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Malaysia consolidates two tech-related government agencies TPM, MaGIC
The KL Tower is seen, with a background of the cityscape in Kuala Lumpur, Malaysia.
April 21, 2021
Two of the government agencies under Malaysia’s Ministry of Science, Technology and Innovation (MOSTI) will be restructured through a consolidation process that will create a new technology commercialisation agency.
This new mandate, which was approved by the Cabinet on Wednesday, will act as a technology commercialisation accelerator, the ministry said in a statement.
The synergy will bring together Technology Park Malaysia (TPM) and the Malaysian Global Innovation and Creativity Centre (MaGIC).
TPM is the only 4th generation technology park in Malaysia with physical incubators and tech infrastructure, while MaGIC has played an important role in cultivating technology startups and innovation ecosystem with a wide range of interventions ranging from regulatory facilitation, market access support as well as ca
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.
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