MALAYSIA’S FUTURE ECONOMIC STRENGTH DEPENDS ON TECHNOLOGY CREATION, DEVELOPMENT OF INDUSTRIES - ECONOMY MINISTRY

KUALA LUMPUR, Nov 19 (Bernama) -- Malaysia’s economic strength will depend on three priorities, namely creating technology rather than merely adopting it and building industries with deep capabilities backed by long-term commitment, the Ministry of Economy said.

Its Deputy Economy Minister Datuk Hanifah Hajar Taib said the priorities include nurturing companies that can scale confidently beyond the nation’s borders.

She noted that these priorities would require collective commitment from all stakeholders to ensure sustainable and competitive economic growth.

“Competitive advantage today is built on the capacity to create value, operate efficiently, reach global markets and solve real world challenges with creativity and agility.

"Malaysia must therefore progress from users of technology to becoming creators and leaders," she said in her keynote speech at the VentureTECH Innovation Forum and Exhibition 2025 (VIFE 2025) here today.

Hanifah Hajar also said that the Malaysian industry, especially bumiputera-led enterprises, must acquire deeper capabilities to participate in high-value sectors that demand advanced skills and long-term development.

Meanwhile, VentureTECH Sdn Bhd chairman Datuk Khalilur Rahman Ebrahim said the purpose of this forum is threefold which elevates the visibility of global product-led companies in high-growth, high-value sectors.

"It is also to deepen collaboration between government industries, academia, and investors as well as to translate ideas discussed today into real opportunities, real partnerships, and real innovation," he said in his welcome speech at the forum themed 'Driving Innovation, Creating Impact'.

He added that innovation is meaningful only when it improves productivity, creates high-quality jobs, reduces import dependencies, and builds industrial competitiveness and empowers new product enterprises to lead.

“We must not only create solutions but must also ensure solutions uplift ecosystems and benefit society and nation as a whole. Innovation is not just about invention, it is about impact,” he said.

Khalilur Rahman also highlighted that VentureTECH's investment portfolio now exceeds RM2.5 billion and the company has invested in more than 30 booming technology companies.

Together, the companies have created 3,600 high-skilled jobs where their products and services are now present in over 30 countries.

-- BERNAMA