LATEST NEWS   PM Anwar, Turkmenistan President Serdar Berdimuhamedov witnessed the signing of a strategic cooperation agreement between Petronas and Turkmenistan authorities-- PMO | At 6 pm, the ringgit eased to 4.1340/1395 versus the US dollar from Thursday's close of 4.1145/1195 | The collaboration opens up space for more strategic engagements in future, including exploring the great potential of Turkmenistan's natural gas sector, which has among the world's largest gas reserves - PMO | Gabungan Kelab Media Malaysia (GKMM) state affiliates receive RM10,000, GKMM receive RM30,000 from Communications Ministry - Fahmi | The achievement comes as Malaysia and Turkmenistan mark 30 years of cooperation in the energy sector, which has been a key pillar of bilateral relations between the two countries -- PMO | 
BUSINESS • 17/10/2024 09:08 PM

Malaysia Needs RM85.7 Bln R&D Investment To Achieve NSTIP 2021-2030 Targets - MOSTI

KUALA LUMPUR, Oct 17 (Bernama) -- A total investment of RM85.7 billion in research and development (R&D) is required to achieve the targets set by the National Science, Technology and Innovation Policy (NSTIP) 2021-2030, according to the Ministry of Science, Technology, and Innovation (MOSTI).

The ministry stated that the policy aims to increase the gross domestic expenditure on R&D (GERD) to 2.5 per cent of gross domestic product (GDP) by 2025 and 3.5 per cent by 2030.

“Based on projections, to raise R&D expenditure to 3.5 per cent of GDP by 2030, the estimated R&D spending needed is RM25.7 billion from the public sector and RM60 billion from the private sector.

“This is based on a contribution ratio of 30:70 between the public and private sectors,” MOSTI said on the Parliament website today.

The ministry was responding to Datuk Seri Hasni Mohammad (BN-Simpang Renggam) who asked whether the R&D funding rate impacts the country’s technological development and innovation capacity, referencing Malaysia’s position compared to other countries like South Korea in terms of R&D allocations.

 MOSTI said the ratio of GERD to the national GDP is about 1.0 per cent, equivalent to RM13.48 billion, which significantly lags behind South Korea’s allocation of nearly 5.2 per cent of its GDP, amounting to RM368.09 billion in 2022.

“Data also shows that the R&D expenditure ratio between the public and private sectors in Malaysia is 59:41, where the private sector contributes 18 per cent, which is lower compared to the public sector,” it stated.

The ministry noted that the government is taking proactive steps through initiatives such as the Malaysia Science Endowment Fund (MSE), i-Connect, Single Window, grant financing, and double tax deduction incentives for R&D expenditures.

MOSTI added that the government is also enhancing access to the latest technology through various programmes under different agencies and departments to increase private sector involvement.

-- BERNAMA

 

 

More News

Categories

Tags