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Private Sector R&D Vital
To Boost Growth
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BY
PROF. EMERITUS DATO' DR. ZAKRI ABDUL HAMID
Science Advisor to the Prime Minister of Malaysia /
Joint Chairman – Government, MIGHT |
Because the private
sector is closer to the
market, it is better
positioned to create
wealth through
R&D — transforming
knowledge into
products and services
that Malaysians and
others in today’s global
marketplace need,
want and will pay for.
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MALAYSIA has successfully
transformed its economy from
its original agricultural base
to one characterised by strong
manufacturing and service sectors.
This ongoing transition moves Malaysia ever closer
to its official Vision 2020: a high income economy
based on innovation and knowledge generation.
Underpinning a high income economy are science,
technology and innovation, which together form
an important contributor to economic growth and
help determine the competitiveness of firms in the
marketplace, nationally and internationally.
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A prerequisite for technological advancement
is research and development (R&D). The level
of R&D expenditure is a reliable indicator of
innovative capacity and the 10th Malaysia Plan aims
to achieve R&D investment of at least one per cent
of GDP by 2015. Reaching that goal will require
a bold commitment, including large injections of
funds from the government and, more importantly,
the private sector.
Across the world, the private sector carries out twothirds
to three-quarters of R&D activities.
Private sector involvement in research-driven
activities, therefore, is key to Malaysia’s economic
growth and competitiveness.
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Envisioning Asia 2060
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