KUALA LUMPUR (April 12): Malaysian companies must innovate and increase their value proposition through research and development (R&D) to compete in the market, as only 3.5% of Malaysian firms have introduced new products in the last three years, said Malaysian Investment Development Authority (MIDA).
Its executive director strategic planning (manufacturing) Choo Wai Meng, citing The World Bank Report titled "Aiming High – Navigating the Next Stage of Malaysia’s Development" released in February, said the figure was significantly lower than the regional comparatus of 20% and aspirational comparatus of 33%.
"Malaysian firms are not innovating using R&D like in the top economies and that makes us vulnerable to technology systematic shift that affects the global market," she said in her closing remarks during the R&D Business (RD4B) programme organised by MIDA today.