ID :
89336
Fri, 11/13/2009 - 08:46
Auther :
Shortlink :
https://oananews.org//node/89336
The shortlink copeid
TECHNOLOGICAL BREAKTHROUGHS KEY TO COMPETITIVENESS
KUALA LUMPUR, Nov 12 (Bernama) -- Malaysia needs to compete with countries with high technological capabilities to secure future growth and escape from a middle-income trap, says the Crown Prince of northern state of Perak, Raja Dr Nazrin Shah.
He said this could be done only through innovation and technological
breakthroughs to compete with countries like South Korea, Japan and even China.
"The government is all set to provide the necessary assistance. The
responsibility rests with business entities to forge their paths to becoming
more competitive in the global marketplace," he said in his keynote address at
the Third Kuala Lumpur International Trade Forum here Thursday.
"Today, Malaysia finds itself caught in a middle-income trap, squeezed
between low-cost labour-intensive economies and technology-driven
knowledge-intensive economies.
"Malaysia is fast losing its comparative advantage in the export of
labour-intensive manufactured products and simply importing cheaper labour to
feed this sector is doing nothing to propel the economy up the value chain," he
said.
The Crown Prince of Perak said the challenge for Malaysian businesses today
was to emerge from a situation of mediocrity.
"For this to happen there must of course be an environment that is conducive
to innovative activity where there are solid institutions, where people are
healthy and sufficiently educated, where markets are efficient, where
infrastructure is well developed.
"There must also be sufficient investment in research and development, the
presence of high quality scientific research institutions, extensive
collaboration in research between universities and industry and the protection
of intellectual property," he said, citing the Global Competitiveness Report
2009-2010.
Raja Nazrin said Malaysia does have the makings to be well on its way to
becoming an innovation nation such as establishing itself as a premier centre
for Islamic finance and the originator of Islamic bonds or sukuk.
He said Malaysia has also brought value to the global halal production
market via the Malaysia International Halal Showcase managed and promoted by the
Malaysia External Trade Development Corporation.
Raja Nazrin said business innovation in the country is still relatively low
but this indicates tremendous opportunity and plenty of room to grow.
He said organisations must recognise that innovations originate with people
as good ideas could come from anywhere at any level of an organisation and
sometimes from outside the organisation.
He said organisations must also be committed to continuous reinvention of
their products and services and should keep building core competencies as long
as it is relevant in the market.
"Business innovation is not limited to products and services. A firm can
also innovate by using innovative strategies," he said, adding that business
entities must also exercise moral obligation to the market they serve and not
just profit-seeking.
-- BERNAMA
He said this could be done only through innovation and technological
breakthroughs to compete with countries like South Korea, Japan and even China.
"The government is all set to provide the necessary assistance. The
responsibility rests with business entities to forge their paths to becoming
more competitive in the global marketplace," he said in his keynote address at
the Third Kuala Lumpur International Trade Forum here Thursday.
"Today, Malaysia finds itself caught in a middle-income trap, squeezed
between low-cost labour-intensive economies and technology-driven
knowledge-intensive economies.
"Malaysia is fast losing its comparative advantage in the export of
labour-intensive manufactured products and simply importing cheaper labour to
feed this sector is doing nothing to propel the economy up the value chain," he
said.
The Crown Prince of Perak said the challenge for Malaysian businesses today
was to emerge from a situation of mediocrity.
"For this to happen there must of course be an environment that is conducive
to innovative activity where there are solid institutions, where people are
healthy and sufficiently educated, where markets are efficient, where
infrastructure is well developed.
"There must also be sufficient investment in research and development, the
presence of high quality scientific research institutions, extensive
collaboration in research between universities and industry and the protection
of intellectual property," he said, citing the Global Competitiveness Report
2009-2010.
Raja Nazrin said Malaysia does have the makings to be well on its way to
becoming an innovation nation such as establishing itself as a premier centre
for Islamic finance and the originator of Islamic bonds or sukuk.
He said Malaysia has also brought value to the global halal production
market via the Malaysia International Halal Showcase managed and promoted by the
Malaysia External Trade Development Corporation.
Raja Nazrin said business innovation in the country is still relatively low
but this indicates tremendous opportunity and plenty of room to grow.
He said organisations must recognise that innovations originate with people
as good ideas could come from anywhere at any level of an organisation and
sometimes from outside the organisation.
He said organisations must also be committed to continuous reinvention of
their products and services and should keep building core competencies as long
as it is relevant in the market.
"Business innovation is not limited to products and services. A firm can
also innovate by using innovative strategies," he said, adding that business
entities must also exercise moral obligation to the market they serve and not
just profit-seeking.
-- BERNAMA
