Mosti consolidates TPM, MaGIC
PETALING JAYA:
The Science, Technology and Innovation Ministry (Mosti) is consolidating its two agencies Technology Park Malaysia (TPM) and the Malaysian Global Innovation and Creativity Centre (MaGIC) to create a new technology commercialisation agency to accelerate Malaysia journey towards an innovation-driven economy.
The restructuring exercise, which was approved by the Cabinet today, will combine TPM’s capabilities as a physical incubator and tech infrastructure with MaGIC’s role in cultivating tech startups and innovation along with its regulatory facilitation, market access support and capacity-building capabilities.
With the initiative, the ministry aims to be better equipped to address issues such as low commercialisation rates, low gross domestic expenditures on R&D, low R&D spend by the private sector, and overlapping of roles between government agencies.