Finance Ministry committed to supporting medical device sector

GEORGE TOWN: The Ministry of Finance (MOF) is committed to continue supporting the medical device sector as one of the main growth sectors at the tabling of Budget 2023 on Oct 7.

Minister Tengku Datuk Seri Zafrul Abdul Aziz said the medical device sector’s contribution included creating 39,000 job opportunities from 2017 to 2021 and contributing Rm41.3bil in exports in 2021.

“Of the 30 largest medical device industry players in the world, 10 operate in Malaysia, including Penang.

“In 2021, as much as Rm7.7bil in total investment has been attracted by this sector, including several companies that have been operating in Bayan Lepas for up to 50 years and companies that are in the process of building a new factory in Batu Kawan, Penang,” he said in a statement yesterday.

The minister said he recently held a Budget 2023 state tour session to Penang to complete the tour to all states and chaired a dialogue session with more than 20 players in the medical device industry together with Penang Chief Minister Chow Kon Yeow.

Engagement sessions with several highgrowth technology startups were also held in Penang, he said.

He said this effort is also in line with the establishment of the latest Public Consultation Paper for the Budget 2023 entitled “Policy on the Use of Local Research and Development (R&D) Products, Services and Technology in Government Procurement.”

He said these were aimed at protecting and developing the capabilities of local technology companies through improving the ecosystem of technology transfer, commercialisation and marketing of local R&D products.

Besides that, he said a dialogue has also been held with the founder and management of The Habitat in Bukit Bendera to obtain the latest status of the “Unesco Man and the Biosphere Reserve” programme, one of the recipients under the Budget 2022 allocations.

“With the allocation, it has succeeded in improving efforts to apply the concept of a circular economy as the basis for the development of sustainable eco-tourism in Malaysia,” he said. — Bernama