The private sector needs to place greater importance and increase expenditure on research and development (R&D), as well as innovation to ensure that the country achieve a sustainable and resilient economy, Datuk Seri Najib Tun Razak said.
The prime minister said this would also set Malaysia on the right path towards a developed nation.
He said in order for Malaysia to achieve greater outcomes, it must not be afraid or even hesitate to invest in innovation, research and development.
"We must aim to increase our R&D and innovation output," he said in a posting on the NajibRazak.com blog.
Datuk Seri Najib, who is also finance minister, said Malaysia's commitment to R&D was lagging behind those in high- and middle-income economies, coming in close to 1.1 per cent.
This is relatively low compared with the world's average spending on R&D of 2.0 per cent of gross domestic product (GDP), while the high-income economies spending are close to 2.5 per cent, he said.
The prime minister said local output should emulate that of countries like China which has taken a strong step forward in terms of innovation and lead the global market, especially in the information technology and telecommunication sectors.
China's innovation output (patent applications) surged 17 fold to 928,177 in 2014 from 51,906 in 2000.
"As for Malaysia, our patent applications inched forward from 6,227 in 2000 to just 7,620 in 2014.
"We live in an extremely competitive world and innovation is key in ensuring that our economy will grow and remain ahead of others," he asserted.
To drive the innovation agenda, Datuk Seri Najib said it must be looked at from all aspects, including the role of government, teachers, parents, and private sector.
He said the government would continue to encourage innovative activities in the private sector through educational programmes, R&D grants and incentives.
The prime minister said this would also set Malaysia on the right path towards a developed nation.
He said in order for Malaysia to achieve greater outcomes, it must not be afraid or even hesitate to invest in innovation, research and development.
"We must aim to increase our R&D and innovation output," he said in a posting on the NajibRazak.com blog.
Datuk Seri Najib, who is also finance minister, said Malaysia's commitment to R&D was lagging behind those in high- and middle-income economies, coming in close to 1.1 per cent.
This is relatively low compared with the world's average spending on R&D of 2.0 per cent of gross domestic product (GDP), while the high-income economies spending are close to 2.5 per cent, he said.
The prime minister said local output should emulate that of countries like China which has taken a strong step forward in terms of innovation and lead the global market, especially in the information technology and telecommunication sectors.
China's innovation output (patent applications) surged 17 fold to 928,177 in 2014 from 51,906 in 2000.
"As for Malaysia, our patent applications inched forward from 6,227 in 2000 to just 7,620 in 2014.
"We live in an extremely competitive world and innovation is key in ensuring that our economy will grow and remain ahead of others," he asserted.
To drive the innovation agenda, Datuk Seri Najib said it must be looked at from all aspects, including the role of government, teachers, parents, and private sector.
He said the government would continue to encourage innovative activities in the private sector through educational programmes, R&D grants and incentives.
