Kuala lumpur: Malaysia has the talent and ideas to produce high-impact products if the country continues to focus on research and development (R and D) and innovation, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He emphasized that strengthening the R and D ecosystem is crucial not only to address current challenges but also to boost the economy and enhance the well-being of the people.
According to BERNAMA News Agency, Fadillah highlighted the importance of translating research into tangible products that can provide solutions and contribute to economic growth. "Malaysia has the talent and ideas that can be turned into reality. To become a competitive nation, we must prioritize R and D," he stated, following the inauguration of the National Innovation and Commercialisation Expo (NICE 2025) at the World Trade Centre Kuala Lumpur.
NICE 2025, themed 'Innovation. Growth. Global Impact', showcases the capability of Malaysian talent, technology, and solutions on a global platform, demonstrating the country's potential in producing high-impact products. The event also witnessed the signing of 12 agreements and memoranda of understanding valued at over RM800 million, along with the launch of 13 new products in fields such as agrotechnology, biotechnology, and digital development.
Fadillah stressed that the research, development, commercialization, and innovation (RDCI) ecosystem, driven by public-private collaboration, is essential for creating high-value local products. The aim is to increase gross R and D expenditure to 2.5 percent of Gross Domestic Product (GDP) by 2030. He also noted Malaysia's improved position on the global stage, with the country advancing to 33rd place among 133 economies in the Global Innovation Index 2024 by the World Intellectual Property Organisation (WIPO).
Furthermore, Fadillah assured that the government will continue to enhance the innovation ecosystem through research funding, incentives, talent development, and stronger industry-university collaboration. These efforts are part of the strategy to help Malaysia achieve high-tech nation status by 2030.