Mosti committed to driving nation’s economic recovery via various technologies

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Category: MDV in the News Post Date: June 10, 2020

Mosti committed to driving nation’s economic recovery via various technologies

KUALA LUMPUR, June 9 — The Ministry of Science, Technology and Innovation (Mosti) is committed to mobilising efforts together with various parties to drive the country’s economic regeneration through a range of technologies and to ensure the approaches are implemented from various holistic angles.

In a statement, the ministry lauded the announcement of the government’s National Economic Recovery Plan (Penjana), which features 40 initiatives worth RM35 billion.

“The Social Enterprises Elevation (SEE) matching grant is part of the initiatives under Penjana through matching contribution to support the interests of social enterprises with an innovative approach in enlivening the country’s socio-economic development.

“The government will provide a matching grant through the Malaysian Global Innovation & Creativity Centre (MaGIC) and Malaysia Innovation Foundation (YIM) worth RM10 million to social enterprises that have succeeded in collecting contributions to implement social projects to address issues faced by the community through innovative approaches,” it said.

To drive the nation’s economic recovery through business digitalisation process, the Penjana Nasional Fund has been established with an allocation of RM1.2 billion, out of which RM600 million are from domestic sources to nurture innovation and expand the local venture capital potential.

Mosti and the financing agencies under its stable such as Malaysia Venture Capital Management Bhd (Mavcap), Kumpulan Modal Perdana (KMP), Malaysia Debt Ventures Bhd (MDV), as well as Cradle Fund will participate in managing the funds efficiently and responsibly to propel innovation to spur economic growth, as well as the wellbeing of the people.

The government also announced the National Technology & Innovation Sandbox (NTIS) in efforts to equip the nation’s digitalisation process, with a RM100 million allocation to make this a reality.

The ministry said NTIS will be spearheaded by Mosti by easing several procedures to test new technologies.

“Mosti together with all departments and agencies under it will increase efforts to integrate all elements of science, technology and innovation in the country.

“Malaysia continues to respond to the challenges in becoming a leading player in the latest technology to improve the country’s productivity to elevate it to a High-Tech Nation in the global arena,” it said. — Bernama

-Malay Mail