Working Panel To Focus On R&D Strategies Formed

KUALA LUMPUR, April 15 (Bernama) -- A working committee to focus on research and development strategies has been set up by the Science, Technology and Innovation Ministry, says Minister Datuk Seri Dr Maximus Ongkili.

Called "National Innovation Coordination Action Committee", it will also address economic and health challenges faced by Malaysians as well as climate change, food and energy security, he said.

Malaysia Venture Capital and Private Equity Association, government-linked companies, private corporations and related non-governmental organisations are members of the committee, he said at the association dinner tonight.

With budgets under pressure, Dr Maximus said governments need more private sector support to drive innovation further.

He said the gaps in the path from experimental development to commercialisation are sometimes referred to as the "valley of death" as new concepts fail before achieving commercial viability.

The government was taking steps to address challenges faced by innovators as they seek to traverse "the valley of death" successfully," he said.

Dr Maximus said the National Innovation Centre's task was to coordinate R&D output from the private sector and institutions of higher learning and assist them to file for patents and provide incentives to commercialise them.

He said while the government recognised the importance of innovation, it also needs the private sector and industries' support to achieve success.

Statistics showed over 50 per cent of venture capital funds in Malaysia came from the government, he said.

"Provision of funds from the government has actually increased around 40 per cent in 2008," he added.

The Finance, Science, Technology and Innovation ministries, Securities Commission, Bursa Malaysia, Malaysia Venture Capital Management, Malaysia Technology Development Corporation, Multimedia Development Corporation, Technology Park Malaysia and Cradle Fund Sdn Bhd received the recognition award for their support and contribution for the venture capital industry.

CIMB Standard Strategic Asset Advisors Sdn Bhd was honoured for raising US$262 million in the name of Islamic Infrastructure Fund Limited Partnerhip last year.