KUALA LUMPUR, Oct 7 (Bernama) — The government will establish a RM500 million syariah-compliant Commercialisation Innovation Fund with an attractive profit margin, to enable small and medium-scale enterprises (SMEs) to commercialise researh products.
Prime Minister Datuk Seri Najib Tun Razak when tabling the 2012 Budget today, said the fund would finance SMEs whose products had undergone the market commercialisation verification procees.
He said effective 2012, the fund would be available at selected Islamic banks, with the government financing two per cent of the profit ratio.
Najib also announced 2012 as National Innovation Movement Year, whereby to realise this aspiration, the government has planned several strategic initiatives with an allocation of RM100 milion.
Among the initiatives will be programmes to instil and develop innovation in schools and public higher learning institutions, as well as in the rural areas. These will be carried out by government agencies in collaboration with NGOs.
Another initiative is to continue with the Jejak Inovasi (Innovation Trail) programme by the Malaysian Foundation for Innovation (YIM) to encourage the development of new ideas and commercialisation of innovative products, particularly from the rural areas.
Najib said the government would also introduce the Cipta 1Malaysia Award (C1PTA) to recognise the most innovative inventions by students and youths at the national level, This will be organised by an NGO with the cooperation of the Science, Technology and Innovation Ministry.
A culture of innovation will, meanwhile, be inculcated through reality programmes, documentaries on innovations and publication of articles in the media.
Najib said to ensure commercial viability of products through market validation, the Market Validation Fund with an initial allocation of RM30 million would be established and managed by the Malaysian Technology Development Corporation and Malaysia Innovation Agency.
He also said that over 300 intellectual properties in the form of new products and technologies from universities would be offered to the private sector for commercialisation.
“A Gross National Income of more than RM30 billion is expected to be generated by 2020.”
Yet another initiative will be the organising of the World Innovation Forum 2012 by YIM and Asia Business Angel Forum by Cradle Sdn Bhd, to provide a platform for networking between investors, financiers and entrepreneurs.
To promote creativity, innovation and modern technology involving designers, Najib said the government proposed the industrial design services be given Pioneer Status with income tax exemption of 70 per cent for five years.
Source : Bernama