What impact will the 2023 budget have on job creation?

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The 2023 Budget allocates RM1.062 billion to science, technology, and innovation, aiming to strengthen the economy and competitiveness, which is expected to contribute to job creation, particularly through supporting local start-up companies.

The 2023 Budget includes a significant allocation of RM1.062 billion for science, technology, and innovation (STI), representing a 17% increase from the previous year. This funding is earmarked to enhance the nation's economic strength and global competitiveness, with a strategic focus on fostering a high-technology environment by 2030. A portion of this budget is specifically directed towards initiatives designed to stimulate the start-up ecosystem, thereby creating employment opportunities.
Support for Start-up Companies

A sum of RM50 million has been allocated to bolster potential start-up companies, aiming to invigorate the nation's start-up ecosystem. Further support for these emerging businesses will be provided by Cradle Fund, an agency under the Ministry of Science, Technology and Innovation (Mosti). This support encompasses crucial areas such as financing, talent development, innovation, policy formulation, regulatory frameworks, and the overall market environment, all of which are vital for the growth and sustainability of start-ups and, consequently, job creation.
Commercialisation and Research Initiatives

The budget designates RM176 million for the commercialisation of STI outcomes, a move intended to increase the adoption and market readiness of locally developed research and development (R&D) results. Additionally, RM107 million is dedicated to STI research, including the ongoing national vaccine development efforts. These investments in R&D and commercialisation are fundamental to driving innovation, which in turn can lead to the establishment of new industries and the expansion of existing ones, generating further employment.
Grassroots STI Culture and Innovation Programmes

Beyond large-scale R&D and commercialisation, the 2023 Budget also prioritises fostering an STI culture at the grassroots level. The Yayasan Inovasi Malaysia (YIM) will receive RM3 million to implement the Malaysia Social Innovation (MyIS) programme. Furthermore, a new Local R&D Products and Services Programme is set to launch next year with an RM18 million allocation. These initiatives aim to broaden the impact and benefits of STI across all segments of Malaysian society, potentially creating diverse employment avenues.

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What impact will the 2023 budget have on job creation?

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