Malaysia to monetise some local inventions
KUALA LUMPUR: The Ministry of Science, Technology and Innovation (Mosti) will declare 2014 as Malaysia Commercialisation Year (MCY) which focuses on helping local inventors commercialise their innovative inventions.
Its deputy minister, Datuk Dr Abu Bakar Mohamad Diah, said some 1,134 local products have received numerous awards and recognition internationally but only a handful had been commercialised so far.
"In conjunction with MCY, Mosti is targeting to commercialise 360 products from the 1,134 that have won numerous international recognition," Abu Bakar said, adding that Mosti will put forth every effort in making sure that the target is realised.
He said, the 1,134 products were developed with the help of the ministry's special fund allocation under the Ninth Malaysia Plan (2006-2010), totaling RM2.9 billion.
"We have spent a big sum of money for research and development (R&D) which has helped the inventions win a lot of awards and recognition, so now it's time we see those products get on the shelves in the mass market," he said.
Abu Bakar said the MCY, aimed at mass marketing of locally developed inventions, is in-line with the government's aspiration to make the nation a high-income society by 2020, particularly through technological innovation.
He was speaking to reporters at the soft-launch of the World Innovation Forum Kuala Lumpur (WIF-KL) 2013, here yesterday.
Themed "The Future We Desire", WIF-KL 2013 is jointly organised by Mosti and Malaysian Innovation Foundation. Some 1,500 participants are expected at the three-day event, which will be held at the Kuala Lumpur Convention Centre from November 12 this year.