R&D for Business Programme Attracted 1,392 Companies

KUALA LUMPUR, April 13 (Bernama) -- The Malaysian Investment Development Authority (MIDA) successfully hosted the Research and Development for Business (RD4B) Programme to promote and increase awareness of the importance of R&D activities among industries players.

The event was an important platform for businesses to familiarise with government departments and agencies that promote R&D in Malaysia. Speakers from MIDA, Ministry of International Trade and Industry (MITI), Ministry of Science, Technology, and Innovation (MOSTI), Ministry of Higher Education (MOHE), Inland Revenue Board (IRB), Collaborative Research in Engineering, Science and Technology Centre (CREST) and Cyberview Sdn. Bhd. briefed 1,392 foreign and domestic participants on resources pertaining to R&D undertakings.

It was also an excellent avenue for new and existing businesses to knowledge up the available government assistance in making informed R&D investments or expanding their businesses in the R&D segment.

In his keynote address, Mr. Arham Abdul Rahman, Chief Executive Officer of MIDA iterated that the Government, in recognising the importance of research, development and innovation, provides funding support through various ministries for all stages of R&D from idea creation, research, development and commercialisation. He said, “In Budget 2021, the Government further expanded the tax incentive for companies that commercialises the R&D findings of public research institutions and, public and private higher learning institutions. The eligible R&D scope now includes both resource-based and non-resource-based undertakings.”

As of 31 December 2020, MIDA recorded a total of 199 approved R&D-related projects with capital investments of RM3.1 billion that created 6,949 high-skilled jobs. These approvals comprise 30 R&D companies, 80 contract R&D companies, 46 companies with in-house R&D facilities, 26 R&D status companies and 17 national strategic R&D projects. Among the top industries in which the R&D projects were approved include electrical and electronics (E&E), automotive and transport, machinery and equipment as well as chemical and chemical products.

Mr. Arham stressed on, “Given the cautiously optimistic investment climate due to the current pandemic, MIDA remains positive on the outlook of investments in R&D. We hope to continuously grow investments in R&D and give our utmost support to spur R&D and innovation in the country. Furthermore, R&D plays an imminent role in Industry 4.0. MIDA is also encouraging companies to tap upon the MIDA Lighthouse Programme that assists companies to accelerate Industry 4.0 adoption to a scalable and impactful stage. Simultaneously, it also hopes to influence ecosystem providers towards similar Industry 4.0 transformation by facilitating companies to address implementation challenges and barriers.”

Companies are encouraged to leverage the Government’s various support and facilities to move towards Industry 4.0. Among the initiatives under MIDA include the Automation Capital Allowance, Industry4WRD Intervention Fund, as well as the Smart Automation Grant (SAG). More details can be obtained at www.mida.gov.my.

During the programme, Mr. Arham officiated an i-R&D portal managed by MIDA. “This initiative looks to promote companies along the R&D value chain by connecting all relevant stakeholders via the portal. The connectivity between the R&D companies, researches and academic institutions is tantamount to ensure that R&D initiatives in the country are being realised effectively,” Mr. Arham added.

About MIDA
MIDA is the government's principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram, Facebook, LinkedIn and YouTube channel.

Link to associated images and material for the email can be found at https://tinyurl.com/y4jjtj6s

SOURCE: Malaysian Investment Development Authority (MIDA)

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