Govt mulls law to mandate minimum 2% of GDP for R&D

Free Malaysia Today

Science, technology and innovation minister Chang Lih Kang said while the ministry's budget has been increased in recent years, further investment is crucial.    Read More:  https://www.freemalaysiatoday.com/category/nation/2024/08/11/govt-mulls-law-to-mandate-minimum-2-of-gdp-for-rd/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------  Check us out at https://www.freemalaysiatoday.com  Follow FMT on Facebook: https://bit.ly/49JJoo5  Follow FMT on Dailymotion: https://bit.ly/2WGITHM  Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h  Follow FMT on TikTok : https://bit.ly/3uKuQFp  Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX  Follow FMT LinkedIn - https://bit.ly/42YytEb  Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj  Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------  Download FMT News App:  Google Play – http://bit.ly/2YSuV46  App Store – https://apple.co/2HNH7gZ  Huawei AppGallery - https://bit.ly/2D2OpNP   #FMTNews #ChangLihKang #Mandate #R&D

Transcript

00:00Malaysia is considering enhancing its research and development sector with the Science, Technology

00:07and Innovation Act.

00:11Science, Technology and Innovation Minister Chang Lee Kang said the Act will mandate a

00:15minimum spending of 2% of gross domestic product in R&D.

00:20They put it in writing that the country must at least invest how many percent of their

00:27GDP into R&D.

00:30Chang said Malaysia should look to South Korea, which has set ambitious goals to boost R&D

00:36investment.

00:37You see, now Korea is so advanced in terms of science, technology, but you know how much

00:44they have invested government expenditure on R&D?

00:484.5%.

00:49Ours, barely 1%.

00:52However, Chang said the Act would first need significant lobbying and buy-in from various

00:57stakeholders before it could be implemented.

01:01I think we are lucky because we have a Prime Minister who thinks science and technology

01:08are important.

01:10For now, Chang said he is thankful for the Malaysia Science Endowment, a RM2 billion

01:15fund designed to co-finance R&D projects with private and foreign partners.

01:22By having a fund size of RM2 billion, every year we can easily come out with about RM100

01:28billion to do extra R&D.

01:32Despite the ambitious plans, he said he recognised the challenge of reallocating funds from other

01:38areas of interest.

01:39R&D, of course, it won't be easy because you are going to take away from other people.

01:48It's not about me, it's not about MOSTY, it's about the future of the country.

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