Greater innovation crucial for Malaysia to maintain competitiveness, says FMM
KUALA LUMPUR, Sept 13 (Bernama) -- There is an urgency for Malaysia to embrace innovation more aggressively to continue to grow and maintain its competitiveness in the global arena, the Federation of Malaysian Manufacturers (FMM), said Tuesday.
The FMM said innovative products would generate higher returns, thereby benefiting entrepreneurs through higher price points, increased profits and ultimately workers by way of higher salaries, consistent with the nation's aspiration of becoming a high-income economy.
Some Malaysian firms have developed innovative products for the global market that has gained recognition internationally, the FMM said in a statement to announce a major conference on innovation to be organised by it on Oct 13.
The conference, themed, "Beyond Innovation-Turning Ideas into Action" is being organised to implement new growth strategies, adopt new technologies and increase productivity.
Former Prime Minister Tun Dr Mahathir Mohamad will deliver the keynote address on, "Innovation as Purpose: The Stimulation of the Malaysian Economy", at the one-day conference.
While lauding the government for the country's higher ranking in global competitiveness, the FMM said it was concerned over Malaysia's slide in the World Economic Forum's Technological Readiness ranking to 44th spot this year from 40 in 2010.
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