The 2024 budget presentation also emphasized economic growth led by research, development, commercialization and innovation activities. A total of RM569 million has been allocated for it which is divided into several parts, including:
A total of RM510 million is provided as R&D funds under the Ministry of Science, Technology and Innovation and the Ministry of Higher Education. This includes RM50 million earmarked as a matching grant for public universities to collaborate with the private sector to boost research and innovation activities.
Next, funds amounting to RM76 million are also provided to intensify the R&D&C&I ecosystem (research, development, commercialization and innovation) with a focus on the assurance of new products.
Then as much as RM10 million is also provided which involves E&E technology under MIMOS, , the space sector under MYSA and drone and robotics technology under MRANTI.
Along with it the government also announced that the INNOVATHON Program will continue. This follows the aim of further fueling creativity among the people, as well as producing more creative local people who can be commercialized.