SPACE • According to Space Foundation Report Q2 2023, the space industry is a vibrant sector with a valuation of USD 546 billion. Its influence extends beyond the economic sphere to include the political, social, environmental, and technological domains. Geopolitical environments change as a result of state investments in space research, forming global alliances and rivalries. Socially, space projects foster a sense of pride and curiosity among the populace as well as STEM education and technological ambitions. • The significance of the space industry extends beyond the cosmos, influencing transportation, energy, and healthcare. Space technology improvements, such as AI-driven mission planning, contribute to transportation advancements with possible consequences for space exploration. Furthermore, space- based technologies are crucial in Earth observation, climate monitoring, and sustainable practices, all of which contribute to environmental stewardship. Economic growth in the industry creates high-tech jobs, supporting innovation across industries. Strategic participation in the space sector provides Malaysia with a multifaceted opportunity, combining economic rewards with political influence, societal growth, and environmental stewardship, putting the country at the forefront of a revolutionary global frontier.
HEALTHCARE
• Prioritising advancements in Malaysia’s healthcare sector, encompassing healthcare services, medical devices, and pharmaceutical technologies, holds multifaceted benefits. Investing in healthcare services enhances the nation’s overall well- being, providing better access to quality medical care, improving public health outcomes, and fostering a healthier workforce. The development of medical devices and pharmaceutical technologies not only contributes to cutting- edge healthcare solutions but also positions Malaysia as a hub for innovation, attracting investment and nurturing a skilled workforce. Malaysia, like many other countries, is experiencing an ageing population. healthy healthcare industry promotes economic growth by producing jobs, promoting research and development, and fulfilling the changing needs of a health- conscious global population. Malaysia’s commitment to • Furthermore, a healthcare innovation not only ensures its residents’ well-being, but also establishes the country as a competitive player in the rapidly evolving and globally crucial healthcare industry. In 2022, over 850 thousand persons visited Malaysia for medical and healthcare purposes, contributing RM1.3 billion. Improving healthcare infrastructure and services can help the country’s economy by attracting more international patients.
The space, energy, and healthcare sectors were chosen areas of concentration for MTSO 2023/2024 for their strategic significance and immense growth potential.
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Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry
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