EXECUTIVE SUMMARY The theme of this 2023/2024 edition revolves around 3 sectors namely space, energy, and healthcare. The global space industry is growing, with ample opportunity for Malaysia to tap into the market possibilities and further boost its economy. Opportunities abound in the areas of satellite manufacturing, launch services, space exploration-related activities and satellite data applications. Space technology has broad multi-sectorial applications, including in telecommunications, agriculture, and healthcare, and Malaysia is actively investing in research and development to harness space technology for innovation in these and other sectors. It is also essential for Malaysia to continuously monitor and adapt to global trends, such as shifts in international space policies and collaborations to remain relevant.
As Malaysia’s aging population continues to grow, a growing demand for healthcare services and pharmaceuticals and medical devices is evident. Investments in healthcare infrastructure and services are therefore essential, and continued investment in medical research and development crucial. While this will increase the nation’s capacity for advancements in healthcare technologies, treatments, and pharmaceuticals, it will also increase the country’s capacity and capability to handle emerging diseases. Investors and businesses alike should seize these opportunities and make strategic investments for collective economic growth and a more diversified and resilient economy. Collaborations with established international agencies and organisations will fast-track Malaysia’s advancement in these sectors through knowledge-sharing, cost-sharing, and access to expertise. Malaysia has significant potential for economic growth in these sectors.
As for energy sector, Malaysia is fully committed to achieving 70% renewable energy capacity by 2050 in line with global sustainability goals. This provides substantial opportunities for investments in renewable energy, as well as embracing and investing in cutting-edge renewable energy technologies. Incorporating environmental considerations into energy projects, including mitigating ecological impact, is just as essential. Innovations in energy storage, grid management, and energy efficiency can further the transition to renewables and gear industries towards responsible and sustainable energy development.
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Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry
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