Laying the groundwork for innovative growth

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At a recent public lecture jointly organised by Khazanah Nasional Bhd and the Socio- Economic and Environmental Research Institute (seri), leading economists argued that Malaysia has the innovative potential to be much more competitive and productive.

During the talk at Wawasan Open University’s main campus on April 20, 2010, World Bank economist for Malaysia Philip Schellekens emphasised that “innovation is key for Malaysia’s longterm prosperity”.

Schellekens, during his presentation of World Bank’s April 2010 Malaysia Economic Monitor themed Growth Through Innovation, clarified that innovation potential can be dramatically improved by developing the capabilities for innovation, the driving force of innovation, and the amplifiers of innovation.

In the area of capabilities, he felt it was important to nurture, attract and retain talent, to upgrade home-grown technological efforts, and to improve access to finance for innovation because “in Malaysia, 40% of those who want to innovate cite lack of finances as a major obstacle to innovation activity”.


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