggested that India’s remarkable success in digital penetration, especially in digital banking and finance in rural areas, be shared to benefit all Asean member countries.

“Taking inspiration from them, we must develop and market local innovative solutions, nurture local talents, and focus on sustainable innovative solutions.

Industry players must also strive to find innovative solutions that can reduce costs, become more efficient, and ultimately benefit the society,” he said.

Going green

Meanwhile, Anwar said the data centre industry needs the capability to transition to green energy as it is essential to encourage more sustainable initiatives and, ultimately, neutralise carbon emissions.

He said that under the National Energy Transition Roadmap, the government has outlined efforts to transition to green energy, including involving the automotive sector.

In line with the Madani economy framework, Anwar said that the government will continue to support the research, development, and commercialisation efforts of local companies and startups to help them achieve greater success and international recognition.

“The government will also facilitate industry investment and support the adoption of technology through automation, artificial intelligence, and machine learning to enhance productivity,” he said.

At the same time, he said the government will also support local talents, particularly innovators, who wish to expand their businesses in the Asean region or beyond.

“It's time for us to uplift and guide our local innovators to make a name in the regional market and seize all opportunities out there.

“We want to elevate the status and dignity of Malaysia, to become an innovative, advanced, and sustainable nation with a knowledgeable and prepared society to face future challenges,” he added.

- Bernama