MALAYSIA should spend 2.5% of its annual Gross Domestic Product (GDP) on research and development (R&D) instead of the present 0.64% in order to become a knowledge-based economy.
Penang Chief Minister Lim Guan Eng said the country did not have enough qualified people to ensure a vibrant research environment.
He said according to the Gene-va-based IMD Business School’s World Competitiveness Yearbook 2009, Malaysia was ranked 39 in competitiveness as the country only spent 0.64% of its GDP on R&D whereas US spent 2.67% and Japan 3.4%.
“In Asia, Malaysia is ranked sixth after Japan, China, South Korea, Taiwan and Singapore on capital expenditure from the GDP on R&D,” he told newsmen after launching the Penang Science and Innovation Sustain-ability Programme at the Penang Skills Development Corporation recently.
Motorola Malaysia’s managing director T.T. Yew is taking the lead in the sustainability programme which is part of the five pillars of the state initiated by the Penang Science Council.
Lim said the state government would announce the latest development on the council in the next two weeks.