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Bajet Malaysia 2024 - PMX announced RM510 million in funds for Tech and Science R&D, digitalisation of public service to come soon

October 13, 2023
5 mins read

Previously, we mentioned the PMX announcement on the increased service tax and funds to combat online scams. But it does not end there, the Prime Minister also announced a whopping RM510 million for the Ministry of Science, Technology & Innovation, and the Ministry of Higher Education.

To ensure that Malaysia ranks among the Top 30 countries in the Global Innovation Index by 2025. A total of RM510 million is available as R&D funds for the mentioned ministries. From this fund, RM50 million will be allocated as matching grants for public universities to collaborate with the private sector. This is crucial in stimulating research and innovative activities that can be commercialized.

Besides that, RM76 million ringgit will be allocated to improve the R&D&C&I ecosystem through the provision of products and commercialisation support funds created by business enterprises, NGOs, government departments and agencies.

The INNOVATHON program has been successful in highlighting local creations that can be commercialized. This program will be important in fueling the creativity of our people. To cultivate creativity among industry players, RM10 million will be allocated to the fields of E&E technology under MIMOS, the space sector under MYSA and drone & robotics technology under MRANTI.

Towards the end of RMK12, Malaysia aims to be among the top 20 in the world for the Government Efficiency Subindex in the Global Competitiveness Report. To achieve this goal and improve the efficiency of public service, the development of the National Digital Identity (IDN) body will be hastened.

For your information, the IDN (National Digital Identity) body will also function as a trusted self-verification platform. To empower the digitization of public service accessibility, a GovTech Nucleus Unit has been created to foster domestic expertise. This unit will also facilitate the development of Digital Identity National and other user-friendly applications at a more optimum cost.