Budget 2025: MOSTI Proposes More R&D Allocation
SERDANG, Oct 3 (Bernama) -- The Ministry of Science, Technology and Innovation (MOSTI) is proposing an increase in allocation for research and development (R&D) under Budget 2025, said its minister Chang Lih Kang.
He said intensifying investment in R&D is important for the country to achieve its target ranking in the top 30 in the world in the Global Innovation Index (GII) by 2025.
He said Malaysia moved up three places in the GII 2024 to be ranked 33 after remaining at rank 36 for three consecutive years from 2021 to 2023.
However, Chang said one of the things in the GII that needs to be improved is to increase investment in R&D, which currently records Gross Research and Development Expenditure (GERD) at a rate of only one per cent.
"Our R&D investment is still low especially in the private sector. We hope the government can have the initiatives to spur the R&D investment in private sector," he told the media after witnessing the exchange of a memorandum of agreement and the opening of a collaboration laboratory between Universiti Putra Malaysia (UPM) and NXP Malaysia, here today.
Apart from that, Chang said MOSTI is also giving focus in Budget 2025 on the promotion of Science, Technology and Innovation (STI) especially at the primary level in order to foster interest in science and technology at a young age.
He said the focus was important to boost the STI sector in contributing to the national economy while also making Malaysia a high-income country.
He said Budget 2025 should also pay attention to strengthening the ecosystem of startup technology companies in Malaysia.
Chang acknowledged that R&D in science and technology does not only depend on government funds, hence the need for mechanisms such as matching programmes with industry as well as collaboration between industry and educational institutions in driving technological growth.
Budget 2025 with the theme "Ekonomi Madani : Negara Makmur, Rakyat Sejahtera" will be presented in Parliament on October 18.
-- BERNAMA