Kuala Lumpur: The Ministry of Economy, in collaboration with the Ministry of Science, Technology, and Innovation (MOSTI), is working to improve the Research, Development, Commercialisation, and Innovation (RDCI) ecosystem in the country, addressing existing gaps. Economy Minister Datuk Seri Rafizi Ramli acknowledged that while the government had spent over RM1 billion to fund RDCI programmes in both private and public sectors, several areas needed improvement to boost Malaysia’s global competitiveness.
According to BERNAMA News Agency, this effort is being undertaken jointly by the Ministry of Economy and MOSTI and has been discussed at the National Economic Action Council (MTEN). Rafizi stated that the initiative is expected to be launched in the first half of 2025, after being tabled in the Cabinet and finalised within the next two to three months. The announcement was made during a media briefing on the ministry’s roadmap for 2025, following an engagement session on the 13th Malaysia Plan (RMK13) with business chambers and industry players in various sectors.
Rafizi emphasized that the Ministry of Economy would continue to focus on enhancing supply chain efficiency and addressing price transparency issues to improve the economic structure. He pointed out that inefficiencies in the supply chain result in higher logistics costs and that significant infrastructure, data, and regulations are needed to address these challenges.
In addition, Rafizi highlighted the importance of supporting small and medium enterprises (SMEs), which account for nearly 97 percent of businesses in the country. A joint study with the Organisation for Economic Co-operation and Development (OECD) has been conducted to assess the challenges faced by SMEs, particularly in scaling up and merging into larger entities.
The three-hour engagement session, attended by over 100 stakeholders, provided a platform for discussing various industry issues and challenges. The session was moderated by Rafizi and aimed to gather insights from different sectors, including pharmaceutical, chemical, digital, machinery, and agro-food.