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474 Local Products, Technologies Worth Over Rm 540 Million Commercialised Through MCY

August 4, 2023
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KUALA LUMPUR, Aug 4 (Bernama) -- A total of 474 local products, technologies and services have been successfully commercialised through the organisation of the Malaysian Commercialisation Year Summit (MCY Summit) from 2016 to 2022. 

The Ministry of Science, Technology and Innovation (MOSTI) in a statement today said the commercialisation of the products, technologies and services involved both the local and international markets with a total revenue of over RM 540 million. 

Furthermore, Malaysia’s participation in Expo 2020 Dubai, spearheaded by MOSTI, successfully generated a return on investment and sales of over RM9 billion. 

“MCY  serves as a platform to recognize local technology entrepreneurs for their success in commercialising research, development, and innovation (R&D&I) to local and international markets. 

“As it enters its seventh year of implementation, MCY also enters the third year of MCY 3.0 phase themed MCY Goes Global, an initiative aimed at commercialising local R&D&I outcomes at the global stage,” it said. 

This year’s MCY themed Supercharge Your Way to Impact took place for two days in Bangsar here and was launched by Prime Minister Datuk Seri Anwar Ibrahim.

At the event, the Prime Minister also launched the Malaysia Technology Commercialisation Platform (MATCH),  an innovation ecosystem that connects and offers solutions to technology providers and seekers, thereby accelerating the technology commercialisation process in Malaysia. 

At the summit, Anwar also witnessed the exchange of three memoranda of understanding (MoU) namely between  MRANTI and AstraZeneca Malaysia;  MRANTI and Eastern Academic Health Science Network (EAHSN), United Kingdom; and between  Fuciphagus Agritech Sdn Bhd and Eu Yan Sang; as well as a memorandum of agreement (MoA) between Free The Seed Sdn Bhd and Nissho Precision (Malaysia) Sdn Bhd. -- BERNAMA