Kuala lumpur: The government will strengthen the Buy Malaysian Goods initiative to ensure that research and innovation by local talents can be widely commercialised and benefit society, says Prime Minister Datuk Seri Anwar Ibrahim. He stated that this effort aims to prevent locally developed products from being confined to laboratories and to help them reach both domestic and international markets.
According to BERNAMA News Agency, the Prime Minister highlighted that public universities in the country have established nearly 450 spin-off companies, but the commercialisation rate remains low at around five percent. To address this, the government plans to implement several measures, including allowing public university lecturers who are founders of spin-off companies to take a year-long research or sabbatical leave for commercialisation purposes. Additionally, RM10 million in seed funding will be allocated through the establishment of a National Spin-Off Company Fund.
Anwar indicated that this initiative would enable 50 lecturers to concentrate on developing their spin-off companies, which are expected to attract at least RM30 million in private investment with a threefold multiplier effect. Among the local innovations with commercialisation potential are a portable kidney dialysis machine and tongue cancer treatment developed by Universiti Sains Malaysia (USM), as well as fertility treatment and biological therapy for knee osteoarthritis by Universiti Malaya (UM).
To further support the initiative, RM12 million has been allocated to selected university teaching hospitals to apply these inventions in targeted patient rehabilitation programmes. The Prime Minister noted that more than 550 products and services had been approved under the Malaysian Science, Technology and Innovation (MySTI) logo, and the government plans to prioritize MySTI-certified products in government procurement, including opportunities for commercial testing.
Moreover, Anwar announced that a 100 percent Green Investment Tax Allowance for Own Use would be granted to companies using locally manufactured green technology products certified under the MyHIJAU Mark. To enhance the visibility of local products in markets, RM20 million will be allocated to strengthen the Made by Malaysia labelling and the Buy Malaysian Goods Campaign.
In a bid to connect research and innovation with the community, the government will organise the Putrajaya Festival of Ideas, serving as a platform to link local innovations with communities and markets.