HIGH TECHNOLOGY INDUSTRIES OVERVIEW
Malaysia is set to be a main player in high technology industries and realising the aspiration of being ranked among the top 30 nations in the Global Innovation Index by 2025. To achieve this, Malaysia needs to accelerate its adoption of new technologies with even greater tenacity, creativity, and effectiveness to ensure rapid and sustainable growth. The Government has looked seriously into science and technology (S&T) related activities dating back to 1986. Where the National Science and Technology Policy (NSTP) was first introduced. Since then, several other S&T policies were announced and implemented like second NSTP and National Policy on Science, Technology & Innovation (NPSTI). These initiatives foster the economic growth; driving robust electronic manufacturing activities. The country aspires to become an innovation specialist with focus on developing a foundation of fundamental research; and encourage cross- collaboration between academia and industry. Struggling to replicate the success to other industries, the country endeavoured in developing innovative technologies to move up the value chain. Therefore, NPSTI is focusing in nine niche areas- biodiversity; cybersecurity; energy security; environment and climate change; food security; medical and healthcare; plantation crops and commodities; transportation and urbanisation; and water security. This shaped the innovation agenda – effective commercialisation continued to become one of the country’s main challenges. 1,800 START-UPS IN MALAYSIA DOMINATED BY E-COMMERCE, FINTECH, AND LIFESTYLE MOBILE APPS
Through Industry 4WD initiative; Malaysia re-strategized its approach as a foundation for a digital transformation of manufacturing. The country continues to work through proof-of-concept and pilot projects to showcase the value of implementing technologies like robotics or IoT platforms. Human factor remains one cornerstone of a successful digital transformation and is being addressed. Indirectly, this initiative promoted the growth of start-up companies. An estimated 1,800 start-ups in Malaysia are largely dominated by e-commerce, fintech, and lifestyle mobile apps. Start-ups targeting these industries have garnered the largest investment rounds in recent years. Video stream app Iflix, used car sales platform Carsome, and fintech company Jirnexu being some top leaders in terms of amount of funding raised. These start-ups are taking their first steps - hopefully towards becoming unicorns – which may still be several years away from their nearest competitors.
2
Malaysian Technology Strategic Outlook 2019/2020 Intergration of High Technology
Made with FlippingBook. PDF to flipbook with ease