KUALA LUMPUR: Malaysia should increase its investment in research and development (R&D), says Datuk Seri Dr Wee Ka Siong.
The MCA president said the ratio of R&D spending to the country’s gross domestic product (GDP) is currently very low.
“The industry should come up with more initiatives and work together with universities to upgrade knowledge and adopt the latest technologies.
“That will be the best because you need the tools. Sometimes it’s not about the product, but about how you sell and classify it in a scientific and fast way,” he told the media after attending Tunku Abdul Rahman University of Management and Technology’s (TAR UMT) InnoGratitude Day 2024 held at its main campus in Setapak on Wednesday (March 6).
The event was to celebrate the collaborations the university has established with various industries, such as finance, business and accounting, technology and engineering, food and beverage, media, applied sciences and education, throughout the years.
Dr Wee, who is also TARC Education Foundation board of trustees chairman, said industry collaboration is an important aspect in the growth of TAR UMT as outlined in its 10-year roadmap.
“One of the university’s aspirations is to be a leader in innovative academia-industry collaboration.
“Today’s gathering is meaningful in celebrating the diverse innovative collaborations the university has forged with 83 industry partners,” he said in his welcome speech.
Dr Wee added that apart from producing practical industry-relevant solutions, academia-industry collaborations enrich educational experiences, as students gain exposure to real-world problems, industry best practices, and potential career pathways.
"This is the essence of TAR UMT's Beyond Education philosophy, which focuses on the other important aspects of students' development, including industry-ready skills and relevant experiences," he said.
At the event, Dr Wee unveiled the university's Academia Enterprise Partnership logo, as well as presented awards of appreciation to 63 industry partners.
He also visited an exhibition by the university's faculties titled "Collaboration and Innovation Through Time: Shaping the Future Together".
The university – with five branch campuses in Penang, Perak, Pahang, Johor and Sabah – started as a community college in 1969 before being upgraded to university college status known as Tunku Abdul Rahman University College (TAR UC) in 2013.
It officially gained its full-fledged university status upon receiving its certificate of registration from the Higher Education Department on Nov 7, 2022.
Also present at the event were TAR UMT board of governors member Datuk Chong Sin Woon and president Prof Dr Lee Sze Wei.
