X hits on this document

PDF document

Shifting to an innovation economy - page 3 / 16





3 / 16


A highly rated hub for global business

Attracting international investment will keep Malaysia rising up the ranks

THE ABILITY to adapt to change is the most crucial trait that a person, company or nation that wants to excel in the 21st century can possess, according to Profes- sor Emeritus Tan Sri Dato’ Dr Limkok- wing, one of Asia’s most respected com- munications strategists. The founder and president of Malaysia’s Limkokwing Uni- versity of Creative Technology also affirms, “Innovation is the heartbeat of a dynamic nation.” The very same sentiments pulse through the Malaysian government’s poli- cy making and the nation’s enterprising, en- trepreneurial spirit as the country mod- ernises and moves up the economic value chain, aiming to become a sustainable, in- clusive, high-income economy by 2020.

“We are moving out of labour-intensive industries. We need to increase the income and real wages of Malaysians,” says Dato’ Sri Mustapa Mohamed, Minister of Inter- national Trade and Industry. “We have been quite successful [in moving up the value

chain] but there is more that needs to be done to increase value-added in manufacturing.” Malaysia is a competitive regional hub for ICT and multimedia services. Global management consultants AT Kearney rate Malaysia as the third most preferred desti- nation for outsourcing services, after India and China. However, not only does the coun- try excel in the ICT and electronics sectors, but it has also entered various other areas of interest to foreign investment, including aviation maintenance and repair, aerospace,

solar energy, and biotechnology. Investing in R&D, diversification, education and knowl- edge-based industries and services will fur- ther raise Malaysia’s global standing.

Malaysia is also well positioned to become a centre for Islamic finance. Bank Negara Malaysia and the UK Trade and Investment agency have signed an MoU to promote mu- tually beneficial links in the sector. Minister of Finance II Dato’ Seri Haji Ahmad Husni bin Mohamad Hanadzlah says, “We can provide technical expertise to the UK.” ‚óŹ

Effective, pro-business government poli- cies and a market-oriented economy have made Malaysia a highly competitive man- ufacturing and export base. Its young, ed- ucated and adaptable workforce is also a major draw. English is widely and well spo- ken and the legal and accounting practices are derived from British systems, adding to a sense of familiarity and security for multinational companies.


The 2009 IMD World Competitiveness Scoreboard charts Malaysia’s continued rise up the table, putting the federation at 18th place. The nation is also in 24th place in the World Economic Forum’s Global Competitiveness Report 2009-2010.

The World Economic Forum (WEF) Global Competitiveness Report 2009-2010 ranks Malaysia as the 24th most competitive country in a survey covering 133 countries. In the WEF map above, green nations score higher, red nations lower and grey nations are not ranked

Malaysians to experience a nationwide 4G service in 2010

Malaysian innovation, it seems, knows no limits. And so it is at YTL Communications, who is poised to become the first in the world to launch a nationwide 4G network in Q4 this year. Working with best-in-class partners such as Cisco, Samsung, Clearwire and GCT Semiconductor providing their technical

expertise, equipments and facilities, YTL Communications will offer state-of-the-art mobile internet connectivity to at least 65 per cent of the Malaysian population, bridge the digital divide between urban and rural communities and ultimately create a broadband nation as envisioned by the Prime Minister.

As the communications arm of YTL Corporation, a Malaysian- based conglomerate with diversified

widespread use of the internet, not only in households, but also in businesses, thus heightening their efficiency and competitiveness. “The World Bank published a report saying that every country that has a 10 per cent increase in internet penetration will see a 1.3 per cent improvement in GD ,” he

explains. “Are we able to raise penetration by 10 per cent? Absolutely,” he says. As part of its efforts to promote technological innovation, the company in January launched the $1,000,000 ‘mYprize’ Global Developer Challenge at the International CES 2010 in Las Vegas, the world's largest consumer technology tradeshow. This unique competition is designed to inspire

are confident that the applications and devices will help accelerate our mission of providing affordable, world-class quality products and services that improve the way people in Malaysia learn, work and play.”

“Our YTL 4G Innovation Network expands the 4G ecosystem and enables the next wave of mobile internet innovations by connecting the best minds across the globe in developing

new consumer products,” says Mr Lee. “The network is linked with the Clearwire’s 4G WiMAX Innovation Network in Silicon Valley and provides developers opportunities for commercialisation in Malaysia and beyond. Developers are able to incubate their ideas, with support from the world leaders within the industry, giving people in Malaysia a new level of mobile internet service.”

business interests globally, YTL Communications harnesses the mother company’s vast know-how

WING K LEE CEO of YTL Communications

entrepreneurs and innovators around the world to create exciting new products and services for the new 4G

in infrastructure development and utility business. As CEO Wing K Lee puts it, “Building a nationwide 4G broadband network requires a lot of infrastructure knowledge and YTL has infrastructure expertise in its DNA.”

Mr Lee sees vast potential for increasing Malaysian GDP growth through the

network. Developers can submit their entries until September 30, 2010, and ideas will be judged on criteria such as the originality of the concept and its commercial potential.

“We believe this exciting ‘mYprize’ challenge is a strategic impetus in propelling Malaysia into a truly cutting-edge incubation centre for 4G innovations,” says Mr Lee. “We

World Report 3

Document info
Document views54
Page views54
Page last viewedThu Jan 19 00:28:59 UTC 2017